Business Insights

What You Can (And Cannot) Use an SBA 7(a) Loan For

Updated on September 25, 2025
Category: Business Loans

Key Takeaways

SBA 7(a) loans offer flexible funding for operational and growth needs.
There are clear restrictions on how funds can be used, such as prohibitions on real estate purchases, large equipment, personal expenses, passive investments, delinquent taxes (without a payment plan), and refinancing other SBA loans.
Strategic use of SBA 7(a) loans can unlock growth and stability, especially when cash flow gaps, expansion opportunities, or high-interest debt are limiting your business’s potential.

SBA 7(a) loans are among the most versatile forms of small business financing. For entrepreneurs navigating growth, slow seasons or operational transitions, these loans may provide a safety net and a launchpad. SBA 7(a) loans facilitated by NEWITY function as working capital loans, giving small business owners the flexibility to fund everyday needs and long-term initiatives.

But what does this mean for you and your small business?

Here’s a breakdown of ways you can and cannot use an SBA 7(a) loan facilitated by NEWITY:

Permitted Uses
Working Capital	Cover day-to-day operating expenses, manage cash flow, and support growth initiatives
Inventory and Materials	Purchase inventory or raw materials, upgrade technology systems, invest in supplies, and cover work-in-progress costs
Debt Refinancing	Refinance existing non-SBA business debt
Tenant Improvements	Make upgrades to leased spaces for business use
Non-Permitted Uses
Real Estate	Purchase land or buildings, renovate or improve existing facilities, construct new building
Equipment	Purchase large machinery and vehicles
Personal Expenses	Personal purchases, vacations, or non-business costs
Passive Investments	Purchase rental properties or investments not tied to active business operations
Taxes	Repaying delinquent taxes, unless you have an approved IRS payment plan
Refinancing SBA Loans	Refinancing certain other SBA loan
Speculative Ventures	Funding for gambling, pyramid schemes, or high-risk investments

Why This Matters

For many small businesses, understanding these boundaries helps prevent missteps and ensures funds are used strategically. With proper planning, an SBA 7(a) loan can be a catalyst for growth, offering both stability and opportunity.

At NEWITY, we specialize in helping business owners navigate the loan process and align financing with real goals. If you’re unsure whether your plans fit within permitted uses, our team is here to provide clarity at every step.

How Do You Know When You Need An SBA 7(a) Loan?

Many business owners hesitate to borrow because they aren’t sure if the timing is right, or whether their use case is valid. A good rule of thumb is that you should consider an SBA 7(a) loan when access to additional working capital will unlock growth or stabilize operations in ways your current cash flow cannot support.

Here are some indicators an SBA 7(a) loan is right for you:

Cash Flow Gaps Are Holding You Back: If your business struggles to cover payroll, utilities, or supplier payments during slow periods, a loan can bridge those gaps without disrupting operations.

Opportunities Exceed Current Resources: A new contract, expanded client demand, or the chance to purchase inventory at a discount may require capital you don’t have on hand. An SBA 7(a) loan ensures you don’t miss out.

Debt Is Draining Your Margins: High-interest loans or credit cards can restrict growth. Refinancing through an SBA 7(a) loan may free up cash to reinvest in the business.

You’re Ready to Scale: Whether it’s hiring additional staff, adding locations, or investing in marketing, growth initiatives often require upfront costs that outpace available reserves.

Your Business Needs Stability: During Transition Mergers, ownership changes, or even leadership restructuring can strain resources. A loan provides the cushion needed to keep momentum steady.

Ready To Explore Your Options

With NEWITY, small businesses don’t just gain access to capital, they gain a partner dedicated to their success. Find out how much funding your business could qualify for in just 10 minutes.

Find out how much you could qualify for in just 10 minutes!

NEWITY LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Read more Insights

What You Can (And Cannot) Use an SBA...

Key Takeaways

SBA 7(a) loans offer flexible funding for operational and growth needs.
There are clear restrictions on how funds can be used, such as prohibitions on real estate purchases, large equipment, personal expenses, passive investments, delinquent taxes (without a payment plan), and refinancing other SBA loans.
Strateic use of SBA 7(a) loans can unlock growth and stability, especially when cash flow gaps, expansion opportunities, or high-interest debt are limiting your business’s potential.

Permitted Uses Working CapitalCover day-to-day operating expenses, manage cash flow, and support growth initiativesInventory and MaterialsPurchase inventory or raw materials, upgrade technology systems, invest in supplies, and cover work-in-progress costsDebt Refinancing Refinance existing non-SBA business debtTenant ImprovementsMake upgrades to leased spaces for…

Separating Personal and Business Finances

Key Takeaways

Separating your business from your personal finances as much as possible will help you to stay organized, ensure your taxes are accurately filed, and manage cash flow
Consider registering as an LLC to protect yourself from personal liability for your business
Apply for EIN and DUNS numbers for tax & credit purposes

You’re wanting to start a small business— what are the first steps?

Setting your small business up for success in the long run means establishing a good foundation. Being proactive with your small business structure and finances now will save you time, money, and energy in the future.

Dane Colvin is a registered CPA and AVP of Finance and Operations at NEWITY and has worked with thousands of small business owners throughout their funding journey. Here is some advice he offers to new entrepreneurs who are feeling overwhelmed with the world of small business finances:

“I think the biggest thing, and something we see on the NEWITY side, is when you are starting a business, you want to make sure you’re completely separating it from your personal [finances].” -Dane Colvin

It’s best to establish this separation immediately. Many times, entrepreneurs will put off this type of clerical work for a later date. As their business grows and their task list expands, financial structure takes a backseat to more pressing matters.

If you plan to apply for small business financing in the future, the application process will go much more smoothly when you are able to easily distinguish between personal and business finances.

Additionally, when you file taxes, you’ll need to accurately report the income and deductible expenses of both your business and your personal finances, independent of one another.

Here are 5 steps to get you started with establishing separate accounts for your personal and business finances.

Registering Your Business

Secured credit cards require a cash deposit that acts as “collateral” on your card balance, and are easier to obtain for people with lower credit scores
Unsecured credit cards do not require that initial cash deposit, but are more difficult to obtain, have higher credit limits, and offer better rewards programs on money spent
If you have a limited or poor credit history and do not qualify for an unsecured credit card, a secured credit card is a good starting point to build credit
Credit cards are strategic credit-building tools that can play a large role in your business’s overall growth

What is the difference between secured and unsecured credit cards?

