The primary benefit of refinance debt with a SBA 7(a) loan is to achieve lower overall loan payments with fewer of those dollars being paid to interest to the lender.
If you apply with NEWITY, the debt refinance can incorporate additional working capital. This would provide you with money above and beyond the debt refinance to use to grow your business. 7(a) working capital loans can be used to cover everyday expenses, including rent, payroll, utilities, marketing, inventory and more.
To determine if you qualify for an SBA 7(a) loan, get started by submitting the prescreen 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.