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Small Business Owners Not Receiving Better, More Affordable Care Under Affordable Care Act

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SOURCE Newtek Business Services, Inc.

NEW YORK, July 2, 2014 /PRNewswire/ -- Newtek Business Services, Inc. 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 1,500 respondents, the key finding from the June survey is that 51% of business owners say their company has not received healthcare that is both better and more affordable under the Affordable Care Act. Additionally, now that the Affordable Care Act has been implemented, a clear majority of 55% of business owners say they are unsatisfied with (34%) or unsure about (21%), their current healthcare solution.

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The full June 2014 results showed the following:

Poll Question

Poll Answer

Percentage

Have you and your company received
better more affordable care under
the Affordable Care Act?

Yes

19%

No

50%

Unsure

31%

Now that the Affordable Care Act
has been implemented, are you
satisfied with your current
healthcare solution?

 

Yes

 

45%

 

No

 

34%

Unsure

21%

Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, "This poll substantiates the concern that small business owners believe the Affordable Care Act will become a drain on their business and their employees, without any offsetting benefit in improved healthcare cost to their employees. Only 19% of our polled clients believe their company received healthcare that is both more affordable and better under the Affordable Care Act, while over 80% were either unsure or said they did not receive more affordable care. While the Affordable Care Act only has been mandated for individuals thus far and will not be required for small business owners until the next cycle, the overall negative sentiment, in the reality of higher premiums, fewer choices of doctors, and confusion by exchanges, has created a negative outlook among business owners. In the near term, the promise of more affordable care from the Affordable Care Act has not yet materialized. Hopefully the government and the health insurance providers will take the necessary steps to decrease healthcare costs, increase choice and improve services to independent business owners and their employees."

About Newtek Business Services, Inc.

Newtek Business Services, Inc., The Small Business Authority®, is the Authority for the small- and medium-sized business (SMB) market providing a wide range of business services and financial products under the Newtek® brand. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 business accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.

Newtek's products and services include: The Newtek Advantage™, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), eCommerce, Business Lending, Insurance Services, Web Services, Data Backup, Storage and Retrieval, Accounts Receivable Financing, Payroll.

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.

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 
Contact: Simrita Singh 
Telephone: (212) 356-9566 / ssingh@thesba.com 
Investor Relations 
Contact: Jayne Cavuoto  
Telephone: (212) 273-8179 / jcavuoto@thesba.com  
Contact: Brett Maas 
Telephone: (646) 536-7331 / brett@haydenir.com

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