Yes. For SBA 7(a) loans offered through the NEWITY platform, you cannot use the loan to acquire real estate or another business. Working capital funds also cannot be used to start a new business.
NEWITY LLC and its affiliates are not lenders participating in the SBA’s 7(a) loan program. NEWITY LLC is a lender service provider for Northeast Bank, a lender participant in the SBA’s 7(a) loan program. SBA 7(a) loans are ultimately processed and approved by a lender participant in the SBA’s 7(a) loan program.