SBA 7(a) loans up to $250,000 and ERC up to $26,000 per employee available in the Portal — Log In or Sign Up.
The past few years have been difficult for small businesses. As the Paycheck Protection Program comes to a close, many business owners are seeking other sources of capital. The Small Business Administration’s 7(a) loan program can be a great option.
7(a) loans are created to provide capital to small businesses across the United States who might otherwise have challenges in obtaining a loan. With favorable loan terms and low interest rates, 7(a) might be the answer to your capital needs.
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.
Adam Zaabel, head of credit and underwriting at NEWITY, hosts a webinar on how to apply for a 7(a) loan in 30 minutes or less.
7(a) loans with NEWITY
Building upon our success helping small businesses obtain PPP loans, NEWITY is continuing its commitment to helping small businesses thrive by offering 7(a) loans backed by the SBA. NEWITY is currently offering working capital loans up to $250,000 in its online portal.
We know the loan application process can feel overwhelming, but with the NEWITY portal, our technology will walk you through 1) exactly what you need to apply and 2) how much you qualify for.
Here’s a breakdown of 7(a) loans with NEWITY:
You’ll need the following documents to obtain your 7(a) loan. You can find our full documentation checklist here.
Business documents
Affiliate documents, if applicable
Individual documents
Provide the following documents for all 20% or greater equity owners of the business:
How to apply for a 7(a) loan
Common pitfalls for working capital loans up to $250,000
As you go through the 7(a) loan application, there are some common pitfalls. Be sure to keep an eye out for these and avoid them to ensure application accuracy.
Top 12 Common Pitfalls During SBA 7(a) Loan Application
Please note your estimated eligible loan amount is based on the trailing three-year average revenue calculated from the 2019, 2020, and 2021 revenue information entered. The minimum three-year average annual requirement for the program is $50,000.
If your business does not appear on the Confirm Your Business list, simply select “This isn’t my business.” You will then be prompted to enter in the remainder of the business information.
Please note that if any of these fields do not match your Filed Articles of Organization or Incorporation, DBA or Fictitious Business Name Filing, Certificate of Good Standing, or business formation document filed with the Secretary of State, the Relationship Manager assigned to your application will reach out through email for clarification.
Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit to your application.
Please note that if “Inactive” is selected in this field, the Relationship Manager assigned to your application will reach out through email for clarification.
Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit to your application.
Please note that if any of these fields do not match your most recent business tax return, the Relationship Manager assigned to your application will reach out through email for clarification.
Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit on your application.
Please note that if any other selection is made under this field other than “Guarantor” or “Owner”, the Relationship Manager assigned to your application will reach out through email for clarification.
Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit to your application.
Please note that if this field does not match your most recent individual tax return, the Relationship Manager assigned to your application will reach out through email for clarification.
Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit to your application.
On the Owners & Affiliates page (4th Screen) of the application journey, please ensure the following fields match your personal identification (State Driver’s License, State ID Card, or LPR Personal Identification documentation):
Please note that if any of these fields do not match your personal identification (State Driver’s License, State ID Card, or LPR Personal Identification documentation), the Relationship Manager assigned to your application will reach out through email for clarification.
Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit to your application.
For SBA loan eligibility, we are required to confirm that the business does not have liquidity available elsewhere. This would call into question the business’s need to rely on the SBA Program to access capital, which is the Program’s primary function. This simply indicates you do not have the ability to fund the loan request yourself and have exhausted other options.
If you do have access to liquidity elsewhere, either from personal cash reserves, access to other bank loans, etc., we’re sorry to say we can’t accept your application at this time due to SBA eligibility requirements.
Please note that if “No – Liquidity is Available Elsewhere” is selected, the Relationship Manager assigned to your application will reach out through email for confirmation. Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit to your application.
All affiliates listed on the most recent individual tax return must be disclosed whether they are active or inactive if any owner of the business owns 20% or more of the applicant entity and has ownership of 50% or more of any other businesses or control of any other entity. Please note that if there are any undisclosed Affiliates on the most recent individual tax return, the Relationship Manager assigned to your application will reach out through email for clarification.
Additionally, once your application is submitted to the Relationship Manager you will be unable to make any edits to your application and the Relationship Manager is the only individual with access to make an edit to your application.
What to expect after 7(a) application submission
Once you’ve submitted your 7(a) loan application, you’ll likely want to keep an eye on your application status. To check your 7(a) loan application status, log into the Portal and select the 7(a) tile. Within the 7(a) tile, click Launch 7(a) Portal. Your application status should appear on the right side of the page.
Get the full breakdown of application status terms in our NEWITY 7(a) Working Capital Loan Status Guide.
There are five stages for 7(a) loan applications:
Next steps
You can easily start the application process for a 7(a) loan today in less than 30 minutes. Have questions before you get started? Connect with NEWITY to see how a 7(a) working capital loan can help your business thrive in the years to come.
Connect with NEWITY to see how a 7(a) working capital loan can be a gamechanger for your business.