SBA 7(a) Small Business Loans

Answers to common questions about SBA 7(a) small business loans.

• What can I expect after I submit my Prescreen application? What are the next steps?
• What documentation is required to apply for an SBA 7(a) Small Business Loan?
• Is there any collateral required for an SBA 7(a) Small Business Loan up to $250k through NEWITY?
• How can I add an individual guarantor to my 7(a) loan application?
• How do I submit my SBA 7(a) Working Capital Loan application?
• I'm having an issue with the E-sign of my 7(a) loan application, or I have not received it at all
• Can I apply for an SBA 7(a) small business loan through NEWITY if I am not a U.S. Citizen?
• How can I add an additional owner in my 7(a) loan application?
• How can I add business ownership as a guarantor in my 7(a) loan application?
• How can I add affiliates during my 7(a) loan application?
• How do I fill out the Business Debt Schedule?
• Can I speak with my Relationship Manager through email about my application?
• I received an email from my assigned Relationship Manager requesting required documentation, how can I provide them the documentation?
• How can I withdraw my application?
• Who may I speak with and how do I get in contact with someone when I have a question about filling out the application, specific questions on the form, or the required documentation?
• What is the interest rate for an SBA 7(a) Working Capital Loan through NEWITY?
• What are the eligibility requirements for an SBA 7(a) loan?
• Do you offer SBA 7(a) loans for every state?
• Can I just apply for an SBA 7(a) loan?
• How can I apply for a 7(a) loan?
• Does debt refinance cover prepayment penalties?
• What is a working capital loan?
• Does NEWITY provide loans for bad credit?
• What types of capital does NEWITY provide?
• How long do I need to be in business to qualify?
• How long does it take to get a loan?
• What are NEWITY’s loan terms?
• How do I know which loan option is best for me?
• How can I make payments in the NEWITY Smart Portal?
• Is the Personal Financial Statement (PFS) and Business Debt Schedule required documentation to apply for this loan?
• What are the eligibility requirements for debt refinance?
• What is an SBSS score?
• What credit bureau do you use? Will my application impact my credit score?
• I operate as a sole proprietorship and do not have additional employees, am I eligible to apply for this loan?
• My business has multiple owners, do I have to add all of them to the application?
• I am encountering an error when trying to upload my documents to the placeholders on the Upload Supporting Documents page.
• Are there any restrictions on how I can spend the funds?
• What is the turnaround time for funding on my application?
• What is the turnaround time for a decision on my application?
• What does the status I see on my Portal Dashboard mean? How many different statuses are there?
• Can I provide my IRS tax transcripts in place of my tax returns to suffice the documentation requirement?
• How do I create a Profit & Loss Statement?
• How do I create a Balance Sheet?
• I have not filed my most recent year tax return, can I still apply for the loan?
• What should I select as the Borrower Type on the Owner Details page?
• I do not use interim financial statements such as a P&L and Balance Sheet in my business operations, are these documents still required?
• What is the maximum loan amount I can apply for?
• What is a Business Debt Schedule?
• What is the difference between short-term debt and long-term debt?
• Why did the interest rate on my funded loan change?
• How can I contact my Relationship Manager?
• Does the pre-screen application impact my credit score? 
• Does NEWITY sell my information to other lenders? 
• Is NEWITY a bank?
• How does NEWITY recommend loan options?
• Do you provide loans for startups?
• What credit score do I need for a NEWITY loan?
• What types of business capital or loans are available through NEWITY?
• What is debt refinance?
• How much does it cost to refinance my debt?
• How can I use the funds received from an SBA 7(a) Working Capital Loan for my business? Can they be for one use or multiple uses?
• What happens when I refinance my debt with a 7(a) loan?
• What types of debt can I refinance with a 7(a) loan?
• Why would I want to refinance debt with a 7(a) loan?
• Can I refinance credit card debt with a 7(a) loan?
• Can I consolidate debt with a 7(a) loan?
• What are the benefits of refinancing debt with a 7(a) loan?
• Can I refinance personal debt with a 7(a) loan?
• Do I have to refinance my debt if I get a 7(a) loan?
• How will I know if I can refinance my debt with a 7(a) loan?
• How can I refinance debt with a 7(a) loan?
• Do I have to use the entire SBA 7(a) loan to refinance my debt?
• Can I use an SBA 7(a) loan to refinance debt?
• What is an SBA 7(a) loan?
• If I receive an SBA 7(a) loan through NEWITY’s portal, who services my loan? 
• Who can help me complete my SBA 7(a) loan?
• How can I check the status of my SBA 7(a) Small Business Loan application?
• What is the monthly payment for an SBA 7(a) Small Business Loan through NEWITY?
• How should I fill out the Personal Financial Statement on my 7(a) application?
• Can I complete the 7(a) loan application on my phone or tablet?
• I made an error or need to make a change to my SBA 7(a) Working Capital Loan application, and I have already submitted my application.
• What is the loan term for an SBA 7(a) Working Capital Loan through NEWITY?
• What are the qualifications to apply for an SBA 7(a) Small Business Loan?
• What is equipment finance?
• Can I get an SBA 7(a) loan and equipment finance?
• How quickly will I receive my equipment financing?
• Are there closing costs associated with equipment financing?
• What are the repayment terms for equipment finance?
• What industries can get equipment finance through NEWITY’s portal?
• What credit score is required for equipment financing?
• How long do I need to be in business to receive equipment financing?
• Can I pay-off my equipment financing early?
• How much money can I receive in equipment finance?
• What are the eligibility requirements for equipment finance through NEWITY’s portal?
• What type of information do I need to provide to receive equipment financing?
• Can I receive equipment finance as a sole proprietor?
• Does applying for equipment finance impact my credit score?
• What types of equipment can I finance?