The interest rate for SBA 7(a) small business loans is variable because it is based on the Wall Street Journal (WSJ) Prime Rate, plus 2.75%.
The interest rate on your funded loan will adjust every calendar quarter if the Wall Street Journal (WSJ) Prime Rate changes.
Please review the Payment Terms section of SBA Note Form 147 included in the Closing packet sent to you for more details.
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.
.