What kind of loan is the NEWITY Growth Term Loan?
NEWITY Growth Term Loan is a business term loan offered through the NEWITY platform. It is similar to an SBA 7(a) loan, without government approval or involvement.
Will my clients automatically see a NEWITY Growth Term Loan offer?
No, unless you have already confirmed your interest with a NEWITY partner team member, you must toggle access to the loan on within your partner portal. To toggle access on – 1. Log into your Partner Portal Account 2. Click “Account Settings” in menu bar 3. Click “Service Offering Preferences” 4. Scroll down to “Additional […]
What are the eligible uses?
A NEWITY Growth Term Loan can be used for working capital needs such as rent, payroll, inventory, 1099 payments, supplies, utilities, and more. A NEWITY Growth Term Loan can also be used to refinance debt, including MCA debt. In the future, a NEWITY Growth Term Loan may be used for equipment financing, but it is […]
How will businesses know they received a NEWITY Growth Term Loan offer?
Upon completion of the application, eligible applicants will see a loan offer for a NEWITY Growth Term Loan. By selecting to proceed with the offer, businesses will continue to be reviewed and underwritten for a NEWITY Growth Term Loan.
Is NEWITY Growth Term Loan an SBA loan?
No, NEWITY Growth Term Loan is not an SBA loan. While it carries similar terms to an SBA loan, such as a long repayment period, wide eligible uses, and competitive interest rates, the loan is not guaranteed by the government or SBA.
What are the qualification requirements for a NEWITY Growth Term Loan?
The qualification requirements for a NEWITY Growth Term Loan can be seen here.
Are there prepayment penalties?
NEWITY Growth Term Loans require 24 months of payment before the loan is eligible for pre-payment without additional fees. If your client prepays the loan before 24 months, the pre-payment penalty is calculated by totaling the interest amount that would have accrued up until 24 months.
Can my client get a NEWITY Growth Term Loan and an SBA loan through NEWITY?
Businesses will be qualified for a NEWITY Growth Term Loan and SBA loan simultaneously. If businesses qualify for both loans, the loan terms and amounts will be presented on a final application screen for eligible applicants to select one of the loans. Businesses with an existing SBA loan through NEWITY can apply for a NEWITY […]
If my client already has an SBA loan through NEWITY, can they get a NEWITY Growth Term Loan?
Businesses with an existing SBA loan through NEWITY can apply for a NEWITY Growth Term Loan one year from their SBA loan funding date.
Do NEWITY Growth Term Loans have a different underwriting and review process than SBA loans?
The underwriting process for NEWITY Growth Term Loans is similar, but shorter than the SBA loan process. Once a business selects a NEWITY Growth Term Loan offer, at a high level they will need to: 1. Upload supporting documents 2. Sign IRS Form 8821 in ink to expedite tax transcript retrieval 3. Answer any questions […]