An unsecured credit card is what most people commonly think of when discussing “credit cards.”

This is a credit card that has a credit limit set by the issuing bank based on your credit history. You use this card to make payments, then pay off the balance at the end of the month.

A secured credit card is only slightly different in that it requires an initial cash deposit to act as collateral in the event that you do not pay off your credit card balance.

Let’s say you open a secured credit card and make a cash deposit of $3,000. That deposit acts as the credit limit on that card, meaning you can only spend up to $3,000 on that card before paying off the balance.

Every time you pay off the balance on that card, you pay it from the cash in your checking account, as you would with an unsecured credit card.

However, if you were to neglect to pay off your secured credit card by the time the balance is due, your bank would seize that initial $3,000 cash deposit in order to cover the amount you owe.

What are the pros and cons of secured and unsecured credit cards? Unsecured Credit CardsSecured Credit Cards ProsHigher credit limit, better rewards systems Easier to obtain, prevent overspending ConsMore difficult to obtain,…

Do You Need Collateral For An SBA 7(a)...

Pledging collateral for a business loan can seem complicated, but it doesn’t have to be.

In this article, we’ll break down the definition of collateral, why it’s necessary, and how you can get a loan without needing to pledge collateral at all.

Key Takeaways

Collateral is a set of assets pledged by a borrower to a lender, should the borrower default on their loan
Collateral could be almost anything, from physical assets to retirement accounts to trading assets
NEWITY facilitates non-collateral loans up to $50,000

What is Collateral?

When you apply for a loan, your lender needs to know that they’re protected. Even if your finances show that you are trustworthy, lenders often want extra protection against potential loss of value.

Collateral is that extra protection. If you as the borrower were to default on your loan, the lender would seize the collateral that was listed with the loan in order to get some or all of their money back.

How is Collateral Identified?

Items used as collateral could be nearly any store of value, including:

Equipment
Inventory
Furniture
Real Estate
Business Vehicles
Cash or Savings
Retirement Accounts
Patents, Trademarks, or Other Intellectual Property
Trading Assets

When evaluating collateral, lenders will consider the Adjusted Net Book Value (ANBV) of assets. This is a calculation that takes the original value of an asset, then subtracts depreciation, market conditions, wear and tear, forced liquidation value, and more.

How Much Collateral is Needed For a Loan

For some loans to be considered “fully secured”, the borrower must be able to offer enough value through their business assets to cover the loan amount.

If a borrower’s business assets do not total or surpass the loan amount, lenders may file liens on personal assets. This also may be required for owners with 20% ownership or more in the business, or any personal guarantors on the loan.

While this sounds daunting, pledging collateral will not impact your business long as you pay back your loan in accordance with the loan term.

Can You Get an SBA 7(a) Loan Without Collateral?

If you’re in need of fast cash, pledging collateral means extra paperwork and, consequently, extra time.

Further, you may be wanting to avoid tying up your assets in case they are needed for other financing or operational flexibility.

So, if you’re looking for quick capital, do not have sufficient collateral to secure a loan, or just simply do not want to tie up your assets, we can get you the funds you need without overcomplicating things.

While most SBA 7(a) lenders and facilitators will require collateral on loans over $25,000, NEWITY facilitates SBA 7(a) loans up to $50,000 without any collateral requirements.

After all, pledging collateral isn’t always the most convenient way to get the funds you need.

If you’re a start-up, you may not yet have sufficient assets to pledge. Service-based industries or digital businesses may not have much to offer, either.

How Do SBA 7(a) Loans Through…

Your Business Loan Was Denied... What's Next?

Key Takeaways

SBA loan denial could be chalked up to poor credit, industry, or even business age
You can reapply for an SBA 7(a) Loan through NEWITY after 90 days
Organize your finances to track your own eligibility and prepare for the next time you apply
Improve your business’s credit by using a credit building card like NAV Prime
Assess and improve your cash flow by paying down debt or increasing revenues

Does getting denied a loan hurt your credit?

Being denied a loan does not affect your credit score. However, when you apply for a loan, lenders often conduct a “hard inquiry” into your credit report. Multiple hard inquiries within a short period can signal to lenders that you may be a high-risk borrower. At NEWITY, we do not perform hard inquiries when facilitating your loan application.

Why was my SBA loan application denied?

To improve your chances of being approved in the future, it can be helpful to understand why your loan application was denied.

Your SBA loan application could be denied for several reasons:

1. Poor Credit

Your personal credit is taken into account alongside your business credit. Any large personal loans, high credit card utilization rates, or late payments in either your personal or business portfolio could decrease your chances of being approved for an SBA loan. However, if your business has a minimal credit history, this can also affect your chances of being approved for a loan.

2. Industry Risk

Certain industries and specifically where your business sits within that industry are considered higher risk for loan default than others. In addition to industry risk, the SBA also has industry size standards that constitute whether your business is a “small business”.

3. Business Age

The younger your business, the tougher it is to be approved for an SBA loan. You are able to apply as early as 3 months into your business. However, the youngest businesses have the strictest eligibility requirements.

Can I Reapply for an SBA…

What is a NAICS code and why do...

Key Takeaways

Your NAICS code helps you and others categorize your business at its most specific level
NAICS codes are used for a variety of purposes, including taxes, identifying industry benchmarks, insurance, and more
NAICS codes have a large effect on how your business qualifies for an SBA loan
NAICS codes are self-assigned using the NAICS code look-up tool

What is a NAICS code?

NAICS stands for North American Industry Classification System. Your NAICS code is a 6-digit code used to identify your business’s industry and its most specific level.

Structure of a NAICS code

The first two digits of your NAICS code represent your business’s sector- such as retail or hospitality. The remaining digits signify your business’s subsector, industry group, NAICS industry, and national industry, respectively.

Ultimately, this hierarchical structure allows NAICS codes to communicate your business’s industry and purpose down to a specific level.

Why do NAICS codes matter?

NAICS codes prevent oversimplification of the broader business playing field. NAICS codes take into account your business’s economic activity and compare you to the standards of others in your specific industry.

NAICS codes are used in a variety of contexts, such as:

Government Business

Government agencies use NAICS to collect, analyze, and publish economic data. NAICS codes are also used when determining your eligibility for certain government programs, grants, and contracts.

