The pre-eminent business and financial service provider for small business, Newtek Capital, Inc. released a statement of its participation in the Louisiana Certified Capital Company (CAPCO) Program.
The CAPCO Program came into existence in 2002, as part of legislation signed by then-Governor Murphy James “Mike” Foster, Jr. forming a $100 million tax initiative. CAPCO programs are designed to assist small businesses in Louisiana with capital funding. Insurance firms will have premium tax credits up to $50 million available.
Newtek Capital CEO and Chairman Barry Sloane commented on the legislation signed by Governor, Barry Sloane, Chairman, and CEO of Newtek Capital, stated: “We are pleased the Governor of Louisiana signed a $100 million Certified Capital Company bill. Through its participation in the CAPCO program, Newtek has raised significant capital that is non-dilutive to Newtek’s shareholders and is ultimately accretive to earnings.
Sloane indicated the organization focus is on making investments in small business and offers technological, financial and management advisory services nationwide. Service brands associated with Newtek Capital include Newtek Merchant Solutions, which provides merchant card processing solutions, Newtek IT Services, providing IT solutions, and Newtek Financial Information Systems, which offers back office support and controller services, and Newtek Strategies which offers strategic business management services.
He further stated that funds generated in these programs are invested in local businesses. Nearly $165 million in similar CAPCO programs in Wisconsin, New York, Florida and Colorado and that Newtek will participate in the current program through its Louisiana-based CAPCO and regional business development center, which has raised $20 million of certified capital to date.”
Statements made in the public release by Newtek Capital, Inc. can contain projected or forward-looking comments about potential financial performance business projections, legislative developments and associated matters in the future. The 1995 Private Securities Reform Act allows a safe haven for projected or forward-looking comments.
To be in compliance with the terms and conditions of the safe haven, Newtek Capital, Inc. indicated that numerous elements may cause the organization’s real result to differ from those projected results indicated in the organization’s initial projected or forwarding looking statements.