No, borrowers may elect to use a portion of their SBA 7(a) loan to refinance their debt, but it is not required. Please note that any outstanding debt will impact the overall loan amount that the SBA is able to approve.
To determine if you qualify for an SBA 7(a) loan, get started by submitting the loan application in your NEWITY account. It takes less than 15 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.