American Banker: Small Business Loan Servicer Pivots Away from PPP

NEWITY is now launching a nationwide small-dollar Small Business Administration 7(a) business. NEWITY, a company created to purchase and service Paycheck Protection Program loans, always knew it would have to pivot its business model once PPP activity began winding down.
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NEWITY LLC and its affiliates are not lenders participating in SBA’s 7(a) loan program.  SBA 7(a) loans are ultimately processed and approved by a lender participant in SBA’s 7(a) loan program.

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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