Yes, credit card debt can be refinanced with an SBA 7(a) loan if the expenditures that comprise the credit card debt were for business purposes. Note, applicants will need to certify that the expenses were business-related and provide statements to verify the uses of the credit card.
To determine if you qualify for an SBA 7(a) loan, get started by submitting the prescreen loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
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.