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 my business has multiple owners?
Yes. Businesses with multiple owners can apply for an SBA 7(a) loan or a NEWITY Growth Term Loan.
How long does it take to get funding?
NEWITY streamlines the process to help you get funded up to 3x faster than the national average. Submit your application in your NEWITY account (under 10 minutes, no credit impact).
How can I use the funds I receive?
Working capital uses may include: payroll (salaried, hourly, part-time, 1099); debt refinancing; operating expenses (marketing, memberships, inventory, day-to-day); rent; utilities. Funds may be used for one or multiple categories.
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 […]
Can I use a loan to refinance debt?
Yes. You can refinance existing debt with an SBA 7(a) loan or NEWITY Growth Term Loan, potentially at lower rates/longer terms, and can consolidate multiple debts into one payment. Apply via your NEWITY account (no credit impact). A representative will review your existing debt and guide you.