NEWITY provides SBA 7(a) small business loans up to $250,000 in the Portal. Please log in or sign up to get started.
One of the first effects you might feel in a recession as a small business owner is the tightening of credit conditions. While larger businesses have access to varied forms of financing, smaller businesses more often depend on credit that can be obtained through intermediaries such as banks. During an economic downturn, intermediaries may tighten their underwriting or credit standards, making it more difficult for businesses to get approved for a loan.
If you’re like most small business owners, you’re probably keeping a close eye on expert predictions about whether a recession is coming (or has already arrived). Maybe you’re worried about how it will impact sales, or maybe you’re already looking for sources of capital to get you through uncertain times. In this article, we’ll walk through the historical context for SBA 7(a) loans during recessions and 4 ways the program can help small businesses during difficult economic times.
In our recent webinar, NEWITY’s head of credit and underwriting, Adam Zaabel, walked small business owners through how to apply for a 7(a) loan in 30 minutes or less using the NEWITY portal. If you’re interested in a 7(a) loan, watch the recorded webinar or keep reading for an in-depth walkthrough of NEWITY’s simplified application process.
Inflation in the United States has soared in the past year to 8.5% and according to many experts it is here to stay for the next 12-18 months. For many small businesses, taking out a business loan is the best way to combat inflation right now.
One of the most important items on the list of a small business owner is to keep track of their finances. After guiding many small business owners through the weeds of compiling financial statements, NEWITY has come up with the top three financial template walkthroughs to make your bookkeeping easy and accurate.
Learn more about 7(a) Working Capital Loans with Adam Zaabel, as he guides business owners through a series of video walkthroughs about what it takes to get your business the capital it needs.
Even with a history of strong operations and good credit, many small business owners find that they do not fit the credit standards of traditional banks.
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