SBA 7(a) Loans up to $350,000
SBA 7(a) loans are built with small businesses in mind – offering you affordable rates & simple terms
Lower Interest Rates
10-Year Loan Term
No Personal Collateral
Higher Approval Rates
No Down Payment
Multiple Allowable Uses
SBA 7(a) loans are the best small business loan option for growing your business
Program Benefits
Wide Range of Uses
Rent, payroll, 1099 payments, utilities, marketing, membership programs, debt refinancing and more.
Low Interest Rates
SBA 7(a) loans offer some of the lowest interest rates for small business long-term working capital.
Higher Likelihood of Approval
As a government-backed product, small business owners are more likely to be approved for an SBA 7(a) loan compared to traditional bank loans.
Apply today for an SBA 7(a) working capital loan up to $350,000
Your journey for capital doesn't have to be complicated.
- Apply in minutes, not hours
- No impact to your credit score
- Receive a prequalified offer instantly
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What are SBA 7(a) Loans?
Government-backed small business loans created by the Small Business Administration
An SBA loan is a government-backed loan that is available to small businesses that are owned and operated within the United States. The Small Business Administration created the 7(a) loan program as the primary method to provide financial assistance to small businesses.
While SBA 7(a) loans are similar to other small business loans, their benefits include longer repayment terms and lower interest rates, which results in lower overall monthly payments. As a government-backed loan, small business owners are more likely to be approved for an SBA loan than traditional business loans.
To qualify for an SBA 7(a) loan through NEWITY, your business must:
- Operate for profit in the U.S. for two or more years
- Be a small business under SBA Size Requirements
- Not be considered an ineligible business
If you’re generating at least $100,000 in annual revenue, your business meets initial eligibility requirements for an SBA 7(a) loan.
Interest rates for SBA 7(a) loans are based on the Wall Street Journal Prime Rate, or a fixed base rate, plus an additional percentage from the service provider.
As of October 30, 2025, the interest rate for an SBA 7(a) loan through NEWITY is:
You do not need documents to determine if you qualify for an SBA 7(a) loan with NEWITY.
You’ll only need to supply these documents if you qualify for a loan and choose to move forward.
- Most recent personal tax returns all owners of the business
- Most recent business tax returns
- Last 6 months of business bank statements
- Business debt schedule, if applicable
SBA 7(a) Loans vs Traditional Business Loans
As a small business owner looking for capital it can be difficult to understand the differences between SBA 7(a) loans and traditional business loans. SBA 7(a) loans provide seven primary benefits as compared to traditional business loans:
Lower Interest Rates
Lower Interest Rates
The SBA sets a limit on the rate lenders are allowed to charge borrowers. This makes them an affordable option for small businesses.
SBA 7(a) loans through NEWITY are priced from WSJ Prime + 2.75% to 3.75%. Today, SBA 7(a) loans through NEWITY have interest rates from 9.75% to 10.75%1.
Higher Approval Rates
Higher Approval Rates
As part of the SBA's mission to help businesses access affordable growth capital, the approval rate for SBA 7(a) loans tends to be higher compared to other loans with similar terms.
As a small business owner, this means you are more likely to be approved for your requested loan amount at a lower interest rate than through a traditional loan.
Longer Loan Terms
Longer Loan Terms
SBA 7(a) loans have 10-year loan terms with no prepayment penalties. With long loan terms and low interest rates, SBA loans tend to have lower monthly payments.
As a result, most business owners can borrow a great loan amount because it is repaid in smaller increments over a longer period of time.
Wide Variety Of Uses
Wide Variety of Uses
SBA 7(a) loans can be used for a wide variety of expenses. This includes debt refinance, payroll, utilities, 1099 payments, inventory, marketing, supplies, expansion, initiatives and more.
With more freedom to use loan funds, business owners have the greatest opportunity to utilize the funds in the best method to scale their business.
Existing Relationships
Existing Relationships
Conventional loans can be influenced by relationship dynamics. A long, positive track record with a bank may boost the likelihood of loan approval.
Conversely, the SBA loan process is not influenced by existing relationships.
Supporting Documents
Supporting Documents
SBA loan required documents are usually routine to business ownership, like a business tax return.
Conversely, many conventional loans require documents like business plans, which are not part of the SBA loan evaluation process.
Credit Impact
Credit Impact
Conventional loans often entail a hard inquiry when you qualify for a loan, which affects your credit score.
In contrast, SBA loans like those through NEWITY only use soft credit checks, so your credit score remains unaffected.
1 WSJ Prime Rate is 7.00% as of October 30, 2025. Interest rates vary from WSJ Prime + 2.75% to WSJ Prime + 3.75% based on the business and personal credit scores of the borrower and owners, the amount borrowed, and risk profile of the business.
Most frequently asked questions about SBA 7(a) loans
Learn more about SBA 7(a) loans, how they’re provided, and how you can qualify to receive funding through the program.
What is an SBA 7(a) loan?
An SBA loan is a government-backed loan that is available to small businesses that are owned and operated within the United States. The Small Business Administration created the 7(a) loan program as the primary method to provide financial assistance to small businesses.