Market Research

Businesses use NAICS codes to analyze competitors, identify market trends, and research industry benchmarks to help you track growth and competition.

Taxation

The IRS uses NAICS codes to monitor deductions and income, flagging anything unusual for that industry.

Insurance

Insurers use NAICS codes to determine premium rates and coverage based on industry-specific risks.

How does my…

How Business Owners Can Navigate Seasonal Slowdowns

Seasonal slowdowns are a reality for many businesses, whether you’re in retail, hospitality, or any industry affected by fluctuating consumer demand. While these quieter periods can be challenging, they also offer opportunities to reassess, regroup, and prepare for the busy seasons ahead. Here’s how business owners can navigate seasonal slowdowns effectively and come out stronger on the other side.

1. Plan for Slow Periods

The key to surviving seasonal slowdowns is preparation. Analyze your business data to identify patterns in customer activity and revenue. Understanding when and why slowdowns occur allows you to build a strategic plan that includes:

Cash Flow Management: Set aside a portion of your revenue during peak seasons to cover expenses during slower months.
Inventory Adjustments: Reduce stock of slow-moving items and focus on staples that sell year-round.
Staffing Needs: Schedule fewer hours for part-time staff or cross-train employees to maximize efficiency during the downturn.

2. Strengthen Customer Relationships

During slow seasons, focus on nurturing your existing customer base. Loyal customers are more likely to support your business year-round if you engage with them consistently.

Exclusive Promotions: Offer discounts, loyalty rewards, or exclusive deals to encourage repeat business.
Personalized Outreach: Use email campaigns, social media, or direct mail to stay top-of-mind. Share updates about your business or send a heartfelt thank-you note for their support.
Host Events: Consider hosting workshops, webinars, or special events that align with your brand. These can create interest and keep customers engaged.

3. Diversify Revenue Streams

Seasonal slowdowns can expose vulnerabilities in a business that relies on one primary revenue source. Diversification can help you weather these fluctuations.

Offer Complementary Products or Services: Identify new ways to serve your customers. For example, a landscaping company might offer snow removal in the winter.
Leverage E-Commerce: If you’re a brick-and-mortar store, consider selling products online to reach customers who may not be impacted by your local seasonality.
Collaborate with Other Businesses: Partner with complementary businesses to cross-promote products or services, expanding your audience.

4. Focus on Marketing

Slow periods are the perfect time to ramp up your marketing efforts and attract new customers.

Seasonal Campaigns: Create marketing campaigns tailored to the current season, highlighting relevant products or services.
Content Creation: Write blog posts, produce videos, or share tips on social media that align with your business and the time of year.
Engage Locally: Participate in community events, sponsor local causes, or collaborate with nearby businesses to increase visibility.

5. Review and Adjust Your Financial Strategy

Seasonal slowdowns can strain cash flow, so it’s essential to review your financial strategy during this time.

Refinance Existing Debt: If your current loans or credit lines have high interest rates, refinancing during the off-season can help lower monthly payments.
Access Business Financing: Consider a working capital loan, such as an SBA 7(a) loan, to cover operating expenses or invest in growth opportunities.
Negotiate with Vendors: Work with suppliers to extend payment terms or reduce costs during slower months.

6. Prepare for the Next Peak Season

When small business owners look to borrow money, they often encounter two primary types of loans: secured and unsecured. Understanding the differences between these two loan categories is crucial for choosing the best financing option for your business. For many entrepreneurs, SBA 7(a) loans strike the perfect balance, offering flexibility and accessibility while incorporating elements of secured lending.

What Are Secured Loans?

Secured loans are backed by collateral—assets the lender can seize if the borrower fails to repay the loan. Common types of collateral include real estate, equipment, inventory, or other valuable business or personal assets.

Benefits of Secured Loans

Lower Interest Rates: Because lenders face reduced risk due to the collateral, secured loans typically come with lower interest rates.
Higher Loan Amounts: Lenders may be more willing to approve larger loan amounts since the collateral provides additional security.
Easier Approval for Startups or Less-Established Businesses: If your business has limited credit history or financial performance, offering collateral can make loan approval more likely.

Drawbacks of Secured Loans

Risk of Losing Assets: If you default on the loan, the lender can seize your pledged assets, which may be critical to your business operations.

What Are Unsecured Loans?

Unsecured loans do not require collateral. Instead, lenders assess the borrower’s creditworthiness and financial history to decide whether to approve the loan. Examples include credit cards, personal loans, and some types of small business loans.

Benefits of Unsecured Loans

No Collateral Required: This eliminates the risk of losing business or personal assets in the event of default.
Faster Processing: Without the need to assess collateral, unsecured loans are often approved more quickly.

Drawbacks of Unsecured Loans

Higher Interest Rates: Because unsecured loans pose a greater risk to lenders, they usually come with higher interest rates.
Lower Loan Limits: Lenders tend to approve smaller loan amounts for unsecured loans.
Strict Qualification Requirements: Borrowers need strong credit and financials to qualify.

Are SBA 7(a) Loans Secured or Unsecured?

The SBA 7(a) loan program combines elements of secured and unsecured lending to create a middle ground that works for many small business owners.

Collateral Requirements

At NEWITY you can access an SBA 7(a) small business loan up to $50,000 without any collateral. Loan ranging from $50,001 to $500,000 secure collateral in the form of a blanket lien.

A blanket lien is a legal claim that gives a lender the right to property or assets in the event of non-payment.

Why Choose an SBA 7(a) Loan?

SBA 7(a) loans are designed for small business owners. They provide the security of government backing while allowing lenders to consider the broader financial picture of the borrower.

Additionally, SBA 7(a) loans provide long-term benefits, such as:

Improved cash flow due to lower monthly payments
The ability to build credit for future financing needs
Options to consolidate or refinance existing debt

Conclusion

Understanding the differences between secured and unsecured loans is vital when deciding on a financing solution for your business. Secured loans often offer lower interest rates and higher limits but come with the risk of losing assets. Unsecured loans provide fast access to funds without collateral but often feature stricter requirements and higher costs.

SBA 7(a) loans provide a unique hybrid approach, offering the flexibility and support many small business owners need to thrive. An SBA 7(a) loan could be the key to achieving your goals while balancing risk and reward.

Discover how much you are eligible to receive in just 10 minutes!

