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Majority Of Business Owners Hesitant To Visit Healthcare Exchanges

NEW YORK, Nov. 5, 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 October SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll with over 2,500 respondents, one of the key findings from the survey is that 86% of business owners have not visited a State or Federal health care exchange to price health insurance costs. Additionally, only 16% anticipate visiting an exchange before the end of the year.

The full October 2013 results showed the following:

 

Poll Question Poll Answer Percentage
Have you been to a State or Federal health care exchange to price out health care costs? Yes 14%
No 86%
Do you anticipate visiting an exchange before the end of the year? Yes 16%
No 84%

 

Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, “It is apparent that a confluence of factors has caused independent business owners to avoid going to a State or Federal exchange whether it be:

1. Negative publicity related to the health care exchange websites
2. The waiver given to all businesses to comply in 2015 rather than 2014
3. Most business owners will not be applying for Medicaid, which may be a primary motivation for visiting an exchange

We are not surprised by the low levels of our business clientele who have visited government-sponsored sites or the fact that so few intend to visit an exchange between now and the end of the year. Previous surveys have shown that there is significant confusion over the changes in the market for health insurance and the current problems related to the online sites has clearly only made this worse.”

About Newtek Business Services, Inc.

Newtek Business Services, The Small Business Authority®, provides the following products and services:

  • Newtek Advantage: Mobile real-time operating platform for business intelligence. The Newtek Advantage puts all critical business transactions in real-time. Access data on your smartphone, tablet, laptop or PC as it relates to eCommerce for credit/ debit transactions, website statistics, payroll, insurance and business loans.
  • Electronic 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 card programs.
  • Managed 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 tools.
  • eCommerce:  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.
  • Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans through our lending subsidiary, Newtek Small Business Finance, Inc.
  • Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
  • Web Services: Customized web design and development services.
  • Data 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.
  • Accounts Receivable Financing: Receivable purchasing and financing services.
  • Payroll: Complete payroll management and processing services.

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 Business Administration.

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 NewtekTM 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 NewtekTM 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.

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 through http://www.sec.gov.

Newtek Business Services, Inc.
http://www.thesba.com
Investor Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@thesba.com
Contact: Brett Maas
Telephone: (646) 536-7331 / brett@haydenir.com
Rubenstein Public Relations
Contact: Jonathan Goldberg
Telephone: (212) 843-9335 / jgoldberg@rubensteinpr.com

SOURCE Newtek Business Services, Inc.





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