Business Insights

A Letter from our CEOs – What to Expect in 2024

Updated on July 25, 2024
Category: Newsletters
Author: Luke LaHaie & David Cody
5 Minutes to read

Dear Member,

Happy New Year! We’re excited to kick off 2024 with a preview of what lies ahead for our small business offerings here at NEWITY.

Small Business Loans

We’re committed to helping businesses access affordable capital. In 2024, we plan to bring a wider array of capital offerings to our platform through our single prescreen application. We’re aiming to serve a broader set of the small business community while keeping the application process simple.

Tax Credits

While we’ll continue to help individuals file for ERC and receive faster funding for their filed credits, we’re exploring other types of tax credits that provide meaningful capital for small businesses. Likewise, we’ll be reviewing how we can provide other types of tax support.

Technology

We’re constantly refining our technology, enhancing smart integrations, and simplifying our applications as much as possible. Look out for improvements to our online experience and website to further streamline our system.

Team

Our team has, and continues to be, our top asset at NEWITY. We’re excited to broaden our staff’s reach into the community through even more educational events and materials this year.

If you are a NEWITY member, we thank you for being a valuable member of our small business community. If you are not a member, we are excited at the possibility of working with you. We’re grateful that you’re here and hope you’re equally as energized for the year ahead.

Luke & Dave

Read more Insights

When Should I Get a Small Business Loan?

Access to capital is vital for small businesses, whether for growth, sustaining operations, or navigating challenges. However, deciding when to take on a business loan requires strategic planning. It’s not just about fixing immediate problems—timing your funding can make a significant difference. There are key situations when taking on capital…

Debt Consolidation vs. Refinancing

In the world of business finance, managing debt is a crucial aspect of keeping your operations running smoothly. Two common strategies for dealing with multiple debts or high-interest loans are debt consolidation and refinancing. While both can help improve your financial situation, they serve different purposes and work in distinct…

Business Loan Terms You Need To Know

You’ll encounter many terms when searching for a business loan. In this guide, we’ll walk you through all the essential terms related to small business loans. Understanding these terms equips you to navigate the loan process, choose the right financing option, and negotiate more favorable terms with lenders. Interest and…

Small Business Loans for Women

Women-owned businesses are experiencing rapid growth and have become a vital part of the U.S. economy. Despite this progress, many female entrepreneurs still face challenges when trying to secure financing. These challenges may include limited access to traditional financing, lack of collateral, or a shorter business history compared to their…

Small Business Loans that Won't Impact your Credit...

As a small business owner, keeping track of your business’s financial health is crucial for long-term success. This includes monitoring cash flow, managing expenses, staying on top of invoices, and ensuring timely tax filings. One often overlooked aspect is maintaining a strong business credit score. A lower business credit score…

Fixed vs. Variable Interest Loans: Which is Better...

When it comes to financing your business, understanding the difference between fixed vs. variable interest rate loans is critical to making the best decision. Both loan types offer distinct advantages and challenges depending on your business’s financial health, growth plans, and risk tolerance. In this article, we’ll break down the…

How to Apply for a SBA 7(a) Loan...

The SBA 7(a) loan program is a low interest, long-term, government backed loan for eligible small businesses. This program was designed for small businesses, so terms are typically more favorable than traditional loans offered by banks. At NEWITY, we know small business owners are busy. Therefore, we have streamlined our…

How to Refinance Debt with an SBA 7(a)...

What is debt refinance? Debt refinancing replaces one or more existing debts with a new loan, often offering more favorable terms. This process helps businesses reduce interest rates, consolidate multiple loans into one, adjust the structure of their debt, or free up cash for other needs. Ultimately, borrowers use refinancing as…

Understanding and Managing Good vs. Bad Debt

Are you considering borrowing money? Many assume that all debt is bad, however, taking on debt for the right reasons can positively impact your financial health. We call this “good debt.” How can you know whether debt will be beneficial or negative? We’ll outline the differences in this article and…

Debt Refinance; Boost your Business with an SBA...

Refinancing your debt can be a game-changer. If you’re carrying high interest debt, you’re not alone. Making high monthly payments can impair your cash flow and damage your credit score if you fall behind. Learn more about your credit score here. With a high-rate environment, how can you lower the…

What are Startup Loans

Are you a small business owner seeking funding to grow your startup? You’ve probably encountered many ads for startup loans. Let’s explore what they are and how to obtain one. What are startup loans? Startup loans are specifically designed to help new businesses get off the ground. Unlike traditional business…

Meet Sean and Helen - Pioneer Realty Group

“Being able to help our community, provide housing, and navigate the Real Estate landscape is our way of giving back to the community.” Sean and Helen Owners of Pioneer Realty Group Meet Sean and Helen, the dynamic duo behind Pioneer Realty Group based out of Chicago, IL. Driven by a…

ERC Update: Essential details from the IRS -...