Apply Today

How To Effectively Repay Your Business Loan

Taking out a business loan can be a powerful tool for growth, whether you’re purchasing new equipment, expanding operations, or managing cash flow. However, repaying that loan responsibly is just as important as securing it. A well-planned repayment strategy not only ensures you maintain a healthy financial position but also builds your creditworthiness for future financing needs.

Here’s how small business owners can effectively repay their business loans while keeping their finances on track.

Understand Your Loan Terms

Before you make your first payment, thoroughly review the terms of your loan agreement. Key details to focus on include:

Repayment schedule: Monthly, bi-weekly, or other intervals.
Interest rate: Fixed or variable, and how it affects your total repayment amount.
Prepayment penalties: Check if there are fees for paying off the loan early.
Grace periods: Some loans may have a window before repayment starts.

Understanding these terms helps you plan your payments and avoid surprises.

Create a Repayment Plan

Treat your loan repayment as a non-negotiable expense in your budget. To do this:

Allocate funds: Dedicate a portion of your revenue specifically for loan repayment.
Automate payments: Set up automatic payments to avoid missing due dates.
Build a buffer: Keep an emergency fund to cover payments during slow periods.

Prioritize Payments Strategically

If you have multiple loans or debts, prioritize repayment based on:

Interest rates: Pay off high-interest loans first to reduce your overall costs.
Loan terms: Focus on loans with shorter repayment periods to free up cash flow sooner.

Monitor Your Cash Flow

Regularly track your business’s cash flow to ensure you can cover loan payments without straining your operations. Tools like QuickBooks or Xero can help you:

Forecast future cash flow trends.
Identify potential shortfalls early.
Adjust spending to maintain payment capacity.

Consider Refinancing

If your loan payments are becoming unmanageable, refinancing might be a solution. This involves taking out a new loan with better terms to replace your existing one. Refinancing can:

Lower your interest rate.
Extend your repayment term, reducing monthly payments.
Simplify your finances by consolidating multiple loans.

SBA 7(a) loans are a particularly attractive option for refinancing because they offer competitive rates and flexible terms, helping small business owners regain control of their finances.

Increase Revenue to Accelerate Repayment

Boosting your income can make it easier to meet or even exceed your loan payments. Strategies include:

Upselling to existing customers.
Expanding your product or service offerings.
Running targeted marketing campaigns to drive sales.

Use a portion of any increased revenue to pay down your loan faster, reducing overall interest costs.

Communicate with Your Lender

If you’re struggling to make payments, don’t wait until it’s too late. Reach out to your lender to discuss:

Loan modifications: Adjustments to your terms that make payments more manageable.
Deferment options: Temporary payment relief during financial hardship.
Alternate solutions: Some lenders may offer restructuring options tailored to your situation.

Lenders often appreciate proactive communication and are more likely to work with you when you’re transparent about your challenges.

…

How to Improve Cash Flow for Small Business...

Cash flow management is crucial for small business success. Positive cash flow ensures you can pay your employees, purchase inventory, invest in growth opportunities, and weather unexpected challenges. Yet, managing cash flow is one of the most significant challenges small business owners face.

Here, we’ll explore practical strategies to improve cash flow and how SBA 7(a) loans can be a game-changer for your business.

1. Streamline Invoicing and Payment Processes

Late payments from clients can severely impact your cash flow. To address this:

Send invoices promptly: Use invoicing software to automate this process.

Offer multiple payment options: The easier it is for customers to pay, the faster you’ll receive payments.

Provide incentives for early payment: Discounts for early payments can encourage timely transactions.

2. Cut Unnecessary Expenses

Perform a financial audit to identify and eliminate non-essential expenses. This could include:

Canceling unused subscriptions.

Renegotiating vendor contracts.

Transitioning to energy-efficient equipment to reduce utility costs.

3. Increase Revenue

Boosting sales can directly improve your cash flow. Consider:

Launching limited-time offers or promotions to attract customers.

Upselling or cross-selling to existing customers.

Expanding your product or service offerings.

4. Better Inventory Management

Excess inventory ties up cash, while too little can result in lost sales. Use inventory management software to:

Track inventory levels in real-time.

Forecast demand more accurately.

Reduce overstocking and storage costs.

5. Build an Emergency Fund

Having a financial cushion can help you manage cash flow during slow seasons or unexpected downturns. Aim to set aside a portion of your monthly profits into a business savings account.

6. Leverage SBA 7(a) Loans for Cash Flow Relief

Setting goals is essential for driving growth and success in your small business. But not all goals are created equal. To ensure your goals are actionable and effective, consider the SMART framework—Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s a step-by-step guide to help you create SMART goals that will set your business on the path to success.

1. Be Specific

Vague goals can lead to confusion and lack of direction. Instead, focus on setting clear, well-defined objectives. Specific goals outline exactly what you want to achieve and help you stay on track.

Example:

Instead of saying, “Increase sales,” try: “Increase monthly online sales revenue by 20% by improving our e-commerce website.”

2. Make It Measurable

Measurable goals allow you to track progress and determine success. By including numbers, percentages, or other measurable criteria, you create benchmarks to monitor your progress.

Example:

“Gain 50 new email subscribers per month” is a measurable goal. You can easily track your progress through email marketing analytics.

3. Ensure It’s Achievable

Your goals should challenge your business but still remain realistic. Setting overly ambitious goals can lead to frustration, while achievable goals build momentum and motivation.

Example:

If your business currently gains 10 new customers per month, aiming for 20 new customers is challenging yet attainable. Setting a goal of 100 new customers might be unrealistic.

4. Keep It Relevant

Every goal should align with your business’s mission, vision, and long-term objectives. Relevant goals ensure that your efforts contribute to your overall business growth.

Example:

If your goal is to expand your product line, ensure it aligns with your target audience’s needs and your brand’s core offerings.

5. Set a Time Frame

Goals without deadlines often get forgotten our pushed aside. Adding a time frame creates urgency and helps you stay focused on achieving your objectives within a set period.

Example:

“Launch a new product line by the end of Q2” gives a clear timeline to work toward.

Putting It All Together

When crafting SMART goals, ensure each component works together cohesively. Here’s an example of a fully SMART goal:

SMART Goal:
“Increase social media engagement by 15% over the next three months by posting three times a week and running two ad campaigns targeting our ideal audience.”

