Frequently Asked Questions
Get the answers you need before you start.
General Account Information
NEWITY is your source for small business capital. NEWITY provides access to affordable capital for small businesses, helping 120,000 businesses secure more than $11.4 billion through SBA loans. Unlike other platforms, NEWITY’s team is standing by to support you throughout the application process.
To see how much capital your small business could qualify to receive, create a free NEWITY account and submit the loan application. It takes less than 10 minutes and does not impact your credit score.
No, NEWITY is not a lender. NEWITY is a Lender Service Provider for Northeast Bank.
NEWITY partners with thoroughly vetted lenders to provide SBA and non-SBA financing options. Together with Northeast Bank, NEWITY helps small business owners access working capital through the SBA 7(a) loan program.
Click to learn more about applying for an SBA 7(a) small business loan.
Yes! To speak with a NEWITY representative in Spanish, please call us at (773) 839-8089.
Para hablar con un representante de NEWITY en Español. Llámenos al (773) 839-8089.
Yes, we do. We partner with business professionals of all kinds to serve as a resource for their small business clients.
If you’d like to learn more about NEWITY’s referral partner program you can visit our partnership page and submit the contact form to connect with our Partnership team.
No, NEWITY does not provide access to grants.
NEWITY can help you access capital through SBA 7(a) loans, which can be beneficial for your business growth.
To see how much capital you could receive through an SBA 7(a) loan, create your NEWITY account and submit the simple business loan application. It takes less than 10 minutes and does not impact your credit score.
NEWITY recommends loan options and determines your maximum loan amount based on your personal and business profiles. This includes evaluating factors like your personal and business credit scores, time in business, and annual revenue to present the best loan option for your consideration. NEWITY’s application does not impact an individual’s credit score.
To see your loan options, get started by submitting the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
- Navigate to the NEWITY login screen
- Click Reset your password above the green Log In button
- In the next screen, enter the email address associated with your NEWITY account and click Continue
- In your email, check for a password reset message from [email protected] and follow the enclosed instructions. Be sure to check spam or junk if you do not see the email in your inbox.
- Click My Business to view your business details and the users assigned to your account.
- Click the Edit symbol to easily update your business info and user info.
- Click Save Changes to save the new information.
If the text message to verify your login was never sent or didn’t work, you can’t find the code within the authenticator application you selected, and/or you don’t know your security code, then please reach out to our customer service team for assistance.
You can submit a support ticket or call us at (773) 839-8089 for assistance.
No, NEWITY’s platform will use your information to provide loan options from lenders, but your information is not sold to third parties. You will only continue with the lender you choose.
SBA 7(a) Small Business Loans
Alongside Northeast Bank, NEWITY provides access to up to $500,000 through the SBA 7(a) loan program.
Loan qualification requirements will vary by loan amount request. Please visit our SBA 7(a) small business loans page for more information.
To qualify for an SBA 7(a) loan through NEWITY’s platform, your business must be:
- In operation for at least two months as a for-profit business
- US-based location and operations
- Owner supported / owner funded
- Eligible per the SBA’s requirements
- Loan size determined by average annual revenue of the business and FICO score
To see if you qualify for an SBA 7(a) loan, submit the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
Yes, if you received an SBA 7(a) loan through NEWITY, you may receive a second loan if you meet eligibility requirements.
The maximum SBA 7(a) loan amount you can borrow through NEWITY’s platform is $500,000 in the aggregate. SBA 7(a) loan qualifications are viewed in the total amount borrowed through the program, meaning if you received a $250,000 SBA 7(a) loan and you’d like a second $250,000 SBA 7(a) loan, you would need to meet eligibility requirements as if you were applying for a single loan of $500,000.
To get started, log into your NEWITY account and submit our business loan application.
Collateral is not required for loans $50k and under. Collateral may be required for loans between $50k and $500k based on the business’s balance sheet.
The collateral requirement will be discussed with your assigned Loan Specialist once your application is submitted to best customize an option for your business.
SBA 7(a) loans through NEWITY have a variable interest rate based off the Wall Street Journal (WSJ) Prime Rate plus 2.75% to 6.50%.
As of March 29, 2025, the Prime Rate is 7.50% in the U.S., which can be monitored via The Wall Street Journal’s Money Rates table.
At the current WSJ Prime rate of 7.50%, SBA 7(a) loans interest rates via NEWITY range from 10.25% to 14.00% (7.50% + 2.75% = 10.25% and 7.50% + 6.50% = 14.00%).
Each loan’s interest rate is based on the business and personal credit scores of the borrower and owners, the amount borrowed, and risk profile of the business. The interest rate applicable for each SBA loan is displayed upon completion of the prescreen application.
