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 loan application in your NEWITY account. It takes less than 15 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.