Products and Services Offered Through This Provider

Member business services through a referral program:  business lending, health and benefit insurance, merchant processingpayroll servicesdata storage, and website design, development and hosting.

Who is Newtek, The Small Business Authority?

Newtek Business Services, Inc. (NASDAQ: NEWT) provides services to more than 100,000 business accounts in all 50 states. CUNA Strategic Service's alliance with Newtek began in February 2003. Newtek displays its presence in the small to medium-sized business market through The Small Business Authority and its website, thesba.com. The website is a portal for small-business owners who desire market data, intelligence, advice and services. 

How do credit unions benefit from this strategic alliance?

Retain your members. Provide a service to the community. And earn a fee for referring business to Newtek. It’s as easy as asking members,“Can I tell you about the small business products that we offer?” If there’s interest, a professional from Newtek will do the rest.

  • Credit unions receive a one-time referral fee or an ongoing revenue share, depending on the specific service
  • Credit unions can begin offering business services to their members quickly, with no up-front investment in additional staff or infrastructure
  • Newtek provides marketing and training support for each credit union
  • NewTracker™, an online referral system, allows credit union staff to enter and track the status of member referrals online, 24/7
  • Each credit union chooses which services they want to offer to members—from one service to the entire suite

Why this provider over another?

Newtek is focused solely on providing services to small and medium-size businesses, and does so primarily through alliance relationships. Newtek is a non-depository institution, which means they are not competing for members' accounts. As such, the company works to preserve the relationship between each member and their credit union. A business services specialist will answer each member's questions, provide thoughtful guidance, and assist the member in the completion of the application.

Ready to get started?

For more information, contact Rick Govek, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4189, or rgovek@cuna.com. Or contact The Small Business Authority directly by calling 855-284-3722.

More Information About Newtek, The Small Business Authority

Business Lending: Newtek provides SBA-guaranteed small business loans, accounts receivable financing and commercial real estate financing. Funds can be used for a wide range of business needs including:

Health and Benefit Insurance: By working through Newtek Insurance Agency, credit union small business members now have access to health and benefit insurance. Licensed in all 50 states, Newtek Insurance Agency works with more than 40 highly rated carriers to provide the best and most cost-effective health and benefits products, including:

  • Group health
  • Group life
  • Group accidental death and dismemberment (AD&D)
  • Group short-term disability (STD)
  • Group long-term disability (LTD)
  • Group dental
  • Group vision
  • Individual and family health

Merchant Processing: In addition to credit and debit card processing, The Newtek's services include:

  • Electronic check services: Check conversion, check conversion with guarantee, check verification, remote deposit capture in accordance with Check 21 legislation, electronic check recovery and recurring debit
  • ACH: Electronic funds transfer and recurring billing
  • Gift and loyalty cards: Customized promotional tools
  • eCommerce: Website builder, secure Internet payment gateway and shopping cart to run an online business
  • Advantage club: Merchant club offers discounted supplies and online reports
  • NewtPay Mobile: Turns a smartphone into a credit card terminal. Includes a free card swipe reader to make processing payments simple. 

Payroll Services: Newtek offers payroll services that are safe, sophisticated, and completely online. All transactions use 128-bit SSL encryption, which ensures data transmissions are secure. The hosting data center is SAS 70 Type II certified, meeting the strictest privacy and security standards, including Sarbanes-Oxley and HIPAA. Automatic backups, redundancy, and disaster recovery ensure the integrity and availability of all data. These payroll services are perfect for small businesses, whether they employ one or 250 employees.

  • Full-scale payroll services, including online payroll and benefits management
  • Tax management and payroll experts available to answer questions
  • Assisted payroll enrollment to get you started quickly
  • Online employee pay stubs
  • HRIS and benefits enrollment 

Data Storage: Newtek provides fast, secure, off-site data backup, storage and retrieval systems designed to meet specific regulatory and compliance needs.

  • No large, upfront hardware or software costs
  • Access to files 24x7x365 via secure web-based administration portal
  • Fully automated process with the ability to schedule backups to fit specific business needs
  • Maintain detailed document versioning and history with quick and easy retrieval
  • Meet all regulatory and legal requirements for data backup and retention

Website Design, Development & Hosting: Newtek is in the unique position to offer small and medium-sized businesses a comprehensive and effective web presence. From one-on-one brainstorming sessions with a design specialist, to custom implementation and development, to personal account management throughout the life of an account, Newtek has the tools and resources to meet a business's needs. 

 
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The Small Business Observer

Newtek's magazine attracts and engages small business owners. This issue looks at the most pressing issues that small businesses will face in 2014 – and provides practical strategies to address them. To provide this free resource to your members, link it on your website. View the current issue.

What Credit Unions Say

"I called our member, and within two hours someone from Newtek was speaking to him, I was happy not to have to refer him to a bank around the corner."

Connie Kriescher, Vice President N.E.W Credit Union

"Members 1st is very proud and grateful for our partnership with Newtek and the many services matched with our members’ needs and opportunities. Their responsiveness to our members is outstanding, their process is seamless as if they are on our staff, and they are committed to delivering quality products, rates, and service to our members."

Robb Keith, SVP-Retail Services, Members 1st Federal Credit Union