The current interest rate for a NEWITY SBA 7(a) loan is 11.25% per annum.
The interest rate for 7(a) working capital loans is variable because it is based on the Wall Street Journal (WSJ) Prime Rate, plus 2.75%.
As of October 2023, the prime rate is 8.50% in the U.S., which can be monitored via The Wall Street Journal’s Money Rates table.
At the current WSJ Prime rate of 8.50%, NEWITY's SBA 7(a) loan interest rate can be calculated as 8.50% + 2.75% = 11.25% per year total interest.
Last Updated: October 1, 2023
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.