Yes, the total repayment amount of your existing debt will be paid directly by NEWITY to the loan-holder to pay that debt in full.
The balance of your SBA 7(a) loan will be sent to your account for your use.
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 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.