Frequently Asked Questions
Get the answers you need before you start.
General Account Information
No, NEWITY is not a lender. NEWITY is a Lender Service Provider for Northeast Bank.
NEWITY partners with thoroughly vetted lenders to provide SBA and non-SBA financing options. Together with Northeast Bank, NEWITY helps small business owners access working capital through the SBA 7(a) loan program.
Click to learn more about applying for an SBA 7(a) small business loan.
Yes! To speak with a NEWITY representative in Spanish, please call us at (773) 839-8089.
Para hablar con un representante de NEWITY en Español. Llámenos al (773) 839-8089.
Yes, we do. We partner with business professionals of all kinds to serve as a resource for their small business clients.
If you’d like to learn more about NEWITY’s referral partner program you can visit our partnership page and submit the contact form to connect with our Partnership team.
No, NEWITY does not provide access to grants.
NEWITY can help you access capital through SBA 7(a) loans, which can be beneficial for your business growth.
To see how much capital you could receive through an SBA 7(a) loan, create your NEWITY account and submit the simple business loan application. It takes less than 10 minutes and does not impact your credit score.
NEWITY recommends loan options and determines your maximum loan amount based on your personal and business profiles. This includes evaluating factors like your personal and business credit scores, time in business, and annual revenue to present the best loan option for your consideration. NEWITY’s application does not impact an individual’s credit score.
To see your loan options, get started by submitting the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
If you cannot remember the password to your NEWITY account, please:
- Navigate to the NEWITY login screen
- Click Reset your password above the green Log In button
- In the next screen, enter the email address associated with your NEWITY account and click Continue
- In your email, check for a password reset message from [email protected] and follow the enclosed instructions. Be sure to check spam or junk if you do not see the email in your inbox.
If you have not received the reset link after several minutes, please feel free to call us at (773) 839-8089. We’re happy to help.
You can easily update the primary email address, phone number, or add a new primary contact to your account by logging in and clicking on the icon in the top right corner.
First, log into your NEWITY account using your current email address. If necessary, you can click ’Forgot Password’ to reset your password.
Once logged in:
- Click My Business to view your business details and the users assigned to your account.
- Click the Edit symbol to easily update your business info and user info.
- Click Save Changes to save the new information.
Be advised, changes to the primary user on your account can only be made by the primary user on the account. Secondary users will only be able to update their information.
If you no longer have access to the primary email address associated to your account, you can contact our Member Support team here, and a member of our team will assist you.
If the text message to verify your login was never sent or didn’t work, you can’t find the code within the authenticator application you selected, and/or you don’t know your security code, then please reach out to our customer service team for assistance.
You can submit a support ticket or call us at (773) 839-8089 for assistance.
No, NEWITY’s platform will use your information to provide loan options from lenders, but your information is not sold to third parties. You will only continue with the lender you choose.
SBA 7(a) Small Business Loans
Alongside Northeast Bank, NEWITY provides access to up to $350,000 through the SBA 7(a) loan program.
Loan qualification requirements will vary by loan amount request. Please visit our SBA 7(a) small business loans page for more information.
- In operation for at least two months as a for-profit business
- US-based location and operations
- Owner supported / owner funded
- Eligible per the SBA’s requirements
- Loan size determined by average annual revenue of the business and FICO score
Collateral is not required for loans $50k and under. Collateral is required for loans between $50k and $350k based on the business’ balance sheet.
Once your application is submitted, your assigned loan specialist will discuss the collateral requirement for your business.
SBSS stands for Small Business Scoring Service and is a score the SBA assigns to small businesses in the United States. An SBSS score, ranging from 0 to 300, reflects the level of risk a lender faces when lending to a borrower. The SBA does not publish the criteria for computing this score, but notes it is a combination of business and principal credit history and information.
Yes, businesses with multiple owners are more than welcome to apply for the SBA 7(a) loan program.
If your business has multiple owners, you will simply need to list all owners who have more than 20% ownership of the business on the application per SBA guidelines.
- Payroll – This includes salaried, hourly, part-time and 1099 employees.
- Debt Refinancing – Replace existing high-interest rate business debt with new debt that has more favorable terms (ie. lower interest rate and a longer repayment period)
- Operating Expenses – This includes short-term expenses such as marketing, membership programs, inventory purchases and day-to-day expenses.
