When is my first loan payment due?
SBA 7(a): first payment due two months from the loan note date (e.g., closed June 15 → first due Aug 15). NEWITY Growth Term Loan: first payment due one month from the note date (e.g., closed June 15 → first due July 15).
Are my loan payments setup on auto-pay?
Yes. Payments are drafted from the account on the voided check provided at closing. View or edit in your NEWITY account. For questions, use the contact form or call (773) 839-8089.
Can I change my loan payment date?
SBA 7(a) due date cannot be changed. You can change the draft date as long as it is before the due date.
Are there any pre-payment penalties?
SBA 7(a): No prepayment penalty; if paying more than 20% of outstanding principal, written notice is required 21 days in advance. NEWITY Growth Term Loans: require 24 months of payments before prepaying without fees; prepaying before 24 months incurs a fee equal to the interest that would have accrued up to 24 months. Submit notices […]
Am I able to make extra principal payments?
Yes. You can pay more than the monthly amount. Payments are applied to interest due through the payment date, then principal, then late fees (if any). Extra payments cannot be applied to future installments (you cannot prepay to cover upcoming months).
How can I get a loan payoff letter?
Request a payoff letter in your NEWITY account or email billing@newitymarket.com.
Does NEWITY offer Paycheck Protection Program (PPP) loans?
No. The PPP has ended and NEWITY cannot accept new PPP applications. NEWITY can help you secure up to via the SBA 7(a) program. Log in or create a NEWITY account to apply (under 10 minutes, no credit impact). For PPP servicing help, use the contact form, call (773) 839-8089, or use Live Chat. Note: […]
Can I apply for PPP Loan Forgiveness in 2024?
Yes. If you received a payment demand letter for your full PPP amount, you likely did not apply for forgiveness. You can still apply by reaching out via the contact form (select a PPP inquiry option to expedite).
How can I speak with the PPP team?
If you received your PPP loan or filed for forgiveness through NEWITY, the PPP team is available. Submit the contact form and select a PPP inquiry option to expedite your request.
What is the interest rate for small business loan through NEWITY?
SBA 7(a): Variable rate = WSJ Prime + 2.75% to 3.75%. As of , Prime is , so rates range to . NEWITY Growth Term Loans: fixed rates generally 12%–22%. Actual rate depends on personal/business credit, amount, and risk profile; displayed after application. Last Updated: