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Newtek Business Services Partners With GMMDA to Support Minority Scholarships
SOUTHFIELD, MICH. – Thurs., Feb. 27, 2007/ DiversityBusiness.com --Newtek Business Services, Inc. recently announced that their $5,000 donation to the General Motors Minority Dealers Association Minority Scholarship Program will be used to fund scholarships for two GMMDA scholars, Joshua D. Sanchez and Laura L. Ponce. The announcement was made during the 2007 GMMDA Scholarship Awards presentation at the association’s annual scholarship banquet in Las Vegas earlier this month.

“The GMMDA is deeply committed to the belief that access to quality education is the key to success for minority youth,” said GMMDA Executive Director Marjorie Staten. “Newtek’s support of our scholarship program demonstrates their shared commitment to that belief. We are very appreciative of their support.”

“We are thrilled to be associated with this great trade association and program that encourages and fosters education and economic development through a vital U.S. Industry,” stated Barry Sloane, chairman and CEO of Newtek Business Services, Inc. “We are proud to be a sponsor and supporter of the GMMDA goals and initiatives.”

Laura Ponce is a freshman at the University of the Pacific in Stockton, Calif. with a double major in biology and Spanish. Joshua Sanchez, a senior at James Campbell High School in Ewa Beach, Hawaii, will begin his freshman year this fall at the University of California at Berkeley in Berkeley, Calif.

The GMMDA Scholarship Program was created by GMMDA members and offers annual scholarships to minority high school seniors and college students. Since its inception, the scholarship program has grown to include a ten-week internship component to allow minority students an opportunity to gain work experience within different facets of the GMMDA dealer network and automotive industry.

Scholarship applications are available in the fall of each year at participating GMMDA member dealerships. A list of GMMDA dealership locations arranged by “state” and by “make” is available at the official GMMDA web site, www.gmmda.org.

Newtek, a leading national provider of services to small and medium sized businesses, is one of the largest SBA lenders in the U.S. by volume of loans through its lending subsidiary. As of year-end 2006, Newtek is processing approximately $3 billion in transactions annually. In addition, Newtek provides electronic payment processing services best suited for auto dealers, SBA-guaranteed loans, and all commercial lines of business insurance specializing in garage liability for dealerships.

The GMMDA is a non-profit organization that represents the interest of over 200 minority-owned General Motors dealerships across the country. The mission of the GMMDA is to promote, protect and encourage the viability and profitability of all existing General Motors minority dealers and to encourage, through cooperative efforts with General Motors, the installation of new minority dealers in viable and profitable opportunities.

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