Can I still apply for a loan if I haven’t filed this year’s taxes?
No. You must provide 2024 tax returns if you prequalify for an SBA 7(a) loan or NEWITY Growth Term Loan. See the Document Checklist for required items.
Can I change my requested loan amount if I’ve already started my application?
Yes. If you haven’t submitted the 10-minute application: log in, go to the Loan Request tab, update the amount, Save & Continue. If you prequalified but haven’t uploaded documents: upload requested documents; when your team member introduces themselves, request the higher amount. If you prequalified and already uploaded documents: notify your loan specialist. Final qualified […]
Does the loan application impact my credit score?
No. NEWITY uses a soft credit check that does not impact your credit score.
I need to change my loan application, but I already submitted it.
After submission, a NEWITY team member will email you with next steps. Reply and tell them what you need to change; they will assist you.
What documents are required to apply for an SBA 7(a) small business loan?
No documents are required to complete the initial loan application (eligibility determination in ~10 minutes, no credit impact). If you qualify and select a loan, underwriting will require documents listed in the Document Checklist.
Can I provide my IRS tax transcripts in place of my tax returns?
No. You must provide individual and business tax returns. IRS-certified transcripts will be obtained directly from the IRS via NEWITY technology (you will receive a consent request). The SBA requires IRS transcripts in addition to your returns.
How do I create a Profit & Loss Statement?
Visit NEWITY’s Profit & Loss Statement page for a step-by-step video and to download a P&L template. Upload the completed P&L in your NEWITY account on the document upload screen.