Allowing small businesses to refinance high interest debt and secure additional working capital
CHICAGO, July 25, 2023 /PRNewswire/ — NEWITY, America’s source for small business capital, is now offering debt refinancing as an extension of the existing SBA 7(a) loan program offered by an SBA-licensed lender through NEWITY. This new offering enables business owners to refinance their high interest rate business debt using a portion of an SBA 7(a) loan. NEWITY is dedicated to providing access to SBA loans, tax credits, and trusted service providers, and this new extension of its lending program is a result of their continuing commitment to expand its services for small business owners.
NEWITY’s latest offering allows businesses to use SBA 7(a) loans for both refinancing debt and increasing working capital. This solution helps entrepreneurs obtain better repayment terms for their existing debt and secure additional funds for growth. The working capital portion of an SBA 7(a) loan used to both refinance debt and borrow for working capital needs can cover everyday expenses including payroll, rent, utilities, marketing, inventory, supplies, and more. By supporting business owners in accessing capital, NEWITY empowers businesses to grow efficiently.
Commenting on the launch of the new service, David Cody, NEWITY Co-Founder and Co-CEO said, “This is a game changer for small businesses that need financial breathing room to grow. We launched this service to tackle one of the biggest pain points for small business owners – debt and high interest rates. The primary benefit of refinancing debt with a 7(a) loan is to achieve lower overall loan payments with fewer dollars paid towards loan interest.”
Luke LaHaie, NEWITY Co-Founder and Co-CEO of NEWITY added, “The service is ideal for entrepreneurs with high interest rate debt who are also seeking growth capital. Our new refinance program helps small businesses take advantage of SBA loans’ lower interest rates and 10-year terms to lighten monthly debt payments, improve cash flow, and expand their operations.”
NEWITY’s SBA 7(a) debt refinance program is available to all qualifying businesses and is accessible in the NEWITY Portal.
About NEWITY
NEWITY is America’s source for small business capital, focused on empowering entrepreneurs with access to affordable loan solutions, streamlined tax credits, and trusted service providers – all in one place. NEWITY uses leading technology and real human support to help small businesses make their companies more efficient and profitable. Today, that includes equitable access to SBA 7(a) loans; streamlined processes to claim tax credits; simplified online bookkeeping with Xendoo; customized, competitive insurance with Mylo; personalized business advisory with Cultivate; and access to a marketing agency marketplace with Breef. To join NEWITY’s growing small business community, visit NEWITYmarket.com.
NEWITY is not a lender participating in the SBA’s 7(a) loan program; SBA 7(a) loans are ultimately processed and approved by a lender participating in the SBA’s 7(a) loan program.