---

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



---



FORM 10-K/A



ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the fiscal year ended December 31, 2003



OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
|- | -----------------------------------------------------------------------------------------------------------



For the transition period from
 to



Commission file number: 001-16123



---



NEWTEK BUSINESS SERVICES, INC.



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|New York                                                       |  | 11-3504638                          
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
|                                                               | 
|100 Quentin Roosevelt Boulevard Suite 408 Garden City NY       |  | 11530                               
|(Address of principal executive offices)                       |  | (Zip Code)                          



Registrants
telephone number, including area code: (516) 390-2260



Securities Registered Pursuant to Section 12(b) of the Act:



None



Securities
Registered Pursuant to Section 12(g) of the Act:



Common
Stock, par value $0.02 per share

(Title of class)



---



Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports)
and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ̈



Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-K contained herein, and no disclosure will be contained, to the best of registrants knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    x



Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the
Act).    Yes ̈No  x



The aggregate market value of the voting stock held by non-affiliates of the
registrant computed by reference to the price at which the common equity was sold on June 30, 2003, was approximately $62,000,000.



As of March 19, 2004 there were 26,517,725 shares issued and outstanding of the registrants Common Stock, par value $0.02 per share.

---



---

|Item 9A. | CONTROLS AND PROCEDURES
|-------- | -----------------------



An evaluation of the effectiveness of the Companys disclosure controls and procedures as of December 31, 2003, was carried out under the
supervision, and with the participation of, the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). Based on that evaluation, the CEO and CFO have concluded that the Companys disclosure controls and
procedures are effective in alerting them in a timely manner to material information required to be disclosed by the Company in reports it files or submits under the Securities Exchange Act of 1934 (the Exchange Act).



In addition, the Company reviewed its internal controls. There was no
significant change in the Companys internal controls over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Companys internal control over financial
reporting.



Disclosure controls and procedures are designed to
ensure that information required to be disclosed in reports filed by the Company under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms. Disclosure controls are also
designed with the objective of ensuring that such information is accumulated and communicated to the Companys management, including the CEO and the CFO, as appropriate, to allow timely decisions regarding required disclosures. Disclosure
controls include internal controls that are designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported.



Any control system, no matter how well conceived and operated,
can provide only reasonable assurance that its objectives are achieved. The design of a control system inherently has limitations, including the controls cost relative to their benefits. Additionally, controls can be circumvented. No
cost-effective control system can provide absolute assurance that all control issues and instances of fraud, if any, will be detected.



---

SIGNATURES



In accordance with Section 13 of 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.



|                     |  |  |  |                                |  |                                                    
|-------------------- |  |  |  | ------------------------------ |  | ---------------------------------------------------
|                     |  |  |  | NEWTEK BUSINESS SERVICES, INC.
|                     |  |  | 
|Date: April 16, 2004 |  |  |  | By:                            |  | /s/    BARRY SLOANE                                
|                     |  |  |  |                                |  |                                                    
|                     |  |  |  |                                |  | Barry Sloane (Chairman and Chief
Executive Officer)



In accordance with the
Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.