Item 1.01. Entry Into a Material Definitive Agreement.
On April 23, 2021, a wholly-owned affiliate of Newtek Business Services Corp.
("Newtek"), Newtek Commercial Lending, Inc., and Capital Finance Opportunities
2101C, LP ("CFO"), entered into a joint venture, Newtek Conventional Lending II,
LLC (the "JV"), governed by the Limited Liability Company Agreement for the JV.
Newtek and CFO each committed to contribute an equal share of equity funding to
the JV and each will have equal voting rights on all material matters. The JV
intends to deploy capital over the course of time with additional leverage
supported by a warehouse line of credit. The intended purpose of the JV will be
to originate commercial loans to middle-market companies as well as small
businesses.
The foregoing description of the joint venture agreement is not complete and is
qualified in its entirety by reference to the full text of such agreement, which
will be filed as an exhibit to the Company's next Quarterly Report on Form 10-Q.
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