If short-term, high-interest rate debt exists and is eligible for refinance based on the date taken out, NEWITY + Northeast Bank require it to be refinanced with an SBA loan. However, MCA loans cannot be refinanced and thus are not required to be refinanced with an SBA 7(a) loan. If the borrower does not wish to refinance or is not eligible to refinance, the loan will be capped at 25% of average annual revenue, less existing debt. Note, the election not to refinance may result in a longer approval process.