Faster access to affordable capital for Small Businesses
CHICAGO, Sept. 13, 2022 /PRNewswire/ -- NEWITY, a small business marketplace dedicated to creating equitable access to small business loans and trusted business service providers, today announced the expansion of its loan solutions to include SBA 7(a) loans up to $250,000. This new offering increases access to affordable capital for small business owners that have historically struggled to obtain funds to grow their businesses.
NEWITY streamlined the 7(a) application to enable small business owners to apply for a business loan in less than 30 minutes. Further, NEWITY offers phone and virtual assistance from seasoned SBA professionals through all stages of the loan process. Northeast Bank, a licensed SBA lender, is collaborating with NEWITY to support small businesses by funding the SBA loans made available through NEWITY's portal.
Established to better service Paycheck Protection Program (PPP) loans, NEWITY found it could do more to support American businesses and underserved communities following the end of the Program. "Now that PPP has ended, there is an even greater need to support American entrepreneurs," said Luke LaHaie, NEWITY Co-Founder and Co-CEO. "After servicing more than $11.4B PPP loans and helping 115,000 small businesses, we are reinforcing our commitment to empower entrepreneurs by expanding the size of our small business loan offering and continuing to work with the SBA."
"We're thrilled to keep leveling the playing field for small business owners," said David Cody, NEWITY Co-Founder and Co-CEO. "This broader loan offering is a testament to our continued effort to be a champion for American entrepreneurs who are otherwise disadvantaged when pursuing traditional means of financing."
NEWITY is America's Small Business Marketplace, focused on empowering entrepreneurs with access to trusted service providers and affordable loan solutions – all in one place. NEWITY uses leading technology to help small businesses access services to make their companies more efficient and profitable. Today, that includes simplified online bookkeeping with Xendoo to help entrepreneurs apply for 7(a) loans with ease; customized, competitive insurance with Mylo to aid businesses in meeting specific loan requirements; and access to a marketing agency marketplace with Breef to enable businesses to use their 7(a) funds more efficiently. To join NEWITY's growing small business community, visit NEWITYmarket.com.
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