Newity
SBA 7(a) loan service provider: up to $350,000 at Prime + 2.75% to 3.75%, 10-year terms, soft-pull offer in 10 minutes, 2+ years in business. Partner banks lend.
Rates & Cost
What the financing costs, normalized so lenders can be compared.
Repayment Terms
How and how fast you pay it back, and how flexible it is.
Eligibility & Access
Who qualifies and what you have to put on the line.
Speed & Service
How fast you get funded and how the lender treats you.
Company Verification
Who actually stands behind the lender: legal entity, registration, and how long the business and its website have existed. Checked against public registries.
Best for: U.S. businesses with at least two years of history that want an SBA 7(a) working capital loan of up to $350,000 through a quick online application, with a soft credit pull to see an offer first.
Not for: Startups, borrowers who need more than $350,000 (outside the $1 million manufacturing and grocery programs), or anyone who wants to deal directly with the bank that holds the loan. Newity is a lender service provider, not a lender.
Lender List verdict: Newity turns the small-dollar SBA 7(a) loan into a 10-minute online application and quotes Prime + 2.75% to 3.75%, well below its own 15% to 24% Growth Term Loan. The trade-off is opacity: Newity does not name the bank that approves and funds your loan, and it publishes no fee schedule or closing timeline.
Newity at a glance
Newity is a Chicago-based lender service provider that arranges SBA 7(a) loans of up to $350,000 for partner lenders.
| Newity | |
|---|---|
| Lender type | SBA lender service provider (not a lender); loans made by partner banks |
| Founded | 2020 |
| HQ | Chicago, IL |
| Parent/owner | NEWITY LLC; co-founders David Cody and Luke LaHaie |
| Products | SBA 7(a), Growth Term Loan, SBA Made in America, SBA Grocery Guarantee |
| Amounts | Up to $350,000 (SBA 7(a), Growth Term); up to $1,000,000 (two newer SBA programs) |
| Cost (headline) | SBA: Prime + 2.75% to 3.75% variable; Growth Term: 15% to 24% fixed |
| Term | 10 years |
| Funding speed | Offer in under 10 minutes; closing time not published |
| Status | Active (2026-10-27) |
What is Newity?
Newity is a Chicago fintech, founded in 2020, that processes small business loans for banks instead of lending its own money. It began by helping buy and service about 115,000 PPP loans worth $11.3 billion, then added SBA 7(a) loans in 2022.
Newity says it has helped 125,000+ businesses access over $12 billion, mostly PPP, and facilitated $1.3 billion in SBA 7(a) approvals in 2024–2025. Newity reviews average 4.6 out of 5 on Trustpilot (275 reviews). Its site is newitymarket.com; newity.com is an unrelated real estate page.
Who actually makes Newity loans?
Newity's SBA loans are approved and funded by a bank in SBA's 7(a) program, not by Newity, and Newity's site does not name that bank. When Newity launched 7(a) lending in 2022, American Banker identified Portland, Maine–based Northeast Bank as its lending partner.
Northeast Bank, founded in 1872, holds about $5.2 billion in assets. SBA 7(a) FOIA data (FY2020–present, as of June 30, 2026) shows it approved 3,923 7(a) loans in the last 12 months, with a $125,000 median loan and a 10.0% median rate, all variable. That data does not show which loans came through Newity.
Newity's SBA programs
Newity's main SBA 7(a) loan is a 10-year working capital loan of up to $350,000, priced at a variable rate and repaid monthly.
- Apply: a 10-minute online application produces an offer using a soft credit check.
- Documents: after you pick an offer, upload owner and business tax returns plus six months of bank statements, and Newity pulls IRS transcripts.
- Repayment: monthly auto-debit; the first SBA payment is due two months after the note date.
- Uses: payroll, rent, inventory, operating costs and refinancing business debt (not merchant cash advances).
- Larger programs: SBA Made in America (manufacturers) and SBA Grocery Guarantee (food businesses) go up to $1,000,000 at WSJ Prime + 3.00%.
Newity rates and fees: what it really costs
Newity quotes SBA 7(a) loans at Prime + 2.75% to 3.75%, which it put at 9.50% to 10.50% when Prime was 6.75% in December 2025. The rate floats with Prime, and Newity's top spread sits inside SBA's cap of Prime + 4.5% for loans of $250,001 to $350,000 (Prime + 6.0% from $50,001 to $250,000). Growth Term Loans are fixed, generally 15% to 24%.
- Packaging or closing fees: Newity does not publish them; SBA lets lenders pass its upfront guaranty fee to the borrower.
