Exhibit 99.1

FOR IMMEDIATE RELEASE

NEWTEK BUSINESS SERVICES, INC.

REPORTS FIRST QUARTER 2012 NET INCOME OF $1.3 MILLION;

EPS of $0.04 PER DILUTED SHARE

2012 Guidance Increased to $7.5 Million Pretax Income Midpoint and

$15.3 Million Modified EBITDA Midpoint

Announces 2012 EPS Midpoint Guidance of $0.12 per Diluted Share

New York, N.Y. - May 8, 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 March 31, 2012.

First Quarter 2012 Highlights:

Barry Sloane, Chairman, President and Chief Executive Officer said “We are elated at the financial results of the business and its model as years of planning and investment are paying off in growing earnings for our shareholders. Our electronic payment processing and small business finance segments are driving results while our managed technology solutions segment repositions and refocuses its efforts on new products and creating efficiencies for our clients.

“Our Modified EBITDA midpoint forecast of $15.3 million and pretax income midpoint forecast of $7.5 million is indicative of our strategy succeeding. Our recent mezzanine capital raise allows us to grow our lending business. Every $100 million of SBA 7(a) loan originations equates to an estimated additional $4 million of pretax income. We believe our future is bright and we anticipate growth in earnings and revenue for the remainder of 2012.”

First Quarter 2012 Financial Results

For the quarter ended March 31, 2012, the Company had consolidated pretax income of $2.1 million, compared to $834 thousand in 2011, an increase of $1.3 million. The Company reported first quarter 2012 consolidated net income attributable to Newtek Business Services, Inc. of $1.3 million or $0.04 per share for the quarter, as compared to $509 thousand, or $0.01 per share in the first quarter of 2011. Improvements in both the pretax and after tax earnings are attributable in part to improvements in pretax income of all segments except Managed technology solutions.

For the quarter ended March 31, 2012, total consolidated operating revenues increased $206 thousand to $30.7 million compared to $30.5 million for the first quarter of 2011. Total net change in fair value increased by $1 million to a loss of $58 thousand for the quarter ended March 31, 2012, from a loss of $1.1 million for the quarter ended March 31, 2011. The decrease in fair value loss for the period was attributable to a reduction in the discount the Company uses to measure the fair value of loans held for investment, as well as a fair value loss recognized in the first quarter of 2011 for SBA loans transferred, subject to premium recourse.

Revised Outlook for 2012

The Company now expects 2012 consolidated revenues of between $129.1 million and $132.2 million and pretax income of between $6.5 million and $8.5 million. Midpoint Modified EBITDA is forecast at $15.3 million. Annual guidance by segment for revenue, pretax income (loss) and Modified EBITDA will be provided in the conference call presentation today Tuesday, May 8, 2012 at 4:15 p.m. ET and will be available in the ‘Events & Presentations’ section of the Investor Relations portion of Newtek’s website at www.thesba.com.

Cautionary Statement

2012 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 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.

First 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, Tuesday, May 8, 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. The telephone replay can be accessed by dialing (855) 859-2056 or (404) 537-3406 and entering code 73471638. Both web-based and telephonic replays will be available through May 14, 2012.

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 INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(In Thousands, except for Per Share Data)

NEWTEK BUSINESS SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2012 AND DECEMBER 31, 2011

(In Thousands, except for Per Share Data)