The current interest rate for an SBA 7(a) loan offered through NEWITY 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: March 15, 2024
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.