- SBA prepayment: no penalty; give 21 days' written notice to prepay more than 20% of principal.
- Growth Term prepayment: paying off before month 24 costs the interest through month 24.
Worked example: a $350,000, 10-year SBA 7(a) loan at 9.50% costs $4,528.91 a month, or $543,469.74 in total ($193,469.74 interest). At 10.50% the payment is $4,722.72 and interest is $216,726.99 (rate held constant).
Newity requirements
Newity requires at least two years in business and a soft credit pull, and it publishes no minimum credit score or revenue for its SBA 7(a) loan.
| Requirement | Newity minimum |
|---|---|
| Personal credit score | Lender does not publish for SBA 7(a); 600+ for Made in America and Grocery loans |
| Time in business | 2 years |
| Annual revenue | Lender does not publish; $100,000 for Made in America and Grocery loans |
| Bank account / integrations | Six months of bank statements, or connect via Plaid |
| Credit check | Soft to see an offer |
| Collateral / guarantee | None up to $50,000 (SBA); above that, based on the balance sheet; Growth Term secured by business assets |
SBA rules also require the business to be small under SBA size standards. Newity sizes the loan from average annual revenue, credit score and years in business.
Pros and cons
Pros
- SBA pricing quoted up front: Prime + 2.75% to 3.75%
- See an offer in about 10 minutes with only a soft credit pull
- No collateral on SBA loans of $50,000 or less
- No SBA prepayment penalty
- 4.6/5 on Trustpilot from 275 reviews; BBB A+
Cons
- The approving bank is not named on Newity's site
- No published fees, closing timeline or minimum credit score for SBA 7(a)
- $350,000 cap on standard SBA loans
- Two years in business required, so startups are out
- Variable rate means payments rise if Prime rises
Newity vs. iBusiness Funding vs. Lendistry
| Newity | iBusiness Funding | Lendistry | |
|---|---|---|---|
| Max SBA 7(a) amount | $350,000 | $5,000,000 | $5,000,000 |
| SBA pricing | Prime + 2.75% to 3.75% | As low as Prime + 2.75% | Variable from 8.25% (up to $350K) |
| Min FICO | Lender does not publish | 640 | 620 |
| Min time in business | 2 years | 2 years (7(a) Standard) | 2 years |
| Min annual revenue | Lender does not publish | Lender does not publish | Lender does not publish |
| Who lends | Unnamed SBA partner bank | Ready Capital and network lenders | Lendistry |
| Closing speed | Not published | 5 to 25 days | 5 to 20 business days (up to $350K) |
| Early payoff (SBA) | No penalty | SBA rule: fee only on 15+ year terms | SBA rule: fee only on 15+ year terms |
Choose Newity for a fast, small working capital loan with a soft-pull offer. Choose iBusiness Funding for larger SBA loans up to $5 million. Choose Lendistry for a published rate floor and a direct SBA lender.
Newity alternatives on Lender List
- iBusiness Funding — online SBA platform for larger 7(a) loans
- Lendistry — SBA lender with posted rates and timelines
- Lendio — marketplace comparing SBA and non-SBA offers
- Harvest Small Business Finance — nonbank SBA lender active in Illinois
- Busey Bank — Illinois bank SBA lender
- Browse all SBA 7(a) loans on Lender List
Frequently asked questions about Newity
Is Newity Legit? Yes. Newity has operated since 2020, discloses its role as an SBA lender service provider, and holds a BBB A+ rating with accreditation since April 2024. Trustpilot shows 4.6 out of 5 from 275 reviews; the latest 1-star review there cites repeated document requests and months of delay.
Is Newity a Bank? No. Newity is not a bank or an SBA lender. It prepares and processes applications for a participating bank that approves and funds the loan. Newity's site does not name that bank, so check your offer and closing documents to see which lender holds your loan.
Does Newity Work With Northeast Bank? Northeast Bank was Newity's named lending partner when its SBA 7(a) program launched in 2022, according to American Banker. Newity's current site names no lender, so Lender List cannot confirm Northeast Bank funds every loan today. Your loan documents will identify the lender.
What Is a Newity Growth Term Loan? A Growth Term Loan is a non-SBA working capital loan of up to $350,000 over 10 years, made with Newity's bank partners. Rates are fixed, generally 15% to 24%. It needs two years in business, is secured by business assets, and can refinance merchant cash advances.
How Long Does Newity Take to Close an SBA Loan? Newity does not publish a closing timeline. It promises an offer in under 10 minutes and says funding is about three times faster than the national average. Plan for document review, an IRS transcript check and SBA approval steps after the offer, which take longer than the application.
