An SBA 7(a) loan is a small business loan that is offered by a lender in connection with the United States Small Business Administration (SBA). SBA 7(a) loans are the most popular SBA loan product as they provide flexible financing for small businesses. As a specialty loan, 7(a) loans provide multiple benefits for borrowers -
- Higher likelihood of approval - Even as a small business, you're more likely to be approved for a loan.
- Lower interest rates - As a government-backed product, 7(a) loans offer some of the lowest interest rates.
- Lower monthly payments - The loan is repaid over a longer period, keeping monthly payments low.
- Wide variety of uses - Funds can be used for a variety of expenses, including rent, payroll, 1099 payments, utilities, marketing and more.
To see if you qualify for an SBA 7(a) loan, submit the prescreen loan application in your NEWITY account. It takes less than 15 minutes and does not impact your credit score.
To read more about benefits of SBA 7(a) loans, read NEWITY’s recent Insight article, 7 Benefits of SBA 7(a) Loans Compared to Alternatives.
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.