The top four requirements to receive an SBA 7(a) loan up to $500,000 through NEWITY.
SBA loans offer some of the lowest interest rates and highest approval rates as a government-backed product. What are the minimum requirements to be approved for an SBA 7(a) loan through NEWITY?
1. Credit Score: 670+
Our system requires a minimum credit score of 670 for all 20%+ owners. Our application will check these scores without impacting your credit.
2. Time in Business: At least 12 months
If you’ve been in operation for one year, you can access a loan up to $50,000 through our platform. If your business has been in operation for three years, you could receive an SBA loan up to $500,000.
3. Revenue: At least $50,000 on average, annually
Our team will confirm your business has at least $50,000 in average annual revenue. While your loan size will vary based upon your annual revenue, generally, higher annual revenue results in higher loan amounts.
4. SBA Eligibility: Location, Size, and Industry
Businesses must meet the SBA’s basic eligibility criteria, which includes confirming your business operates in the United States, is small in size, and isn’t in an ineligible industry. If you received a Paycheck Protection Program loan, you likely meet these criteria.
We’re now offering access to SBA loans up to $500,000. To see how much you qualify to receive, start our simple business loan application today. It takes less than 10 minutes.
