Frequently Asked Questions
Get the answers you need before you start.
General Account Information
NEWITY is your source for small business capital. NEWITY provides access to affordable capital for small businesses, helping 125,000+ businesses secure more than $11.8 billion. Unlike other platforms, NEWITY’s team is standing by to support you throughout the application process.
To see how much capital your small business could qualify to receive, create a free NEWITY account and submit the loan application. It takes less than 10 minutes and does not impact your credit score.
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 and NEWITY Growth Term Loans.
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 and NEWITY Growth Term Loans, which can be beneficial for your business growth.
To see how much capital you could receive, 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) Loans
An SBA loan is a government-backed loan that is available to small businesses that are owned and operated within the United States. The Small Business Administration created the 7(a) loan program as the primary method to provide financial assistance to small businesses.
The name “7(a)” is derived from the clause number and letter within SBA legislation that provides the standards for this specific loan program.
While SBA 7(a) loans are similar to other small business loans, their benefits include longer repayment terms and lower interest rates, which results in lower overall monthly payments. Lower monthly payments enable small business owners to borrow a larger total loan amount. As a government-backed loan, small business owners are more likely to be approved for an SBA loan than traditional business loans.
Yes, if you received an SBA 7(a) loan through NEWITY, you may receive a second loan if you meet eligibility requirements.
The maximum SBA 7(a) loan amount you can borrow through NEWITY’s platform is $350,000 in the aggregate. SBA 7(a) loan qualifications are viewed in the total amount borrowed through the program, meaning if you received a $175,000 SBA 7(a) loan and you’d like a second $175,000 SBA 7(a) loan, you would need to meet eligibility requirements as if you were applying for a single loan of $350,000.
To get started, log into your NEWITY account and submit our business loan application.
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. SBSS combines business and principal credit history and other financial information.
NEWITY Growth Term Loans
NEWITY Growth Term Loans are small business working capital loans provided by NEWITY & Northeast Bank and are available to small businesses owned and operated within the United States.
No, NEWITY Growth Term Loans are not SBA loans. They are small business loan products created and offered by NEWITY & Northeast Bank up to $350,000.
While similar to SBA 7(a) working capital loans, NEWITY Growth Term Loans have more flexible uses and different eligibility criteria.
Small Business Loans
Alongside Northeast Bank, NEWITY provides access to SBA 7(a) loans and NEWITY Growth Term Loans up to $350,000.
NEWITY’s application will automatically present you with your business’s maximum eligible amount for your application. To see how much you qualify to receive, create a NEWITY account and submit an application. It takes less than 10 minutes and will not impact your credit score.
To qualify for an SBA 7(a) loan through NEWITY’s platform, your business must be:
- In operation for at least two years as a for-profit business
- US-based location and operations
- Owner supported / owner funded
- Eligible per the SBA’s requirements
To qualify for a NEWITY Growth Term Loan, your business must be:
- 640+ FICO score
- In operation for at least one year as a for-profit business
- US-based location and operations
To see if you qualify to receive, submit the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
For SBA 7(a) loans through NEWITY, collateral is not required for loans $50,000 and under. Collateral is required for loans between $50,001 and $350,000 based on the business’ balance sheet.
For NEWITY Growth Term Loans, a businesses assets are pledged as security for the loan.
Once your application is submitted, your assigned loan specialist will discuss the collateral requirement for your business.
SBA 7(a) loans through NEWITY have a variable interest rate based off the Wall Street Journal (WSJ) Prime Rate plus 2.75% to 3.75%.
As of September 18, 2025, the Prime Rate is 7.25% in the U.S., which can be monitored via The Wall Street Journal’s Money Rates table.
At the current WSJ Prime rate of 7.25%, SBA 7(a) loans interest rates via NEWITY range from 10.00% to 11.00% (7.25% + 2.75% = 10.00% and 7.25% + 3.75% = 11.00%).
NEWITY Growth Term Loans have a fixed interest rate that generally ranges between 15%-20%.
Each loan’s interest rate is based on the business and personal credit scores of the borrower and owners, the amount borrowed, and the business’s risk profile. The interest rate applicable for the eligible loan option is displayed upon completion of the loan application.
Last Updated: September 18, 2025
Yes, sole proprietors are eligible to apply for this loan if they meet the SBA and Lender eligibility requirements. To see how much you qualify for, submit the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
Yes, businesses with multiple owners are more than welcome to apply for the SBA 7(a) loan through NEWITY or a NEWITY Growth Term Loan.
We’ve streamlined the application process to help you get the funding you need quickly. At NEWITY, we can help you apply and get funded 3x faster than the national average.
To get started, submit the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
SBA 7(a) loans and NEWITY Growth Term Loans can be used for working capital to grow your business. Working capital can cover daily operational expenses and short-term obligations such as:
- 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.
Note: The funds from the loan may be used for one category or may be split among multiple categories.
Yes, all owners must be either U.S. Citizens or lawful permanent residents (LPR) of the United States to apply and receive an SBA loan through or a NEWITY Growth Term Loan. 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, if applicable. 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 nor a NEWITY Growth Term Loan.
