Alongside our bank partner, Northeast Bank, we have designed a streamlined process to process your application as quickly and efficiently as possible, while ensuring we capture all SBA 7(a) Program requirements. An overall outline of the process is as follows:
Step 1: Complete Prescreen application through our smart portal. If you accept an offer, you must upload the most recent year of Business Tax Returns to get started.
Step 2: Loan Specialist – Your assigned Loan Specialist will review your application for thoroughness and completeness. They may request additional information and/or documentation through email. This step can range between 1-2 business days depending on if all required documentation and information is received.
Step 3: Underwriter – Your application is currently under review with an Underwriter. They may request additional information and/or documentation through your assigned Relationship Manager. You will receive a text from Tax Status to give us consent to request IRS transcripts. This step can range between 1-2 business days.
Step 4: Loan Specialist – Your assigned Loan Specialist will reach out with the eligible loan amount and request the Phase 2 documents to fully complete the Loan Application. Applicant must provide all the requested documents from the 7(a) checklist/email sent by the LS. At this stage, once all the documents are provided, your LS will request you complete the application in the smart portal to generate SBA Form 1919.
Step 5: Underwriter – Your application will go through the final phase of underwriting and may request additional documentation to prepare your application for final approval. This stage can take about 5 business days, pending IRS transcripts.
Step 6: Credit Manager – Your application is currently under review with the Funding Bank Credit Manager. This step can range between 1-3 business days.
Step 7: Closing & Processing – Your application has been assigned to a Closer for loan document creation and execution. This step can range between 2-4 business days.
Once approved, our Closing Team will send your loan documents for signature. Please look out for an email from DocuSign, which will contain your complete package of loan documents. Please feel free to reach out to your Loan Specialist any time with questions regarding the loan documents.
Step 8: Funding – Following your completion of the e-signature of the loan documents, your application will be submitted for funding! The deposit will reach your designated account within 3-5 business days.
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.