Last Updated: March 29, 2025
SBSS stands for Small Business Scoring Service and is a score the SBA assigns to small businesses in the United States. An SBSS score, ranging from 0 to 300, reflects the level of risk a lender faces when lending to a borrower. The SBA does not publish the criteria for computing this score, but notes it is a combination of business and principal credit history and information.
Yes, sole proprietors are eligible to apply for this loan if they meet the SBA and Lender eligibility requirements. To see how much you qualify for, submit the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
Yes, businesses with multiple owners are more than welcome to apply for the SBA 7(a) loan program.
If your business has multiple owners, you will simply need to list all owners who have more than 20% ownership of the business on the application per SBA guidelines.
We’ve streamlined the application process to help you get the funding you need quickly. At NEWITY, we can help you apply and get funded in as little as three weeks, which is 3x faster than the national average.
To get started, submit the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
SBA 7(a) loans can be used for working capital to grow your business. Working capital can cover daily operational expenses and short-term obligations such as:
- Payroll – This includes salaried, hourly, part-time and 1099 employees.
- Debt Refinancing – Replace existing high-interest rate business debt with new debt that has more favorable terms (ie. lower interest rate and a longer repayment period)
- Operating Expenses – This includes short-term expenses such as marketing, membership programs, inventory purchases and day-to-day expenses.
- Rent – This includes the cost of renting the space your business operates in, or any other rental specific to the operation of your business.
- Utilities – This includes all utility expenses incurred by your business.
Note: The funds from the loan may be used for one category or may be split among multiple categories.
Yes, lawful permanent residents (LPR) of the United States are eligible to apply and receive SBA financing through NEWITY’s SBA 7(a) small business loans program.
When you reach the Business Owner section of the Loan Application, simply select the box next to Lawful Permanent Resident (LPR).
Note, once your application is submitted, a member of the NEWITY team will provide you with the USCIS Verification & Authorization Letter for you to complete. Please physically sign this form with ink and return it to us.
If you are not a U.S. citizen or lawful permanent resident, unfortunately, you are not eligible for SBA financing.
Yes, you can apply for an SBA 7(a) loan to refinance debt.
Debt refinancing allows borrowers to replace existing debt with new debt that has more favorable repayment terms.
At NEWITY, you may be eligible to use a lower-interest SBA 7(a) loan to pay off high-interest debt. This government-backed loan can help small business owners with long-term working capital. If eligible, NEWITY will use part of your SBA 7(a) loan to clear your high-interest debt and let you use the remaining funds for other working capital needs.
SBA 7(a) loans can also be used to consolidate debt. This combines multiple debts into one loan with a single payment, often at a lower interest rate, simplifying your finances overall.
To check your eligibility for an SBA 7(a) loan, submit your application through your NEWITY account. It takes less than 10 minutes and won’t affect your credit score. If eligible, a NEWITY representative will review your application and existing debt to guide you through the refinancing process.
You can refinance any business-related debt, for example, a business loan or credit card debt. Note, SBA loans can even be refinanced with a new SBA loan under certain conditions. You cannot refinance personal debt with an SBA 7(a) loan. They are specifically designed for small business-related expenses and financing.
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 provides access to SBA 7(a) startup loans up to $50,000 for businesses in operation for more than two months.
You can apply by submitting the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
Yes. If you have not filed your most recent tax return, you will need to provide additional supporting documents, such as a proof of extension, 2023 tax return, and profit & loss statement.
You can review the list of required documents on the Document Checklist under the Additional Documents for Special Circumstances section.
Application & Documents
Yes, if you would like to increase your requested loan amount you can do that without submitting a new prescreen application. Based on the progress on your application, there are a few different ways to go about your request.
If you have not yet submitted our 10-minute business loan application, you do not need to reapply. Simply log into your account and navigate back to the loan request screen by clicking on the Loan Request tab in your application and enter the loan amount you are requesting. Be sure to click Save & Continue before resuming your application.
If you prequalified for an SBA 7(a) loan and have not yet uploaded your documents, please log into your account and submit the requested documents. Once you have uploaded your documents, a member of the NEWITY team will introduce themselves to you. At that time, simply let them know that you are interested in a larger loan amount and they’ll update your file.
If you prequalified for an SBA 7(a) loan and uploaded documents, simply notify your NEWITY loan specialist that you’re interested in a larger loan amount and they’ll update your file.
Be advised there are many factors that will determine your qualified loan amount, and this may differ from your requested loan amount.
No, NEWITY’s online application uses a “soft” credit check, which does not impact your credit score. This allows you to submit your application and see how much funding you’re qualified to receive without concerns.