Does Newity Lend to Startups? No. Newity's SBA 7(a) and Growth Term loans both require at least two years in business as a for-profit company, and since March 1, 2026 lawful permanent residents cannot get SBA loans. Startups should compare SBA lenders that accept newer businesses in the SBA 7(a) category on Lender List.
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
Best for: U.S. businesses with at least two years of history that want an SBA 7(a) working capital loan of up to $350,000 through a quick online application, with a soft credit pull to see an offer first.
Not for: Startups, borrowers who need more than $350,000 (outside the $1 million manufacturing and grocery programs), or anyone who wants to deal directly with the bank that holds the loan. Newity is a lender service provider, not a lender.
Lender List verdict: Newity turns the small-dollar SBA 7(a) loan into a 10-minute online application and quotes Prime + 2.75% to 3.75%, well below its own 15% to 24% Growth Term Loan. The trade-off is opacity: Newity does not name the bank that approves and funds your loan, and it publishes no fee schedule or closing timeline.
Newity at a glance
Newity is a Chicago-based lender service provider that arranges SBA 7(a) loans of up to $350,000 for partner lenders.
| Newity | |
|---|---|
| Lender type | SBA lender service provider (not a lender); loans made by partner banks |
| Founded | 2020 |
| HQ | Chicago, IL |
| Parent/owner | NEWITY LLC; co-founders David Cody and Luke LaHaie |
| Products | SBA 7(a), Growth Term Loan, SBA Made in America, SBA Grocery Guarantee |
| Amounts | Up to $350,000 (SBA 7(a), Growth Term); up to $1,000,000 (two newer SBA programs) |
| Cost (headline) | SBA: Prime + 2.75% to 3.75% variable; Growth Term: 15% to 24% fixed |
| Term | 10 years |
| Funding speed | Offer in under 10 minutes; closing time not published |
| Status | Active (2026-10-27) |
What is Newity?
Newity is a Chicago fintech, founded in 2020, that processes small business loans for banks instead of lending its own money. It began by helping buy and service about 115,000 PPP loans worth $11.3 billion, then added SBA 7(a) loans in 2022.
Newity says it has helped 125,000+ businesses access over $12 billion, mostly PPP, and facilitated $1.3 billion in SBA 7(a) approvals in 2024–2025. Newity reviews average 4.6 out of 5 on Trustpilot (275 reviews). Its site is newitymarket.com; newity.com is an unrelated real estate page.
Who actually makes Newity loans?
Newity's SBA loans are approved and funded by a bank in SBA's 7(a) program, not by Newity, and Newity's site does not name that bank. When Newity launched 7(a) lending in 2022, American Banker identified Portland, Maine–based Northeast Bank as its lending partner.
Northeast Bank, founded in 1872, holds about $5.2 billion in assets. SBA 7(a) FOIA data (FY2020–present, as of June 30, 2026) shows it approved 3,923 7(a) loans in the last 12 months, with a $125,000 median loan and a 10.0% median rate, all variable. That data does not show which loans came through Newity.
Newity's SBA programs
Newity's main SBA 7(a) loan is a 10-year working capital loan of up to $350,000, priced at a variable rate and repaid monthly.
- Apply: a 10-minute online application produces an offer using a soft credit check.
- Documents: after you pick an offer, upload owner and business tax returns plus six months of bank statements, and Newity pulls IRS transcripts.
- Repayment: monthly auto-debit; the first SBA payment is due two months after the note date.
- Uses: payroll, rent, inventory, operating costs and refinancing business debt (not merchant cash advances).
- Larger programs: SBA Made in America (manufacturers) and SBA Grocery Guarantee (food businesses) go up to $1,000,000 at WSJ Prime + 3.00%.
Newity rates and fees: what it really costs
Newity quotes SBA 7(a) loans at Prime + 2.75% to 3.75%, which it put at 9.50% to 10.50% when Prime was 6.75% in December 2025. The rate floats with Prime, and Newity's top spread sits inside SBA's cap of Prime + 4.5% for loans of $250,001 to $350,000 (Prime + 6.0% from $50,001 to $250,000). Growth Term Loans are fixed, generally 15% to 24%.
- Packaging or closing fees: Newity does not publish them; SBA lets lenders pass its upfront guaranty fee to the borrower.
- SBA prepayment: no penalty; give 21 days' written notice to prepay more than 20% of principal.
- Growth Term prepayment: paying off before month 24 costs the interest through month 24.
Worked example: a $350,000, 10-year SBA 7(a) loan at 9.50% costs $4,528.91 a month, or $543,469.74 in total ($193,469.74 interest). At 10.50% the payment is $4,722.72 and interest is $216,726.99 (rate held constant).
