- How to apply using our new prescreen application
- Uses for your 7(a) loan funds, including debt refinancing
- Open Q&A after the presentation
EVP, Credit & Underwriting
Adam Zaabel (he/him) manages the borrower application experience and lender verification at NEWITY. Bringing seven years of experience in direct lending, lender services, and financial due diligence, Adam is an expert in PPP loans with a deep understanding of the program’s governing rules and regulations as well as its complex guidance. Adam has gained valuable experience in the healthcare, construction, specialty finance, and general manufacturing industries.
Businesses must be in operation for at least 12 months to qualify for an SBA 7(a) loan through NEWITY’s platform. If your business has not been operational for 1 year, we still encourage you to complete the prescreen application to see if any of our alternative financing options may be a fit!
SBA 7(a) loans interest rates are set at WSJ Prime + 2.75%. This means the interest rate will fluctuate as interest rates rise or fall.
The minimum FICO score requirement for NEWITY’s SBA 7(a) program is 650. If your FICO score is less than 650, we encourage you to complete the prescreen application as NEWITY provides access to alternative products that match a wide variety of credit scores.
The minimum revenue requirement for NEWITY’s SBA 7(a) program is $50,000 per year. If you do not have $50,000 of revenue per year, NEWITY provides access to alternative financing options that may be a fit for your current revenue. We encourage you to complete the prescreen as the best available offer will automatically be calculated for your business.
Yes, NEWITY’s system will determine your SBA 7(a) loan eligibility and loan amount. If you do not qualify for the loan amount you requested, NEWITY will show you the highest and best loan amount it can provide in conjunction with its SBA 7(a) lending partners.
The loan can be used for working capital, but it is not a line of credit. Examples of eligible uses of the loan include: payroll, 1099 payments, rent, utilities, supplies, inventory, insurance, marketing, and refinancing debt.
Generally, Paycheck Protection Program (“PPP”) loans do not impact your eligibility for the SBA 7(a) loan program. However, if you are in default on your PPP loan, you will not be able to secure an SBA 7(a) loan until your PPP payments are current.
Yes, generally, EIDL does not impact your eligibility for the SBA 7(a) loan program. If you are in default on your EIDL, you will not be able to secure an SBA 7(a) loan until your EIDL payments are current.
Unfortunately, non-profit organizations do not qualify for SBA 7(a) loans. However, NEWITY provides access to alternative financing products that may be a fit for your non-profit. To gain access to these alternative offers, complete the prescreen application in the portal.
To submit your initial application for review, you will be required to provide the following documents:
- Business Tax Return or Proof of Extension (2021 and 2022)
- Personal Tax Return (most recent filing)
- Profit and Loss Statements (Month-End 2023 and 2022)
- Balance Sheet (Interim 2023 and 2022)
The NEWITY team will need the following documents to complete your loan package. We encourage business owners to begin gathering these files if they are not readily available at the time of their application:
- Business Bank Statements
- Business Tax Returns (2019 and 2020)
- Business Formation Documents
- Personal Tax Returns for all 20%+ owners (2019, 2020, 2021, and 2021)
- Identification (license, passport, state ID or similar)
- Proof of Insurance