No, borrowers may elect to use a portion of their 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 prescreen loan application in the NEWITY Portal. It takes less than 15 minutes and does not impact your credit score.
NEWITY LLC and its affiliates are not lenders participating in SBA’s 7(a) loan program. SBA 7(a) loans are ultimately processed and approved by a lender participant in SBA’s 7(a) loan program.