SBA 7(a) Loans up to $500k Now Available

Business Insights

SBA 7(a) Loan Prescreen Example: Texas BBQ Restaurant

Business Outline:

Javier, the owner of a vibrant restaurant in San Antonio, Texas, made it through the pandemic and worked hard to retain as many employees as possible. San Antonio’s restaurant scene surged with returning customers after the pandemic, leaving Javier with a delightful predicament: the ability to expand his inventory and hire additional staff. With a newfound liquor license in hand, transforming his restaurant from a simple BYOB spot to an establishment with a fully stocked bar excited Javier about the possibilities of expanding his business.

This case study is based on a real NEWITY Member and is intended to detail NEWITY’s loan Prescreen application process, including what to expect, and an accurate loan amount for this business. Some details have been changed for privacy.

Amidst these thrilling changes, Javier realized he needed financial assistance to cover some of the associated costs. Initially, Javier discovered NEWITY while seeking guidance for his ERC application. The support he received throughout the process—from application to approval and funding—left a positive impression on Javier. Inspired by this experience, he decided to reach out to the NEWITY team once again. This time to explore the potential of securing capital that could alleviate the financial burden of expanding his business.

Step One: Prescreen Application

Javier visited the NEWITY Portal and logged in using his existing credentials.

Once in the Portal, Javier started a Prescreen Loan Application and was reassured that the Prescreen would not impact his credit score. Along the way, he reached out to NEWITY’s Member Services team who provided him with a Prescreen walkthrough guide to assist in his journey. The Prescreen application took less than 15 minutes for Javier to fill out and submit.

Step Two: Prescreen Loan Offer

Javier reached the end of the application and was presented with an SBA 7(a) loan offer of $76,000 based on his pre-qualification responses. Along with the loan offer, he was told it would take 2 – 3 weeks to receive funding for his $76,000 10year loan term SBA 7(a) loan. 

Step Three: Connecting with the NEWITY Team

The day after submitting his Prescreen application, Harrison, one of NEWITY’s relationship managers, reached out to Javier to explain these documents Javier would need to upload to continue with his 7(a) loan application: 

  • Business Tax Documents 
  • Personal Tax Return 
  • Profit and Loss Statements  
  • Balance Sheet 
  • Business Debt Schedule 

Once uploaded, Harrison and his team were able to review Javier’s documents. Once the documents were approved, Javier was directed back to the Smart Portal to complete the 7(a) loan application process. 

Step Four: Funding and Beyond

After NEWITY submitted Javier’s 7(a) application, the SBA approved his loan and Javier received his $76,000 via direct deposit.  

As a result of his 7(a) loan, Javier was able to hire more staff, purchase more inventory, and add more waiting room seating to keep up with the growing San Antonio food scene. 

Six months after obtaining his 7(a) loan, Javier’s restaurant traffic has more than doubled. NEWITY built a relationship with Javier during his ERC experience and now NEWITY is helping to ensure his business’ ability to grow with his SBA 7(a) loan.

To learn what growth your business is capable of, sign up or log into the NEWITY portal to get pre-qualified. It’s free, does not impact your credit, and only takes about 15 minutes.  

Read more Insights

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

  1. U.S.-based and operated
  2. Owner supported / owner funded
  3. Eligible per the SBA’s requirements

Your loan amount will determined by the business’ average annual revenue, FICO score, and years in business