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.
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.
How to apply for a 7(a) loan
To access the 7(a) loan application, follow these steps:
- Create or log into your existing account in the NEWITY Smart Portal. If you run into any difficulty with accessing or creating your account, please review our step-by-step Account Setup Guide.
- Once you are logged in, navigate to the 7(a) Working Capital Loans tile in your Smart Portal Dashboard and click “Apply for a New Loan.” This will load your 7(a) Loan Portal Dashboard. The first time you access this 7(a) Dashboard, a new application will automatically be created. Please be sure to use a web browser on a computer when completing the application, not a phone or tablet.
- Select “Complete Application” to enter the application and begin. If you run into any difficulty creating, working through, or submitting your 7(a) loan application, please access our 7(a) Working Capital Loan Application Guide for step-by-step instructions to create and submit your 7(a) loan application.
The 7(a) Working Capital Loan Application Guide will walk you through the steps to apply for loans up to $250,000. Here is the summary:
- Set up your account
- Begin new application within the Smart Portal
- Start a new application
- Loan request
- Business details
- SBA eligibility questions
- Owners and affiliates
- Term sheet
- SBA Form 1919
- Upload documents (optional)
- Personal financial statement (optional)
- Application submission
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.
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.
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.