- Rent – This includes the cost of renting the space your business operates in, or any other rental specific to the operation of your business.
- Utilities – This includes all utility expenses incurred by your business.
Yes, all owners must be either U.S. Citizens, U.S. Nationals, or lawful permanent residents (LPR) of the United States are eligible to apply and receive SBA financing through NEWITY’s SBA 7(a) small business loans program. However, temporary LPRs are not eligible.
If you are a LPR, when you reach the Business Owner section of the Loan Application, simply select the box next to Lawful Permanent Resident (LPR).
Note, once your application is submitted, a member of the NEWITY team will provide you with the USCIS Verification & Authorization Letter for you to complete. Please physically sign this form with ink and return it to us.
If you are not a U.S. Citizen, U.S. National, or Lawful Permanent Resident, unfortunately, you are not eligible for SBA financing.
Application & Documents
Yes, if you would like to increase your requested loan amount you can do that without submitting a new prescreen application. Based on the progress on your application, there are a few different ways to go about your request.
If you have not yet submitted our 10-minute business loan application, you do not need to reapply. Simply log into your account and navigate back to the loan request screen by clicking on the Loan Request tab in your application and enter the loan amount you are requesting. Be sure to click Save & Continue before resuming your application.
If you prequalified for an SBA 7(a) loan and have not yet uploaded your documents, please log into your account and submit the requested documents. Once you have uploaded your documents, a member of the NEWITY team will introduce themselves to you. At that time, simply let them know that you are interested in a larger loan amount and they’ll update your file.
If you prequalified for an SBA 7(a) loan and uploaded documents, simply notify your NEWITY loan specialist that you’re interested in a larger loan amount and they’ll update your file.
Be advised there are many factors that will determine your qualified loan amount, and this may differ from your requested loan amount.
Once you submit your application, a member of the NEWITY team will contact you via email to introduce themselves and outline next steps.
When your NEWITY representative reaches out, let them know what you need to change. We are happy to assist you.
Please rest assured you will always have a chance to review your application prior to submission to the SBA.
No, individual and business tax returns must be provided at the time you submit your application. The IRS certified tax transcripts will be obtained directly from the IRS through our built-in technology. Please look out for a consent request from your Underwriter.
Please note: The SBA requires tax transcripts from the IRS in addition to your tax returns to process your application. The tax transcripts request with the IRS typically takes anywhere from 2-10 days to complete.
Loan Servicing & Payments
Your first SBA 7(a) loan payment is due two months from the date of your loan note. For example, if your loan closed on June 15th, your first payment would be due on August 15th.
Unfortunately, we are unable to change your SBA 7(a) loan payment due date.
However, you are able to change the date your payment is drafted from your account as long as this is before your payment’s due date.
There is no prepayment penalty for your SBA 7(a) loan. However, if you are paying more than 20% of your outstanding principal balance a written notice is required 21 days in advance.
You can submit these notices to our Loan Servicing team by filling out our contact us form and selecting ‘SBA 7(a) Loan Servicing’ in the dropdown.
Yes, you can make additional payments on your SBA 7(a) loan above the monthly payment. However, the payments cannot be applied to future bills.
For example, you cannot make a large payment in March to cover the April and May payments. The payment is applied first to interest due through the date your payment is made. The remaining funds are applied to the loan principal and lastly to late fees if applicable.
If you’re interested in paying off your SBA 7(a) loan early you can request a payoff letter in your NEWITY account or email our billing team at [email protected].
SBA 7(a) loan’s interest rates are tied to the Wall Street Journal Prime Rate which is updated quarterly.
If the WSJ Prime Rate changes, then the interest rate on your loan will change as well.
Paycheck Protection Program (PPP)
If you recently received a payment demand letter from the SBA or Treasury Department for your full PPP loan amount, it is likely because you did not apply for forgiveness.
Yes, you can still apply for forgiveness by reaching out to our team using this contact form. Please be sure to select one of the PPP inquiry options to expedite the resolution of your request.
More resources to help you.
View our Guides & Webinars or our Insights blog for more resources on how to grow your business.