Benefits of SMART Goals for Small Businesses

Clarity and Focus: You know exactly what you’re working toward and why.
Improved Decision-Making: SMART goals guide your resource allocation and strategy.
Enhanced Team Collaboration: Well-defined goals help your team understand their roles and responsibilities.
Trackable Progress: Measuring your goals keeps you accountable and allows for course corrections if needed.

Tips for Staying on Track

Break Goals Into Smaller Tasks: Divide larger goals into manageable action steps.
Use Tools and Technology: Use project management software or goal-tracking apps to stay organized.
Regularly Review Progress: Check in on your goals monthly or quarterly to ensure you’re on track.
Celebrate Milestones: Acknowledge and celebrate when you hit key milestones to keep motivation high.

Start Setting SMART Goals Today…

How to Plan for the Year Ahead: Start...

As a small business owner, planning for the upcoming year is essential for sustained growth and success. A strong business plan serves as your roadmap. It helps you define your goals, identify potential challenges, and outline the steps needed to achieve your vision. Whether you’re revising an existing plan or starting fresh, this guide will help you create a business plan that sets your business up for a successful year ahead.

Reflect on the Past Year

Before planning ahead, take a moment to review your business’s performance over the last year. Analyze financial statements, assess customer feedback, and evaluate the success of key initiatives. Reflecting on what worked (and what didn’t) will give you valuable insights to guide your next steps.

Questions to Ask:

Did you meet your revenue and profit goals?
Which marketing strategies delivered the best ROI?
What operational challenges needs addressing?
Did you have sufficient cash flow to achieve your goals?

Set Clear and Measurable Goals

A strong business plan begins with well-defined objectives. Your goals should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Whether it’s increasing revenue, launching a new product, or expanding your team, having clear goals provides direction and focus.

Example Goals:

Increase revenue by 20% by Q4.
Launch two new products by the end of Q2.
Reduce operational costs by 15% by year-end.

Create a Financial Plan

Budgeting is a critical component of both your business plan and your year-long strategy. Outline your expected income, fixed expenses, and variable costs. Factor in opportunities for investment, such as marketing, hiring, or purchasing new equipment.

Pro Tip: Consider applying for an SBA 7(a) loan to secure affordable funding for growth initiatives like hiring, marketing, or expanding operations.

Revamp Your Marketing and Sales Strategies

To stay competitive, your marketing and sales plans need to evolve with market trends and customer preferences. Leverage data from the past year to refine your approach. Consider new channels, tools, or campaigns that align with your business goals.

Boost social media engagement with targeted ads.
Start a content marketing plan to drive organic traffic.
Invest in email marketing to nurture leads and retain customers.

Plan for Risks

Scaling a business requires anticipating potential obstacles. Identify risks—such as economic changes, supply chain disruptions, or regulatory updates—that could impact your operations. Develop contingency plans and consider insurance or financial reserves to protect your business.

Update or Create Your Business Plan

Once you’ve gathered your insights, set goals, and identified strategies, compile everything into a refreshed business plan. Your plan should include:

Executive Summary: Brief overview of your goals and strategies.
Market Analysis: Insights into industry trends and your target audience.
Operational Plan: Overview of your team, processes, and resources.
Financial Plan: Budget, projections, and funding needs.

Start the Year Strong

The start of a new year is the perfect opportunity to re-align your business goals and strategies. With a well-thought-out business plan, you can turn your vision into actionable steps that drive growth and success.

If you’re considering funding options to achieve your 2025 goals, NEWITY can help you access an SBA 7(a) loan quickly and efficiently.

Fuel your growth with a business loan.

Apply Today

Scaling Your Small Business: How to Plan for...

Scaling a small business is an exciting milestone, but it comes with challenges that require careful planning. Scaling is different from simple growth.

Simple growth means small increases in revenue and resources. Scaling aims to grow your business while keeping costs low. Here’s how small business owners can prepare to scale effectively and sustainably.

Define Your Vision for Growth

Before you scale, it’s essential to know where you’re headed. Scaling doesn’t mean just adding customers or revenue, it means growing strategically while maintaining or improving efficiency.

Key Questions to Ask:

What does success look like in 1, 3, or 5 years?
What are the key metrics that will define your scaling success (e.g., revenue, customer base, profit margins)?
Are your current business operations ready to handle a surge in demand?

Having a clear vision ensures that every scaling decision aligns with your long-term goals.

Evaluate Your Business Model

A business model is a framework that outlines how a company creates, delivers, and captures value. It defines the core aspects of a business, including its target customer segments, value proposition, revenue streams, cost structure, and operational processes.

Key Questions to Ask:

Is my business meeting customer needs effectively?
Is my revenue plan sustainable?
Am I adapting to market trends and competition?

A well-designed business model acts as a roadmap. It helps you achieve profitability and growth by aligning resources, offerings, and customer needs. A thorough assessment prepares your business to scale efficiently and profitably.

Build a Strong Financial Foundation

Scaling requires capital, so it’s important to ensure your financial health is strong before expanding.

Evaluate Your Cash Flow: Ensure you have enough liquidity to cover increased expenses like inventory, hiring, or marketing.

Secure Funding: Consider an SBA 7(a) loan, which offers low-interest, long-term financing tailored for small business growth.

Monitor Financial Metrics: Track metrics like profit margins, debt-to-income ratio, and customer acquisition costs to identify areas of financial risk.

Key Questions to Ask:

How will you use the funds from the business loan?
Can I afford the repayment terms?
How will a loan impact your business long-term?

The SBA specifically designed 7(a) loans to provide small businesses with government-backed, long-term funding at low interest rates. At NEWITY, we make accessing these working capital loans simple and fast—our streamlined application takes less than 10 minutes to complete, and we help business receive funding 3 times faster than the national average.

Strengthen Your Team

Having the right people is equally important as having technology and funding. A skilled and aligned team not only helps you manage increased workloads but also drives innovation, improves efficiency, and maintains quality as your business grows.

Key Questions to Ask:

Where do you need additional support?
Can your budget support new hires?
How will new team members contribute to your long-term growth?

When you hire individuals who share your vision and bring complementary skills, they can take ownership of their roles, freeing you to focus on higher-level strategy. Additionally, a strong team fosters a positive workplace culture, which enhances employee retention and productivity, key factors in sustaining growth. Investing in the right talent ensures your business has the foundation it needs to scale efficiently and thrive long-term.

