When you refinance debt with an SBA 7(a) loan, you can consolidate and lower your overall monthly payments. Debt refinance with an SBA 7(a) loan is typically most attractive for businesses with short-term or high-interest rate loans. Because SBA 7(a) loans provide some of the lowest available interest rates, your business could benefit from paying-off high-interest debt and consolidating it to a lower-interest rate debt.
At closing, NEWITY would direct a portion of your 7(a) loan amount to repay your existing debt and will send the balance of your loan to your account.
To determine if you qualify for an SBA 7(a) loan, get started by submitting the prescreen loan application in the NEWITY Portal. It takes less than 15 minutes and does not impact your credit score.
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.