If insurance is required to close, what information is needed?
To close loans over $50,000, businesses must provide specific proof of insurance. Northeast Bank must receive evidence/certificates of insurance with several components in place. 1. The policies must be effective at the time of closing and their expiration dates should be more than 30 days beyond that date. 2. The policies must provide for 30 […]
Who else offers a NEWITY Growth Term Loan?
The NEWITY Growth Term Loan is exclusive to the NEWITY platform and is not offered by other loan facilitators.
Are there any restricted industries?
Yes, please see the list of restricted industries by NAICS code [as provided in the source document].
What are the loan terms?
All SBA 7(a) loans through NEWITY carry these terms: Interest Rate: WSJ Prime + 2.75% to 3.75%, Term: 10-Years, Prepayment Penalties: None. Interest rates are adjusted quarterly to reflect changes to WSJ Prime. For the first quarter of payments after loan funding, the interest rate is based on the WSJ Prime Rate in effect the […]
How can the loans be used?
SBA 7(a) working capital loans through NEWITY can be used for everyday expenses like inventory, payroll, supplies, 1099 payments, rent, utilities, marketing, and more. SBA 7(a) loans can also be used for refinancing debt at the time of underwriting. Please note, Merchant Cash Advances (MCA) loans may not be eligible for refinance as well as […]
What types of non-SBA loan options do you provide?
While NEWITY continues to revise it’s turndown funding partners, most offer term loans, lines of credit, or merchant cash advance. You have the ability to toggle access to these loans on and off in your partner portal account settings. To see these features, please watch the partner portal features video.
Do you provide start up loans?
No, as of September 1, 2025, NEWITY does not provide access to SBA 7(a) startup loans.
Do you fund loans in all 50 states?
Yes, NEWITY provides access to SBA 7(a) loans for businesses in all 50 states.
What are the general stages of the loan process?
The general stages are as follows: 1. Application submitted – If the application is initiated by a partner, partners will be prompted to enter the majority owner(s) contact information so they can fill out their personal information 2. Prequalification offer presented 3. Offer accepted and initial documents requested 4. SBA Form 1919 sent to majority […]
What documents will be needed in underwriting and closing?
The list of initial required documents is outlined here. The following documents will be requested as part of the underwriting and closing process. Additional documents may be requested to address specific aspects of a business’s application. Please ensure documents are uploaded to the application in the appropriate denoted location. If documents are uploaded to the […]