Prepare Marketing and Sales Strategy

Preparing a strong marketing and sales strategy is essential for scaling your business effectively. As you grow, a clear plan helps attract new customers, retain existing ones, and expand your market reach. Good marketing pays off significantly by creating brand awareness, building customer loyalty, and generating consistent leads that fuel sustainable growth.

Key Questions to Ask:

Are you reaching your target audience effectively?
Is your message clear and aligned with your brand?
How are you going to measure results? Identify key metrics like ROI, conversion rates, and organic engagement to ensure your efforts are driving results.

A well-defined strategy ensures your marketing efforts align with your goals, using targeted campaigns, data-driven insights, and tools like customer relationship management (CRM) systems to maximize impact. At the same time, your sales process should be streamlined to handle increased demand without compromising the customer experience. By investing in a solid marketing and sales strategy, you set your business up for long-term success and profitable growth.

Anticipate and Manage Risks

Growth often brings unexpected challenges, such as cash flow shortages, supply chain disruptions, or operational bottlenecks. Having a risk management plan in place ensures you can respond effectively. By identifying potential risks in advance, you can implement strategies like diversifying suppliers, maintaining financial reserves, or creating contingency plans to minimize impact.

Key Questions to Ask:

What could go wrong and how would it impact your business?
What is your plan to mitigate these risks?
Are you prepared financially to adapt if things do not go as planned?

Proactive risk planning not only protects your business but also builds resilience, enabling you to scale confidently while maintaining stability. A well-prepared business is better equipped to adapt to uncertainties, ensuring sustainable growth and long-term success.

Planning for scale involves more than just increasing revenue, it’s about growing strategically while maintaining efficiency, quality, and financial stability. By defining your vision, optimizing your business model, securing funding, and preparing your team and operations, you can scale your small business sustainably. Remember, scaling is a journey that requires constant evaluation and adjustment, but with the right plan in place, it can lead to significant long-term success.

Ready to scale your business? Explore how an SBA 7(a) loan from NEWITY can provide the capital you need to grow efficiently.

As December approaches, it’s the perfect time for small business owners to focus on 2025 planning. Setting yourself up for success starts with wrapping up 2024 strategically. Here are the top six things to check off your to-do list before the new year.

1. Maximize Tax Deductions

Planning any major purchases for 2025? Consider making those acquisitions now to claim them on this year’s taxes. From equipment upgrades to office supplies, these deductions can help lower your taxable income and reduce your bill come April.

2. Evaluate Insurance Coverage

As you reflect on your business’s growth and evolution over the past year, review your current insurance policies. Do they still align with your needs? Whether it’s liability, property, or employee-related coverage, ensure you’re properly protected heading into the new year.

3. Contribute to or Set Up a Retirement Plan

If you’re self-employed, retirement plans like a SEP-IRA or solo 401(k) offer significant tax advantages. Check if you’ve reached your maximum contribution for 2024 or, if you don’t yet have a plan, consider setting one up now to start the new year on the right foot.

4. Assess New Technology Solutions

Technology evolves rapidly, and so should your business processes. Take a moment to reevaluate your current tools and workflows. Are there better solutions available to streamline daily tasks or resolve challenges you faced in 2024? Updating your technology now can save time and money in the year ahead.

5. Secure Working Capital

Start 2025 strong by securing the capital you’ll need to fuel your growth. Whether it’s for new hires, marketing campaigns, or scaling operations, having financial flexibility is crucial. SBA loans are a reliable and affordable option for small businesses, offering lower interest rates and higher approval rates than private loans.

6. Celebrate Wins and Thank Your…

Business Term Loan vs. Line of Credit: What’s...

Term loans and lines of credit are two different ways small businesses can borrow capital from lenders. However, they operate differently and serve distinct purposes. Here’s a breakdown to help you decide which might be the best fit for your business. 

What is a Term Loan?

A term loan provides a lump sum of money upfront, which you repay over a set period with fixed or variable interest. This is a more structured financing option compared to a line of credit. 

The lender determines loan amounts based on the borrower’s needs, income, ability to repay and creditworthiness. Loans are either secured or unsecured. You secure a loan by offering collateral, assets that the lender can seize the collateral to recover their money if you fail to default on the loan.  

An unsecured loan does not require any collateral.

For small business owners, the SBA 7(a) is an excellent financing option. This government-backed loan specifically helps small businesses by offering long-term repayment options and low interest rates. Structured as a traditional term loan, it provides a lump sum upfront, which you repay in installments over the loan term. 

What is a Line of Credit?

A line of credit is a revolving credit arrangement that allows you to borrow up to a certain limit as needed. You only pay interest on the amount you use, not the entire credit limit, but sometimes you are required to pay a fee on the unused amount as well. This makes it ideal for managing cash flow or covering unexpected expenses. Lines of credit are often renewed annually and can be reused as long as you don’t exceed your credit limit and meet repayment terms. 

Lines of credit generally come with higher interest rates compared to term loans. They also tend to impact consumer credit reports and scores more quickly and significantly. To better understand how a line of credit works, think of it as similar to a business credit card. You’re given a credit limit that replenishes as you pay down the balance, covering both the principal and interest. 

FeatureTerm LoansLines of Credit BorrowingLump sum upfrontBorrow as needed, up to a limitRepaymentFixed Installments over time, but will fluctuate if variable interest loan Flexible; only repay only what you useInterestLower…

The Corporate Transparency Act and Beneficial Ownership Information...

Small business owners need to stay informed about new regulations that may impact their operations. One such regulation is the Corporate Transparency Act (CTA), which introduces a significant reporting requirement for businesses. Central to this act is the Beneficial Ownership Information Report (BOIR), a mandatory filing designed to increase transparency and combat illegal financial activities. Here’s what you need to know about the CTA, the BOIR, and why it matters for your business.

What is the Corporate Transparency Act?

Congress introduced the CTA in 2021 to prevent the misuse of anonymous entities for illicit activities such as money laundering, tax evasion, and illegal financing. It requires some U.S. companies to disclose information about their beneficial owners. They must report this to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department.

The CTA was created to prevent individuals with malicious intent from using U.S. entities to hide ownership or engage in illegal activities. The CTA was designed to prevent significant threats to national security and economic integrity. 

What is the Beneficial Ownership Information Report (BOIR)?

The BOIR is the document businesses must file to comply with the CTA. It requires companies to report key details about their beneficial owners. Beneficial owners are individuals who directly or indirectly own or control 25% or more of the company, or who have substantial control over its operations.