Yes, you can apply for an SBA 7(a) loan or a NEWITY Growth Term Loan to refinance debt.
Debt refinancing allows borrowers to replace existing debt with new debt that has more favorable repayment terms.
At NEWITY, you may be eligible to use a lower-interest SBA 7(a) loan or NEWITY Growth Term Loan to pay off high-interest debt. If eligible, NEWITY will use part of your loan to clear your high-interest rate debt and let you use the remaining funds for other working capital needs.
SBA 7(a) loans or NEWITY Growth Term Loans can also be used to consolidate debt. This combines multiple debts into one loan with a single payment, often at a lower interest rate, simplifying your finances overall.
To check your eligibility for an SBA 7(a) loan or NEWITY Growth Term Loan, submit your application through your NEWITY account. It takes less than 10 minutes and won’t affect your credit score. If eligible, a NEWITY representative will review your application and existing debt to guide you through the refinancing process.
You can refinance business-related debt, for example, a business loan or credit card debt. You cannot refinance merchant cash advances (MCAs) with an SBA 7(a) loan, but you may use a NEWITY Growth Term Loan to refinance MCAs.
Neither SBA loans nor NEWITY Growth Term Loans can be used to refinance any type of personal debt.
To determine if you qualify, get started by submitting the loan application in your NEWITY account. It takes less than 10 minutes and does not impact your credit score.
Application & Documents
Yes. If you have not filed your most recent tax return, you will need to provide additional supporting documents.
You can review the list of required documents on the Document Checklist.
Yes, if you would like to increase your requested loan amount you can do that without submitting a new application. The method to change your loan amount depends on the progress of your application.
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 or a NEWITY Growth Term 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 or a NEWITY Growth Term 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.
No, NEWITY’s online application uses a “soft” credit check, which does not impact your credit score. This allows you to submit your application and see how much funding you’re qualified to receive without concern.
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.
No documents are required to complete our loan application, which determines your eligibility for an SBA 7(a) loan and NEWITY Growth Term Loan within 10 minutes without impacting your credit score.
Once you’ve qualified and selected your preferred loan, we’ll need a few documents to start the underwriting process, which can be found in this Document Checklist.
No, NEWITY requests individual and business tax returns. 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 NEWITY representative.
Please note: The SBA requires tax transcripts from the IRS in addition to your tax returns to process your application.
If the team notes a P&L is needed to accompany your application, please visit NEWITY’s Profit & Loss Statement page to watch a step-by-step video tutorial and download a Profit & Loss template to create a Profit & Loss Statement for your business.
Once you have completed your Profit & Loss Statement, you can upload the document to your SBA 7(a) loan application by logging into your NEWITY account and navigating to the document upload screen.
Loan Servicing & Payments
During the loan closing process you’ll receive a link to view and download your closing documents. If you can’t find the link or the link has expired, you can request copies of your closing documents by reaching out to our loan servicing team.
Simply submit your request by filling out our contact form.
After your SBA 7(a) loan or NEWITY Growth Term Loan closing process, it takes approximately 2 weeks for the loan to be added to your portal account and all information updated.
If you need assistance with logging into your account, please contact our member services team by filling out our contact form, calling us at (773) 839-8089, or chatting with us through our Live Chat feature.
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.
Your first NEWITY Growth Term Loan payment is due one month from the date of your note. For example, if your loan closed on June 15th, your first payment would be on July 15th.
Yes, your loan payments are set up to be drafted from the account listed on the voided check you provided during the loan closing process.
You can view or edit this information in your NEWITY account. If you have questions you can reach our team by submitting our contact us form or call us at (773) 839-8089.
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 or NEWITY Growth Term 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.
Yes, you can make additional payments on your SBA 7(a) loan or NEWITY Growth Term 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.
To obtain a payoff letter for your SBA 7(a) loan or NEWITY Growth Term Loan, you can request a payoff letter in your NEWITY account or email our billing team at [email protected].
Paycheck Protection Program (PPP)
NEWITY cannot accept new PPP loan applications, however the team is happy to help you secure up to $350,000 in affordable capital through the SBA 7(a) loan program.
To get started with an SBA 7(a) loan application, log into or create your NEWITY account and submit the business loan application. It takes less than 10 minutes and does not impact your credit score.
If you have a PPP loan that is serviced by NEWITY and need assistance you can connect with our team through our contact us form, by phone at (773) 839-8089 or use our Live Chat feature at the bottom corner of our website.
NEWITY LLC and its affiliates are not lenders participating in the SBA’s 7(a) loan program. NEWITY LLC is a lender service provider for Northeast Bank, a lender participant in the SBA’s 7(a) loan program. SBA 7(a) loans are ultimately processed and approved by a lender participant in the SBA’s 7(a) loan program.
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.
If you received your PPP loan or filed for forgiveness through NEWITY, the team is still on-staff and available to help if you have questions. To reach the PPP team, please submit this contact form. Please be sure to select one of the PPP inquiry options to expedite the resolution of your request.
Please note, the Paycheck Protection Program has ended. NEWITY cannot accept any PPP loan applications.
More resources to help you.
View our Guides & Webinars or our Insights blog for more resources on how to grow your business.