Once you submit your application, a member of the NEWITY team will contact you via email to introduce themselves and outline next steps.
When your NEWITY representative reaches out, let them know what you need to change. We are happy to assist you.
Please rest assured you will always have a chance to review your application prior to submission to the SBA.
No documents are required to complete our loan application, which determines your eligibility for an SBA 7(a) loan within 10 minutes without impacting your credit score. Once you’ve qualified for an SBA 7(a) loan, we’ll need your recent Business Tax Returns, Personal Tax Returns, and Recent Bank Statements.
To view the exact documents required for your business type or loan size, please see our SBA 7(a) Document Checklist.
No, individual and business tax returns must be provided at the time you submit your application. The IRS certified tax transcripts will be obtained directly from the IRS through our built-in technology. Please look out for a consent request from your Underwriter.
Please note: The SBA requires tax transcripts from the IRS in addition to your tax returns to process your application. The tax transcripts request with the IRS typically takes anywhere from 2-10 days to complete.
If the team notes a P&L is needed to accompany your application, please visit NEWITY’s Profit & Loss Statement page to watch a step-by-step video tutorial and download a Profit & Loss template to create a Profit & Loss Statement for your business.
Once you have completed your Profit & Loss Statement, you can upload the document to your SBA 7(a) loan application by logging into your NEWITY account and navigating to the document upload screen.
Loan Servicing & Payments
During the SBA 7(a) loan closing process you’ll receive a link to view and download your closing documents. If you can’t find the link or the link has expired, you can request copies of your closing documents by reaching out to our loan servicing team.
Simply submit your request by filling out our contact form and selecting ‘SBA 7(a) Loan Servicing’ in the dropdown.
After your SBA 7(a) loan closing process, it takes approximately 2 weeks for the loan to be added to your portal account and all information updated.
If you need assistance with logging into your account, please contact our member services team by filling out our contact form, calling us at (773) 839-8089, or chatting with us through our Live Chat feature.
Your first SBA 7(a) loan payment is due two months from the date of your loan note. For example, if your loan closed on June 15th, your first payment would be due on August 15th.
Your SBA 7(a) loan payments are setup to be drafted from the account listed on the voided check you provided during the loan closing process.
You can view or edit this information in your NEWITY account. If you have questions you can reach our team by submitting our contact us form, call us at (773) 839-8089, or use our Live Chat feature at the bottom corner of our site.
Unfortunately, we are unable to change your SBA 7(a) loan payment due date.
However, you are able to change the date your payment is drafted from your account as long as this is before your payment’s due date.
There is no prepayment penalty for your SBA 7(a) loan. However, if you are paying more than 20% of your outstanding principal balance a written notice is required 21 days in advance.
You can submit these notices to our Loan Servicing team by filling out our contact us form and selecting ‘SBA 7(a) Loan Servicing’ in the dropdown.
Yes, you can make additional payments on your SBA 7(a) loan above the monthly payment. However, the payments cannot be applied to future bills.
For example, you cannot make a large payment in March to cover the April and May payments. The payment is applied first to interest due through the date your payment is made. The remaining funds are applied to the loan principal and lastly to late fees if applicable.
If you’re interested in paying off your SBA 7(a) loan early you can request a payoff letter in your NEWITY account or email our billing team at [email protected].
SBA 7(a) loan’s interest rates are tied to the Wall Street Journal Prime Rate which is updated quarterly.
If the WSJ Prime Rate changes, then the interest rate on your loan will change as well.
Paycheck Protection Program (PPP)
NEWITY cannot accept new PPP loan applications, however the team is happy to help you secure up to $500,000 in affordable capital through the SBA 7(a) loan program.
To get started with an SBA 7(a) loan application, log into or create your NEWITY account and submit the business loan application. It takes less than 10 minutes and does not impact your credit score.
If you have a PPP loan that is serviced by NEWITY and need assistance you can connect with our team through our contact us form, by phone at (773) 839-8089 or use our Live Chat feature at the bottom corner of our website.
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.
If you recently received a payment demand letter from the SBA or Treasury Department for your full PPP loan amount, it is likely because you did not apply for forgiveness.
Yes, you can still apply for forgiveness by reaching out to our team using this contact form. Please be sure to select one of the PPP inquiry options to expedite the resolution of your request.
If you received your PPP loan or filed for forgiveness through NEWITY, the team is still on-staff and available to help if you have questions. To reach the PPP team, please submit this contact form. Please be sure to select one of the PPP inquiry options to expedite the resolution of your request.
Please note, the Paycheck Protection Program has ended. NEWITY cannot accept any PPP loan applications.
More resources to help you.
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