Information required in the BOI report includes:

Full Legal Name
Date of Birth
Current Residential or Business Address
Unique Identifying Number: This can be a driver’s license, passport, or other government-issued ID.

Businesses must submit their BOIR to FinCEN who will keep the information private and inaccessible to the public. Only authorized government agencies and financial institutions (under specific circumstances) can access the information to combat financial crimes.

Who needs to file a BOI Report?

The reporting requirement applies to:

Domestic corporations
LLCs
Other entities formed by filing documents with a state or tribal office
Foreign entities registered to do business in the U.S.

Certain entities, such as banks, public accounting firms, and large operating companies, are exempt from this requirement. However, startups, small businesses, and other entities that don’t meet these exemptions will likely need to comply.

The Deadlines for BOIR Filing

Companies that existed on or prior to January 1st, 2024: Must report beneficial ownership by January 1, 2025.

Companies that were formed after January 1st, 2024, have different deadlines:

Those created between January 1, 2024, and January 1, 2025, will have 90 days from either the actual notice of formation or public announcement, whichever comes first, to file their BOI report.
Businesses established on or after January 1, 2025, will have 30 days from notification or public announcement of their formation to submit their first report to FinCEN.

Businesses must submit corrections or updates to previously filed information within 30 days of the changes.

Penalties for Non-compliance

Non-compliance with the Corporate Transparency Act can result in severe penalties. These include fines ranging from $500 per day to $10,000 per violation and up to two years of imprisonment.

How the CTA…

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 can benefit your business:

1. When You're Ready to Expand

Growth is a major reason small businesses seek funding. Expansion could mean opening a new location, launching new products, or increasing inventory to meet rising demand. Each of these initiatives requires upfront investment, and an SBA 7(a) loan can provide the necessary funds to help you reach your expansion goal. If your business is thriving and there’s an opportunity to grow, an SBA loan can help you capitalize on it without draining your cash reserves.

Key Tip: Secure funding early in the planning stages so you can move quickly when expansion opportunities arise. Lenders are more likely to approve loans when there is a clear plan for how the funds will generate increased revenue.

2. To Manage Cash Flow During Seasonal Fluctuation

Many businesses experience seasonal highs and lows, which can create cash flow challenges. For example, a retailer might see a surge in sales during the holiday season but struggle during off-peak months. An SBA 7(a) loan can help you during slow times. It ensures you can pay for expenses like payroll, rent, and inventory.

Key Tip: Use an SBA 7(a) loan to secure steady cash flow throughout the year. This will help manage seasonal dips without relying on costly short-term loans.

3. To Consolidate High-Interest Debt

If your business has several high-interest debts, you can combine them into one SBA 7(a) loan. This can make your payments easier and help you save money. With competitive interest rates, SBA loans can help reduce the amount you pay in interest each month and improve cash flow.

Key Tip: Make sure the terms of your new SBA 7(a) loan are more favorable than your existing debts. This will help you manage your finances more effectively and save on interest payments.

4. To Invest in Marketing and Advertising

Growing a small business often requires increased visibility, and investing in marketing and advertising can be a great way to attract new customers. An SBA 7(a) loan can provide the capital you need to launch new marketing campaigns, invest in digital advertising, or enhance your brand’s online presence.

Key Tip: Before applying, develop a clear marketing strategy, budget, and specific measurable goals. This will help you maximize the return on your investment and understand how to best utilize marketing and advertising in the future.

5. To Support Hiring and Workforce Development

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 ways. Let’s explore what each one entails, the key differences, and how to decide which might be the best option for your business.

What is Debt Consolidation?

Debt consolidation is the process of combining multiple debts into a single loan. Instead of juggling multiple payments with different interest rates, terms, and due dates, you take out one larger loan to pay off all your existing debts. This way, you only have one monthly payment to manage, often at a lower interest rate.

What is Debt Refinancing?

Refinancing involves replacing an existing loan with a new one, often with better terms. Unlike debt consolidation, refinancing is typically focused on a single loan rather than multiple debts. When you refinance, you might get a lower interest rate, extend the loan term, or change the loan type (e.g., from variable to fixed rate).

Key differences between debt consolidation and refinancing:

Debt ConsolidationDebt Refinancing PurposeCombine multiple debts into one loan Replace an existing loan with a new one Number of LoansMultiple debts combined into one One loan replaced with anotherInterest RatesPotential…

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 Fees Annual Percentage Rate (APR)The APR is the annualized cost of a loan or credit, expressed as a percentage. APR includes not only the interest rate, but also other fees and costs associated with the loan. It provides a clearer picture of the total cost…

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 male counterparts.

In response, lenders and organizations have developed loan programs specifically designed to support female entrepreneurs. For example, the SBA has complied resources specifically designed to aid women owned entrepreneurs. Additionally, SBA loans are designed to bridge the funding gap for small businesses by providing essential funding to help women grow their businesses, scale operations, and achieve their entrepreneurial dreams.

Women Ownership Statistics:

Over the past decade, women-owned businesses have grown significantly. Today, women own 12.3 million businesses, employing 10.7 million Americans. These figures underscore the immense impact women entrepreneurs have on the economy and the lives of millions of Americans each year.

Source: https://advocacy.sba.gov/2024/03/12/facts-about-small-business-women-ownership-statistics-2024/

SBA 7(a) Loans for Women-Owned Businesses

The SBA 7(a) loan is a powerful resource for women-owned businesses, offering affordable capital for growth and working capital needs. It provides flexible financing options, longer repayment terms, and lower down payments compared to traditional loans. Entrepreneurs can use these loans to pay utilities, hire staff, expand into new markets, or refinance debt while maintaining better cash flow.

The national average of approved SBA 7(a) loans for women-owned businesses varies across lenders. At NEWITY, we are committed to supporting underserved groups, including women entrepreneurs.

Benefits of the SBA 7(a) Loan:

Flexible Use of Funds: Funds can be used for a variety of business needs, including working capital, equipment, and debt refinancing.

No Down Payments: When you apply through NEWITY, there are no down payments required.

Longer Repayment Terms: Extended repayment terms help businesses manage cash flow more effectively.

Competitive Interest Rates: Typically offers lower interest rates than conventional loans, reducing the cost of borrowing.

No Collateral for Smaller Loans: Loans up to $50,000 may not require collateral, providing flexibility for smaller businesses.

