Majority Of Business Owners Unsure About How To Prepare For ObamaCare
NEW YORK, July 2, 2013
NEW YORK, July 2, 2013 /PRNewswire/ --Newtek Business Services, NASDAQ: NEWT,
The Small Business Authority^®, with a portfolio of over 100,000 business
accounts, announced today the findings of its SB Authority Market Sentiment
Survey, a monthly window into the concerns of independent business owners.
Based on a poll of over 1,000 respondents, one of the key findings from the
June survey is 52% of business owners do not know how to prepare for the
upcoming healthcare reform changes. Of the remaining, 24% plan to reduce
benefits to employees, 13% plan to rebid their policy and 11% plan to reduce
The full June 2013 results showed the following:
Poll Question Poll Answer Percentage
Rebid your policy
Reduce benefits to 24%
With healthcare reform 6 Reduce other business 11%
months away, how are you expenses
I do not know what to 52%
Barry Sloane, Chairman, President and CEO of The Small Business Authority^®
commented, "With six months to go before the Patient Protection Affordable
Healthcare Act goes into effect, small and independent business owners are
still unsure of what actions to take for the health and welfare of their
businesses and employees. Many states are behind in setting up healthcare
exchanges and establishing a set of rules for the operation of the exchange.
Many small and independent business owners need to seek advice on how to apply
for available tax credits and have not yet calculated the benefits of
purchasing insurance or paying the fine, in the form of a tax, that may be
required for an uninsured employee. There are many unanswered questions at
this time for small business owners in an uncertain economy. The cost of
healthcare, as well as the changes in plans and benefits are adding to the
uncertainty in the economy."
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority^®, provides the
following products and services:
oNewtek Advantage^®: Mobile real-time operating platform for business
intelligence.The Newtek Advantage puts all critical business transactions
in real-time. Accessdata on your smartphone, tablet, laptop or PC as it
relates toeCommerce for credit/ debit transactions, website statistics,
payroll, insurance and business loans.
oElectronic Payment Processing: eCommerce, electronic solutions to accept
non-cash payments, including credit and debit cards, check conversion,
remote deposit capture, ACH processing, and electronic gift and loyalty
oManaged Technology Solutions (Cloud Computing): Full-service web host,
which offers eCommerce solutions, shared and dedicated web hosting and
related services including domain registration and online shopping cart
oeCommerce: A suite of services that enable small businesses to get up and
running on-line quickly and cost effectively, with integrated web design,
payment processing and shopping cart services.
oBusiness Lending: Broad array of lending products including SBA 7(a) and
SBA 504 loans through our lending subsidiary, Newtek Small Business
oInsurance Services: Commercial and personal lines of insurance, including
health and employee benefits in all 50 states, working with over 40
oWeb Services: Customized web design and development services.
oData Backup, Storage and Retrieval: Fast, secure, off-site data backup,
storage and retrieval designed to meet the specific regulatory and
compliance needs of any business.
oAccounts Receivable Financing: Receivable purchasing and financing
oPayroll: Complete payroll management and processing services.
Newtek Business Services, Inc., The Small Business Authority^®, is a direct
distributor of a wide range of business services and financial products to the
small- and medium-sized business market under the Newtek^® brand. Since 1999,
Newtek has helped small- and medium-sized business owners realize their
potential by providing them with the essential tools needed to manage and grow
their businesses and to compete effectively in today's marketplace. Newtek
provides its services to over 100,000 business accounts and has positioned the
Newtek^® brand as a one-stop-shop provider of such business services.
According to the U.S. Small Business Administration, there are over 27.5
million small businesses in the United States, which in total represent 99.7%
of all employer firms.
The Small Business Authority^® is a registered trade mark of Newtek Business
Services, Inc., and neither are a part of or endorsed by the U.S. Small
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's
beliefs, expectations, intentions or strategies for the future, may be
"forward-looking statements" under the Private Securities Litigation Reform
Act of 1995. All forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially from the
plans, intentions and expectations reflected in or suggested by the
forward-looking statements. Such risks and uncertainties include, among
others, intensified competition, operating problems and their impact on
revenues and profit margins, anticipated future business strategies and
financial performance, anticipated future number of customers, business
prospects, legislative developments and similar matters. Risk factors,
cautionary statements and other conditions, which could cause Newtek's actual
results to differ from management's current expectations, are contained in
Newtek's filings with the Securities and Exchange Commission and available
Contact: Jayne Cavuoto
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Rubenstein Public Relations
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SOURCE Newtek Business Services, Inc.
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