Exhibit 99.1

NEWTEK BUSINESS SERVICES, INC.

REPORTS THIRD QUARTER 2012 PRETAX INCOME OF $2.9 MILLION AND

EPS OF $0.04 PER DILUTED SHARE

IMPROVES 2012 EPS MIDPOINT GUIDANCE FROM $0.12 PER DILUTED SHARE TO $0.13 PER DILUTED SHARE

ISSUES 2013 EPS MIDPOINT GUIDANCE OF $0.17 PER DILUTED SHARE AND MIDPOINT REVENUE OF $147.0 MILLION

New York, N.Y. – October 31, 2012 – Newtek Business Services, Inc. (NASDAQ: NEWT) (www.thesba.com) The Small Business Authority^®, a provider of business services and financial products to the small- and medium-sized business market, reported today its financial results for the quarter ended September 30, 2012.

Third Quarter 2012 Consolidated Highlights:

Third Quarter 2012 Operating Segment Highlights:

Guidance:

Barry Sloane, Chairman, President and Chief Executive Officer said, “We are pleased to report such strong performance for the third quarter of 2012. As a result of the direction and leverage that our business model is generating both financially and operationally, we have increased our full year 2012 guidance for pretax income, EPS and modified EBITDA.

Specifically, we have increased the 2012 pretax income midpoint to $8.75 million, which represents a 285 percent increase over 2011. Additionally, we expect our midpoint EPS to be $0.13 per diluted share, an increase of approximately 30 percent over 2011. Finally, our increase in the midpoint of modified EBITDA to $16.0 million translates to an approximate 63 percent increase over 2011. This improved guidance illustrates the Company’s ability to grow its bottom line without significant top-line growth demonstrating the operational and financial leverage of Newtek’s business model.”

Mr. Sloane continued, “Looking forward to 2013, we fully expect to realize revenue growth of approximately 12 percent over 2012. We will continue to capitalize on the economies and efficiencies inherent to our business model, and as such, in 2013, we expect a significant increase in pretax income, EPS and modified EBITDA of 31 percent, 31 percent and 34 percent, respectively.

Our business model of positioning Newtek as “The Small Business Authority^®” has taken hold and is evidenced by our strong financial performance. Equally important is that our pipeline of products and business opportunities remain strong, and we continue to experience improvement in our business metrics, notably our web traffic statistics and total referrals. Coupled with these metrics, the rollout of our National TV campaign and new product offering: Newtek Advantage Operating Platform, will further drive and propel the growth of our business. That said, we expect to continue to deliver strong financial results, and look forward to outperforming expectations for all of our stakeholders,” concluded Mr. Sloane.

Cautionary Statement

2012 and 2013 Guidance information contained in this press release is based on management’s current expectations. These statements are forward-looking and actual results may differ materially. See “Note Regarding Forward-Looking Statements” below.

Use of Non-GAAP Financial Measures

In evaluating its business, Newtek considers and uses Modified EBITDA as a supplemental measure of its operating performance. The Company defines Modified EBITDA as earnings before income from tax credits, interest expense, taxes, depreciation and amortization, stock compensation expense, other than temporary decline in value of investments, Capco fair value change and the amortization of the 2011 accrued loss on the lease restructure. The Company also presents Modified EBITDA because it believes it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance.

The term Modified EBITDA is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income (loss), operating performance or liquidity presented in accordance with U.S. GAAP. Modified EBITDA has limitations as an analytical tool and, when assessing the Company’s operating performance, investors should not consider Modified EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, Modified EBITDA does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than Newtek, limiting their usefulness as comparative tools. The Company compensates for these limitations by relying primarily on its GAAP results supplemented by Modified EBITDA.

Third Quarter 2012 Conference Call and Webcast

A conference call to discuss these results will be hosted by Barry Sloane, Chairman, President and Chief Executive Officer, and Jennifer Eddelson, Chief Accounting Officer, today, Wednesday, October 31, 2012 at 4:15 p.m. ET. The live conference call can be accessed by dialing (877) 303-6993 or (760) 666-3611.

A live audio webcast of the call and the corresponding presentation will be available in the ‘Events & Presentation’ section of the Investor Relations portion of Newtek’s website at http://investor.newtekbusinessservices.com/events.cfm. A replay of the webcast with the corresponding presentation will be available on Newtek’s website shortly following the live presentation.

About Newtek Business Services, Inc.

Newtek Business Services, Inc., The Small Business Authority^® is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek^® brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today’s marketplace. Newtek provides one or more of its services to over 100,000 business accounts and has positioned the Newtek^® and The Small Business Authority brands as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.

Newtek Business Services, The Small Business Authority ^®, provides the following products and services:

Note Regarding Forward-Looking Statements

Statements in this press release including statements regarding Newtek’s beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions which could cause Newtek’s actual results to differ from management’s current expectations are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov.

For more information, please visit www.thesba.com.

Contact:

Newtek Business Services, Inc.

Barry Sloane

Chairman and CEO

212-356-9500

bsloane@thesba.com

NEWTEK BUSINESS SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(In Thousands, except for Per Share Data)

NEWTEK BUSINESS SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

(In Thousands, except for Per Share Data)