The name “7(a)” is derived from the clause number and letter within SBA legislation that provides the standards for this specific loan program.
While SBA 7(a) loans are similar to other small business loans, their benefits include longer repayment terms and lower interest rates, which results in lower overall monthly payments. Lower monthly payments enable small business owners to borrow a larger total loan amount. As a government-backed loan, small business owners are more likely to be approved for an SBA loan than traditional business loans.
How does the SBA determine a loan amount?
Will an SBA loan impact my credit?
What are the downsides to SBA loans?
With the benefits of SBA loans, there are two primary drawbacks.
- Not everyone will qualify for a loan – SBA loans are designed to support businesses who otherwise may not be able to secure capital. They are also specifically designated for businesses that operate for-profit. If you do not meet SBA program requirements, you are unable to take advantage of the loan program. If your business qualified for the Paycheck Protection Program then you most likely qualify for the SBA 7(a) program.
- Longer loan review – While this is a partial myth, SBA loans typically take longer to receive funding than alternative loan options. Business owners can expedite their approval time by applying for a loan by choosing loan providers who simplify the loan process. At NEWITY, you can receive SBA 7(a) funding 3x faster than the national average. At other institutions, this process can take as long as four months.
- Not everyone will qualify for a loan – SBA loans are designed to support businesses who otherwise may not be able to secure capital. They are also specifically designated for businesses that operate for-profit. If you do not meet SBA program requirements, you are unable to take advantage of the loan program. If your business qualified for the Paycheck Protection Program then you most likely qualify for the SBA 7(a) program.
Is there a down payment or deposit required for an SBA loan?
Some lenders require a downpayment or deposit to determine if you’re eligible for an SBA loan. Down payments can vary based on the size of the loan. Deposits are usually a flat fee to reaffirm to the underwriting lender that you have a strong interest in receiving a loan.
At NEWITY, there is no down payment or deposit. There is no fee to determine if you qualify for a loan.
What would disqualify you from getting an SBA loan?
There are three primary reasons you may not qualify for an SBA loan.
- You don’t meet program requirements — If your business is a non-profit, operates in a handful of specific industries, you will not meet basic program requirements. In addition to industry, the SBA also has size requirements for each eligible industry. For example, if you own a full-service restaurant and you have average annual receipts (total income + cost of goods sold) in excess of $11.5 million, you do not meet the program size requirements. To see the size requirements of your industry, you can check the SBA Standards here.
- Low credit scores — While SBA loans accept a much wider array of credit scores, the lowest credit scores are not eligible for an SBA loan. Keep in mind the SBA evaluates both your personal and business credit scores, so it’s important to pay both your personal and business bills on time to help ensure you receive a loan. You may receive an SBA loan with a 660+ FICO score as long as you meet all other eligibility requirements.
- Low or no revenue — Your business must be generating revenue to receive an SBA loan. Through NEWITY, the minimum revenue requirement is $100,000 per year.
Can you qualify for an SBA 7(a) loan with a prior bankruptcy?
Can you qualify for an SBA 7(a) loan with a criminal conviction?
Yes! Certain individuals with criminal convictions can qualify for an SBA loan. Those with financial felonies or those currently incarcerated are not eligible. Entrepreneurs with a criminal conviction more than seven years ago or a misdemeanor conviction more than three years ago are eligible fo an SBA 7(a) loan.
Who provides SBA 7(a) loans?
SBA loans are provided through banks and non-bank lenders. The SBA itself is not a direct lender. NEWITY provides access to SBA loans up to $350,000 through its simple online application that takes less than 10 minutes.
If you are seeking an SBA loan more than $350,000, the SBA provides a Lender Match tool that can help connect you to an approved lender that provides SBA loans that are similar to your request.
What should I do if I don't qualify for an SBA 7(a) loan?
If you don’t qualify for an SBA loan due to credit score, focus on improving your credit score over the next 90 days. This can include making payments, bringing delinquent accounts current, or making use of credit building credit cards. After 90 days, you can reapply for an SBA loan without impacting your credit score. To read more about improving your personal credit or building business credit, view our credit-building webinar or you can read more here.
If you need immediate financing, NEWITY can help match you with the most competitive available option for your business. No matter where you apply, be wary of quick payment loans that carry very high interest rates. Be sure you can make payments on financing before you take out the loan.
If you secure short term funding, you can still reapply for an SBA loan every 90 days. If you qualify for an SBA loan, you may be able to refinance your high-interest rate business debt to consolidate your payments and lower your overall capital costs.
What is an SBSS Score?
If I already have an SBA loan, can I get another one through NEWITY?
Yes, if you received an SBA 7(a) loan through NEWITY, you may receive a second loan if you meet eligibility requirements.
The maximum SBA 7(a) loan amount you can borrow through NEWITY’s platform is $350,000 in the aggregate. SBA 7(a) loan qualifications are viewed in the total amount borrowed through the program, meaning if you received a $175,000 SBA 7(a) loan and you’d like a second $175,000 SBA 7(a) loan, you would need to meet eligibility requirements as if you were applying for a single loan of $350,000.
To get started, log into your NEWITY account and submit our business loan application.