You can refinance business-related debt (e.g., business loans, business credit cards). You cannot refinance merchant cash advances (MCAs) with SBA 7(a), but you may use a NEWITY Growth Term Loan to refinance MCAs. Personal debt cannot be refinanced with either loan type.

Up to $350,000 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).

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).

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.

SBA 7(a): Variable rate = WSJ Prime + 2.75% to 3.75%. As of October 30, 2025, Prime is 7.00%, so rates range 9.75% to 10.75%. 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: October 30, 2025

Yes, if SBA and lender eligibility requirements are met. Apply via your NEWITY account (under 10 minutes, no credit impact).

Yes. Businesses with multiple owners can apply for an SBA 7(a) loan or a NEWITY Growth Term Loan.

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).

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.

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 Loans are available.

No. You must provide 2024 tax returns if you prequalify for an SBA 7(a) loan or NEWITY Growth Term Loan. See the Document Checklist for required items.

Yes. If you haven’t submitted the 10-minute application: log in, go to the Loan Request tab, update the amount, Save & Continue. If you prequalified but haven’t uploaded documents: upload requested documents; when your team member introduces themselves, request the higher amount. If you prequalified and already uploaded documents: notify your loan specialist. Final qualified amount may differ from requested amount.

No. NEWITY uses a soft credit check that does not impact your credit score.

After submission, a NEWITY team member will email you with next steps. Reply and tell them what you need to change; they will assist you.

No documents are required to complete the initial loan application (eligibility determination in ~10 minutes, no credit impact). If you qualify and select a loan, underwriting will require documents listed in the Document Checklist.

No. You must provide individual and business tax returns. IRS-certified transcripts will be obtained directly from the IRS via NEWITY technology (you will receive a consent request). The SBA requires IRS transcripts in addition to your returns.

Visit NEWITY’s Profit & Loss Statement page for a step-by-step video and to download a P&L template. Upload the completed P&L in your NEWITY account on the document upload screen.

During closing, you receive a link to view/download closing documents. If you can’t find or it expired, request copies by submitting the contact form to the loan servicing team.

After closing, it takes about 2 weeks for the loan to appear and details to update in the portal. For login help, use the contact form, call (773) 839-8089, or use Live Chat.

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).

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.

SBA 7(a) due date cannot be changed. You can change the draft date as long as it is before the due date.

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 via the contact form to Loan Servicing.

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).

Request a payoff letter in your NEWITY account or email billing@newitymarket.com.

No. The PPP has ended and NEWITY cannot accept new PPP applications. NEWITY can help you secure up to $350,000 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: NEWITY LLC and affiliates are not lenders participating in the SBA’s 7(a) program; NEWITY LLC is a lender service provider for Northeast Bank, an SBA 7(a) lender participant. SBA 7(a) loans are ultimately processed and approved by a participating lender.

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).

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.