Does NEWITY provide grants?
No. NEWITY does not provide grants. NEWITY helps you access capital through SBA 7(a) loans and NEWITY Growth Term Loans. To see how much you could receive, create your NEWITY account and submit the application (under 10 minutes, no credit impact).
How does NEWITY recommend loan options?
NEWITY recommends options and a maximum loan amount based on your personal and business profiles (e.g., personal/business credit scores, time in business, annual revenue). The application uses a soft credit check and does not impact your credit score. Submit the application in your NEWITY account to see options.
I have an account, but I do not remember my password.
Steps: 1) Go to the NEWITY login screen; 2) Click Reset your password; 3) Enter the email associated with your account and click Continue; 4) Check for an email from support@newitymarket.com and follow instructions (check spam/junk). If you don’t receive the link after several minutes, call (773) 839-8089.
Does NEWITY sell my information to other lenders?
No. NEWITY uses your information to provide loan options from lenders but does not sell your information to third parties. You proceed only with the lender you choose.
What is the maximum loan amount I can apply for?
Up to for both SBA 7(a) loans and NEWITY Growth Term Loans (with Northeast Bank). The application will automatically present your maximum eligible amount. Create a NEWITY account and apply (under 10 minutes, no credit impact).
What are the eligibility requirements?
SBA 7(a): for-profit; at least 2 years in operation; U.S.-based location/operations; owner supported/owner funded; eligible per SBA requirements. NEWITY Growth Term Loan: 640+ FICO; for-profit; at least 1 year in operation; U.S.-based location/operations. Apply in your NEWITY account to check eligibility (no credit impact).
Is there any collateral required for loans through NEWITY?
SBA 7(a): No collateral for loans ≤ $50,000; collateral required for $50,001–$350,000 based on the business balance sheet. NEWITY Growth Term Loans: business assets are pledged as security. Your loan specialist will review collateral after submission.
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:
Are Sole Proprietors eligible to apply for loans through NEWITY?
Yes, if SBA and lender eligibility requirements are met. Apply via your NEWITY account (under 10 minutes, no credit impact).
Can I apply for a loan if I am not a U.S. citizen?
Eligible if all owners are U.S. Citizens or lawful permanent residents (LPR). Temporary LPRs are not eligible. In the application, select Lawful Permanent Resident if applicable; NEWITY may request a USCIS Verification & Authorization Letter (physically sign and return). If owners are not U.S. Citizens, U.S. Nationals, or LPRs, neither SBA nor NEWITY Growth Term […]