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…

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…

Key Takeaways 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…

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…

Key Takeaways SBA loan denial could be chalked up to poor credit, industry, or even business ageYou can reapply for an SBA 7(a) Loan through NEWITY after 90 daysOrganize your finances to track your own eligibility and prepare for the next time you applyImprove your business’s credit by using a…

Key Takeaways Your NAICS code helps you and others categorize your business at its most specific levelNAICS codes are used for a variety of purposes, including taxes, identifying industry benchmarks, insurance, and moreNAICS codes have a large effect on how your business qualifies for an SBA loanNAICS codes are self-assigned…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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.…