At NEWITY, we offer access to SBA 7(a) loans of up to $350,000. Our streamlined application process allows you to discover how much you’re eligible to receive in less than 10 minutes—without impacting your credit score!

Grow your business with an SBA 7(a) loan

Apply Today!

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 can result in higher borrowing costs, limited access to financing, and reduced opportunities for growth. It’s essential to manage your credit carefully, as missed payments or excessive debt can negatively impact your score, making it harder to secure favorable loan terms. At NEWITY, we make it easy for small businesses to see if they are eligible for business loans with no credit impact.

Small Business Loans with No Credit Impact

Through NEWITY you can apply for an SBA loan for up to $500,000 without impacting your credit score. We make this possible by performing a soft credit pull when you complete our business loan application.

A soft credit pull, or soft inquiry, is a type of credit check that does not impact your credit score. It provides a snapshot of your credit history without being recorded on your credit report as a formal inquiry. NEWITY uses soft pulls to evaluate potential borrowers without affecting their credit, unlike hard credit pulls, which can lower your score slightly and appear on your credit report.

Advantages of a Soft Credit Pull:

Quick Approval: Since SBA loans through NEWITY’s platform don’t rely on a hard credit check, the approval process can be faster, providing businesses with the funds they need quickly. In fact, we can help small businesses get funding 3 times faster than the national average.

Protects Credit Score: Without a hard credit inquiry, your business’s credit score remains unaffected during the application process.

Create an account and complete the loan application to find out how much you’re eligible for—without impacting your credit score! Our quick, streamlined process takes under 10 minutes.

Start your SBA 7(a) Journey Today

Apply Today

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 key differences between these two types of loans and explore which option may be better for your business.

What Are Fixed Interest Rate Loans?

A fixed interest rate loan has an interest rate that remains constant throughout the life of the loan. This ensures your monthly payments stay the same, regardless of broader economic changes or adjustments by the Federal Reserve. The fixed rate is partly determined by Federal Reserve Fund Rates at the time of loan approval. Depending on the duration of the loan and market fluctuations a fixed interest rate loan can be beneficial or less ideal for the borrower.

Advantages of Fixed Rate Loans:

Predictability: Since the rate remains the same, businesses can budget accurately, knowing that their payments won’t fluctuate.
Long-Term Stability: Ideal for long-term financing where stability is essential, such as purchasing property or long-term equipment investments.
Protection from Rate Increases: If market interest rates rise, your loan payments will not be affected, offering protection from unexpected hikes.

Disadvantages of Fixed Rate Loans:

Higher Initial Rates: Fixed rates are often higher than variable rates at the start, leading to higher initial costs.
Limited Flexibility: You won’t benefit if interest rates fall, as your loan payments will remain locked in at the original rate.

What Are Variable Interest Rate Loans?

A variable interest rate loan, also known as a floating or adjustable-rate loan, has an interest rate that fluctuates. The rate typically in relation to an index such as the prime rate. The interest rate can increase or decrease throughout the loan term, based on market conditions.

Advantages of Variable Rate Loans:

Lower Initial Rates: Variable rate loans often start with a lower interest rates than fixed-rate loans, reducing early payment costs. Keep in mind that most variable interest rates will be based off the prime rate plus an additive rate.
Benefit from Falling Rates: If interest rates decline, your loan payments will decrease, allowing for cost savings over time.
Shorter-Term Needs: Variable rates can be more advantageous for shorter-term borrowing where the risk of rising rates over time is less concerning.

Disadvantages of Variable Rate Loans:

Unpredictability: Payments can fluctuate significantly, making it harder to budget for long-term financial planning.
Exposure to Rate Increases: If interest rates rise, your monthly payments can increase, potentially straining your business’s cash flow.

What’s better for your business?

The decision between a fixed or variable interest rate loan depends on several factors, including:

Your Business’s Risk Tolerance:

If your business prefers financial predictability and stability, a fixed-rate loan may be the safer option. Conversely, if your business can manage payment changes and you believe interest rates may fall over the duration of the loan, a variable rate loan could be more attractive.

Current Market Conditions:

In a low-interest-rate environment, fixed rates may be appealing to lock in favorable terms. However, if rates are expected to decline, a variable rate loan could result in savings.

The SBA 7(a) Loan: Fixed vs. Variable

The SBA 7(a) loan, one of the most popular financing options for small businesses, typically offers variable interest rates. Though some lenders offer these loans with a fixed interest rate, it is uncommon. The rates are often tied to the prime rate, which means they can fluctuate over time based on Federal Reserve decisions.

For small business owners with SBA 7(a) loans, this means that as market rates fluctuate, your loan payments may rise or fall accordingly. With the FOMC (Federal Open Market Committee) expected to lower interest rates, now is an ideal time to secure an SBA 7(a) loan, as future rate cuts could reduce your borrowing costs.

If you’re looking for a small business loan, NEWITY can help. With our streamlined application, you can discover how much you are eligible to receive in 10 minutes. Just create an account and apply – it won’t affect your credit score!

Fund your business with an SBA 7(a) loan

Apply Today

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 process…

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 how…

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.…

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What You Can (And Cannot) Use an SBA 7(a) Loan For

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Benefits of Secured Loans

Drawbacks of Secured Loans

Benefits of Unsecured Loans

Drawbacks of Unsecured Loans

Collateral Requirements

Why Choose an SBA 7(a) Loan?

Discover how much you are eligible to receive in just 10 minutes!

Example:

Example:

Example:

Example:

Example:

Benefits of SMART Goals for Small Businesses

Tips for Staying on Track

Reflect on the Past Year

Questions to Ask:

Set Clear and Measurable Goals

Example Goals:

Create a Financial Plan

Revamp Your Marketing and Sales Strategies

Plan for Risks

Update or Create Your Business Plan

Start the Year Strong

Fuel your growth with a business loan.

Women Ownership Statistics:

SBA 7(a) Loans for Women-Owned Businesses

Benefits of the SBA 7(a) Loan:

Grow your business with an SBA 7(a) loan

Small Business Loans with No Credit Impact

Advantages of a Soft Credit Pull:

Start your SBA 7(a) Journey Today

What Are Fixed Interest Rate Loans?

What Are Variable Interest Rate Loans?

What’s better for your business?

The SBA 7(a) Loan: Fixed vs. Variable

Get the capital your business needs to succeed.

Need help?

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