Introduction to the SBA 7(a) Working Capital Loan Program

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…

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 process…

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…

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 how…

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…

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…

"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…

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…

"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.…

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…

"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.…

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…

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…

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 high…

"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…

"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…

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 history,…

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…

“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,…

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 file…

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 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 –…

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…

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…

“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…

What is Small Business Week?In 1963, U.S. President Kennedy declared the first week of May as National Small Business Week to honor the contributions of entrepreneurs and small business owners nationwide.  This recognition is well-deserved. According to the Small Business Administration, there are 33.3 million small businesses in the United States. These businesses…

Here’s what small business owners need to know about new legislation that could end the Employee Retention Credit (ERC) program on January 31, 2024. Update as of April 16, 2024 While we still await Senate review of the bill that could end ERC effective 1/31/24. We have passed the existing…

“I have been with my bank since 2008, and they have never offered the value that I am receiving from NEWITY." Rachelle Desrosiers CEO of Madrelle Meet Rachelle Desrosiers, CEO of Madrelle, a medical practice located in Miami. Their mission is to improve lives nationwide by giving medical providers the…

If grants don't need to be repaid, are they better than a loan for your business? What’s better, a grant or loan for your business? While grants can be a solution, here are some scenarios where a business loan may be better for your growth: 1. You're Building your Business…

"Businesses that exist like NEWITY that are able to help you navigate funding are a big deal." Lamar Jones Owner of The Jank Gourmet BBQ Sauce The Jank Gourmet BBQ Sauce, owned by Lamar Jones, has the mission to revolutionize the world of BBQ sauces, delivering unique flavors that elevate…