Newity requirements
Newity requires at least two years in business and a soft credit pull, and it publishes no minimum credit score or revenue for its SBA 7(a) loan.
| Requirement | Newity minimum |
|---|---|
| Personal credit score | Lender does not publish for SBA 7(a); 600+ for Made in America and Grocery loans |
| Time in business | 2 years |
| Annual revenue | Lender does not publish; $100,000 for Made in America and Grocery loans |
| Bank account / integrations | Six months of bank statements, or connect via Plaid |
| Credit check | Soft to see an offer |
| Collateral / guarantee | None up to $50,000 (SBA); above that, based on the balance sheet; Growth Term secured by business assets |
SBA rules also require the business to be small under SBA size standards. Newity sizes the loan from average annual revenue, credit score and years in business.
Pros and cons
Pros
- SBA pricing quoted up front: Prime + 2.75% to 3.75%
- See an offer in about 10 minutes with only a soft credit pull
- No collateral on SBA loans of $50,000 or less
- No SBA prepayment penalty
- 4.6/5 on Trustpilot from 275 reviews; BBB A+
Cons
- The approving bank is not named on Newity's site
- No published fees, closing timeline or minimum credit score for SBA 7(a)
- $350,000 cap on standard SBA loans
- Two years in business required, so startups are out
- Variable rate means payments rise if Prime rises
Newity vs. iBusiness Funding vs. Lendistry
| Newity | iBusiness Funding | Lendistry | |
|---|---|---|---|
| Max SBA 7(a) amount | $350,000 | $5,000,000 | $5,000,000 |
| SBA pricing | Prime + 2.75% to 3.75% | As low as Prime + 2.75% | Variable from 8.25% (up to $350K) |
| Min FICO | Lender does not publish | 640 | 620 |
| Min time in business | 2 years | 2 years (7(a) Standard) | 2 years |
| Min annual revenue | Lender does not publish | Lender does not publish | Lender does not publish |
| Who lends | Unnamed SBA partner bank | Ready Capital and network lenders | Lendistry |
| Closing speed | Not published | 5 to 25 days | 5 to 20 business days (up to $350K) |
| Early payoff (SBA) | No penalty | SBA rule: fee only on 15+ year terms | SBA rule: fee only on 15+ year terms |
Choose Newity for a fast, small working capital loan with a soft-pull offer. Choose iBusiness Funding for larger SBA loans up to $5 million. Choose Lendistry for a published rate floor and a direct SBA lender.
Newity alternatives on Lender List
- iBusiness Funding — online SBA platform for larger 7(a) loans
- Lendistry — SBA lender with posted rates and timelines
- Lendio — marketplace comparing SBA and non-SBA offers
- Harvest Small Business Finance — nonbank SBA lender active in Illinois
- Busey Bank — Illinois bank SBA lender
- Browse all SBA 7(a) loans on Lender List
Frequently asked questions about Newity
Is Newity Legit? Yes. Newity has operated since 2020, discloses its role as an SBA lender service provider, and holds a BBB A+ rating with accreditation since April 2024. Trustpilot shows 4.6 out of 5 from 275 reviews; the latest 1-star review there cites repeated document requests and months of delay.
Is Newity a Bank? No. Newity is not a bank or an SBA lender. It prepares and processes applications for a participating bank that approves and funds the loan. Newity's site does not name that bank, so check your offer and closing documents to see which lender holds your loan.
Does Newity Work With Northeast Bank? Northeast Bank was Newity's named lending partner when its SBA 7(a) program launched in 2022, according to American Banker. Newity's current site names no lender, so Lender List cannot confirm Northeast Bank funds every loan today. Your loan documents will identify the lender.
What Is a Newity Growth Term Loan? A Growth Term Loan is a non-SBA working capital loan of up to $350,000 over 10 years, made with Newity's bank partners. Rates are fixed, generally 15% to 24%. It needs two years in business, is secured by business assets, and can refinance merchant cash advances.
How Long Does Newity Take to Close an SBA Loan? Newity does not publish a closing timeline. It promises an offer in under 10 minutes and says funding is about three times faster than the national average. Plan for document review, an IRS transcript check and SBA approval steps after the offer, which take longer than the application.
Does Newity Lend to Startups? No. Newity's SBA 7(a) and Growth Term loans both require at least two years in business as a for-profit company, and since March 1, 2026 lawful permanent residents cannot get SBA loans. Startups should compare SBA lenders that accept newer businesses in the SBA 7(a) category on Lender List.
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
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