Business owners refinance debt to gain better repayment terms for their existing debt. SBA 7(a) loans through NEWITY have a 10-year loan term and usually provide lower interest rates than other working capital loan options. The longer repayment period coupled with a lower interest rate means that an SBA 7(a) loan through NEWITY will generally have a monthly loan payment that is lower than their existing debt.
Further, NEWITY’s debt refinance can incorporate additional working capital. This would provide you with money above and beyond the debt refinance to use to grow your business. 7(a) working capital loans can be used to cover everyday expenses, including rent, payroll, utilities, marketing, inventory and more.
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.