SBA 7(a) Lending Statistics

Luke LaHaie | February 23, 2022 | Newsletters | 3 minutes to read

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SBA 7(a) application volume is 50% greater than this time last year, outpacing 2022 loan requests by more than $1.7 billion. Why has there been such a big jump in SBA loan applications?

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  1. No upfront fees for FY2023 — The SBA waived upfront fees for 7(a) loans originated in 2023. This means more money in your pocket for the same loan product.

  2. Low approval rates at big banks — Big banks’ approval rates dropped to 27.7% for small business loans, making it harder to qualify for and secure a loan.

  3. Ease of access — With platforms like NEWITY, applying for an SBA 7(a) loan is easier than ever with a streamlined online application and real human help. Funds can be used for a variety of expenses and there is no impact to your credit score to see if you qualify.

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Want to learn more about NEWITY’s 7(a) loans?