ST. LOUIS, April 08, 2020 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that it is participating in the federal government’s new Paycheck Protection Program (PPP), administered by the Small Business Administration (SBA). This innovative program is aimed at providing financial assistance to small businesses that have been negatively impacted by the COVID-19 pandemic.
Through an arrangement with Newtek Business Services Corp. (NASDAQ: NEWT), Stifel is making SBA PPP loan referrals through Newtek’s digital origination platform. In addition, Stifel has entered into a financing agreement with Newtek to provide funding for SBA PPP loans.“We are pleased to actively assist small business clients obtain the emergency funds needed to keep their operations running and employees on the payroll during this unprecedented crisis,” said Stifel Chairman and CEO Ronald J. Kruszewski. “We are seeing great interest in the PPP program and have already referred a significant number of loan applications with many more in the pipeline. Stifel understands small business, which is the lifeblood of the U.S. economy, and we are committed to supporting the clients and communities we serve.”Stifel Company Information
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