The IRS recently provided an Employee Retention Credit (ERC) update clarifying the status of outstanding claims, refund payment timing, and the processing moratorium. We’ve condensed the key details below. What is the most recent status of ERC claims? The IRS announced that they are resuming processing ERC claims filed prior…

Meet Heather Polcaster - Tori Grace Outfitters

“Most of my years in business I was sewing and making everything in my house.” Heather Polcaster Owner of tori grace outfitters Meet Heather Polcaster, the owner of tori grace outfitters, based out of Chicago, Illinois. Tori grace outfitters is a boutique offering Chicago-inspired clothing, accessories, home décor, and gifts.…

Grants vs. Loans: Small Business Financing

Securing financing is crucial for the success of emerging small businesses. Small business owners have various funding options, including personal savings, loans, grants, crowdfunding, and more. Let’s narrow our focus and talk about grants vs. loans in this article. In 2022, 47% of startups failed due to a lack of…

Meet Sade Jennings - MFABI Fulfillment

“What I loved about NEWITY was that they knew the rules and what the SBA needed.” Sade Jennings Owner of MFABI Fulfillment Meet Sade Jenning, owner of MFABI Fulfillment in Brooklyn, New York. MFABI is more than just your ordinary warehousing and order fulfillment center; it’s a partner in innovation.…

How to get a Larger Business Loan.

When you’re in the process of applying for a small business loan, lenders take a close look at certain metrics to gauge risk. Whether you are aiming to qualify for an SBA 7(a) loan or just increase the size of your loan offer, it’s essential to focus on improving your…

Impact of Next Week's Federal Reserve Meeting on...

Economists predict The Federal Reserve will vote to maintain current interest rates next week, holding off on rate cuts until late 2024 if at all this calendar year. Why isn’t the Federal Reserve adjusting interest rates? While inflation crept to 3.4% in April, a stark improvement from 9.1% in June…

Top 5 Red Flags to watch for when...

Are you in need of a business loan? Chances are you’ve encountered several loan applications in your search. It’s essential to keep an eye out for potential red flags to avoid falling victim to loan scams or financial exploitation. Small businesses are particularly vulnerable, with a fraud incidence rate as…

Meet Jen Nylin - Jenny in the City

“I encourage you to check out NEWITY, don’t make it hard for yourself, don’t complicate it, let them walk you through the process. It doesn’t have to be hard.” Jen Nylin Jenny in the City Meet Jen Nylin, owner of Jenny in the City, a fashion boutique located in Minneapolis…

Meet Andres Plaza - OneconnectionIT

“You have to invest to be able to make money and it’s either coming out of pocket or you’re finding someone like NEWITY that’s going to have your back.” Andres Plaza CEO of OneconnectionIT Meet Andres Plaza, the CEO of OneconnectionIT, the one-stop shop for your IT needs. Andres started…

How to Build your Business Credit Score

What is a business credit score? Your business credit score is a number ranging from 300-850 and serves as a measure of your business’ creditworthiness and your ability to manage borrowed funds responsibly on behalf of your business. Credit bureaus calculate your credit score by evaluating various aspects of your credit…

Are SBA Loan Interest Rates Determined by the...

Let’s talk about SBA loan interest rates. Since capital for SBA 7(a) loans is issued via banks, credit unions, and lenders, one question that comes up a lot is if the lender choose the interest rate of SBA loans? The answer is yes. However, only up to a maximum established…

Meet Brian De Pinto - Photographer

“NEWITY really helped demystify the process and helped me get the funding I need to take my business to the next level.” Brian De Pinto Photographer Meet Brian De Pinto, a self-taught photographer located in Newark, New Jersey, specializing in portrait, lifestyle, and product photography. Like many in his field,…

Can I still File for ERC? Has the...

What you need to know following Tax Day 2024. The Senate continues to debate the bill that could alter ERC program filing deadlines. The existing deadline for ERC claims on wages paid in 2020, of April 15, 2024, has now passed. What does this mean? While businesses can no longer…

How does the WSJ Prime Rate Impact your...

What is the WSJ Prime Rate? The Wall Street Journal Prime Rate, or the prime rate, is a benchmark interest rate commonly used by banks to set the interest rates for various consumer and commercial loans. It directly correlates with the federal fund rate. This is set by the Federal Open Market…

How Quickly can you get an SBA Loan...

How quickly can you get an SBA loan up to $500,000? SBA loans along with other government-backed funding are notorious for being slow and time consuming. At NEWITY, we make SBA loans easy. Once you submit your application, you can receive your SBA loan up to $500,000 in three weeks…

Top 5 benefits of SBA 7(a) Loans.

How SBA 7(a) loans can help you secure more capital for less. You’ve likely heard SBA loans provide favorable terms compared to other loan options. What are those SBA terms? How can they help you get approved for a larger loan? Here are the top 5 benefits of SBA 7(a) loans. Interest…

How to Qualify for an SBA 7(a) Loan...

The top four requirements to receive an SBA 7(a) loan up to $500,000 through NEWITY. SBA loans offer some of the lowest interest rates and highest approval rates as a government-backed product. What are the minimum requirements to be approved for an SBA 7(a) loan through NEWITY? 1. Credit Score: 670+ Our…

Meet The Salgados - enFamilia

“I think the main ingredient with NEWITY was when we realized we can trust them”. Rocio Tafur-Salgado and Carlos E. Salgado Founders of enFamilia Meet Rocio Tafur-Salgado and Carlos E. Salgado, the founders and directors of enFamilia. The Salgados incorporated this afterschool program in September 2000. They wanted to provide…

Small Business Loans

Get the capital your business needs to succeed.

Step-by-Step Guides

Webinars

Meet our Team

Become a Referral Partner

Business Insights

A Letter from our CEOs – What to Expect in 2024

Small Business Loans

Tax Credits

Technology

Team

Read more Insights

Get the capital your business needs to succeed.

Need help?

To qualify for an SBA 7(a) small business loan, your business must be: