Newtek Business Services, a regular securitizer of small business loans, has added two senior executives, Susan Streich and Harold Gartner, to expand the compliance and factoring services that it provides to clients.
Streich joins as a chief risk officer and compliance officer for both Newtek Business Services and Newtek Small Business Finance, its SBA 7(a) lender subsidiary. She has over 30 years of experience as an executive-level finance professional and has lead national small business lending department efforts to ensure their compliance with federal and corporate requirements. She comes to Newtek from Booz Allen Hamilton, where she served as a senior advisor, project lead and subject matter expert for multiple government clients, including the U.S. Department of Treasury, Community Development Financial Institutions Fund and the State Small Business Credit Initiative Fund.
Streich previously worked as a director at Capital One Bank with an overall loan production exceeding $1.5 billion and as president of Transamerica Small Business Capital. She will be based in Virginia.
Gartner, a structured finance pro, joins as president and chief operating officer of subsidiary Newtek Business Credit. He brings nearly 30 years of experience in receivables finance, asset-based lending, factoring, warehouse lending, asset-backed securitization, principal finance, whole loan acquisitions, and corporate M&A. His career includes executive management positions at Morgan Stanley, Chase Manhattan Corporation (now JP Morgan Chase Bank), Nomura Securities International, Daiwa Securities America, ING Capital Markets, and as a small business owner, retained consultant to major institutional clients in the U.S. capital markets and receivables servicing industries.
Gartner will be based in Newtek’s West Hempstead, New York location. He will be working with Peter Downs, president of Newtek Small Business Finance, to grow the accounts receivable based factoring business, as well as other credit based products. The company has applied with the Securities and Exchange Commission to convert to a business development company, a type of closed-end investment fund.