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

Webinar – Illinois SBDC & Apex Accelerator

Webinar Presentation

  1. Overview of NEWITY’s offerings
  2. Live demonstration of NEWITY’s online loan application
  3. Details on how we can help support your chapter

Webinar Q&A

NEWITY provides access to SBA 7(a) working capital loans up to $250,000. Loan proceeds can be used for operating expenses, payroll, 1099 payments, rent, utilities, marketing, inventory, and more.

Businesses must have at least 12 months in operation to be eligible for an SBA 7(a) loan in NEWITY’s portal.

No, as an SBA loan, there are no down payments.

NEWITY’s platform allows applicants to determine if they qualify for an SBA 7(a) loan before they are prompted to provide supporting documentation.

Supporting documents are collected in two phases. You can view our loan document checklist here.

No, NEWITY’s platform performs a soft credit check and does not impact the applicant’s credit score.

Yes, all details of the loan are warehoused in the NEWITY portal. This means the business owner can apply for the loan, check the status of their application, make loan repayments, see their loan balance, and download statements all in one place.

As an SBDC chapter, you will be able to see the name of the applicant, the primary contact, the status of their loan application, the amount of their loan, and when it was funded.

To learn more about NEWITY’s referral program and to receive a unique referral link for your chapter, please contact Rachel Williams, EVP, Head of Partnerships & Marketing, at [email protected].

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