Newtek Small Business Finance provides SBA loans, term loans, and business lines of credit, offering HR management services, IT services, and more. They also provide large borrowing amounts with longer repayment terms. If you need more capital, an SBA loan is worth the wait.
Loan and Leasing Options
Newtek offers several financing solutions to meet different business needs:
SBA 7(a) Loans
- Up to $5 million
- 5-25-year repayment terms
- Use for working capital, equipment, debt refinancing, commercial real estate
SBA 504 Loans
- Up to $5 million+
- 10-25-year repayment terms
- For purchasing commercial real estate & heavy equipment
Business Lines of Credit
- Up to $5 million
- Revolving credit for working capital
Equipment Leasing
- Lease-to-own options
- Variety of essential equipment
- Easy monthly payments
Merchant Services
– Credit card processing
– Point of sale systems
– Mobile pay acceptance
Benefits of Choosing Newtek
Newtek offers some major advantages over big banks and other alternative SMB lenders:
- Fast digital application takes less than an hour
- Decision in 1-3 days for SBA loans
- Direct lender means no third parties
- No collateral is required for loans under $2 million
- Startups accepted
- 650+ credit score
- Prior bankruptcy OK
- No business plans are necessary
By streamlining the entire lending process via their proprietary technology, Newtek delivers rapid approvals with personalized service. Business advisers guide initial inquiries through funding and beyond.
Newtek also stands out with its compassion towards entrepreneurs. They recognize that business owners contribute significantly to economic growth and job opportunities. Therefore, NSBF develops loan products to support underserved communities specifically.
Eligibility and Qualifications
To qualify for Newtek small business financing, applicants must meet these primary criteria:
- Located in the US or territories
- In operation for at least 2 years
- 650+ personal credit score
- Revenue over $150K annually
Startups may also be eligible if the owner’s credit and experience justify. Businesses in most industries can obtain Newtek funding, although a few restricted sectors do apply.
While requirements vary by program, the application asks for typical documents:
- Personal and business tax returns
- Business bank statements
- Debt schedules
- Personal financial statement
- Ownership agreements
- Business licenses and entity formation docs
Newtek provides a detailed checklist for each product on their website. Their lending specialists also advise applicants on documentation needed during the process.
How to Apply
Newtek makes it simple and fast to apply for small business financing:
- Review available loan and leasing options to determine the best fit based on your needs and eligibility. Use their online calculators to estimate costs.
- Gather the necessary documentation outlined for your particular loan program. This helps speed up the application decision.
- Complete Newtek’s online application form tailoring your request – it takes less than one hour.
- Check the application status through your online account dashboard. Track the next steps and securely upload documents as needed.
- Newtek processes the application within 1-3 days on average and will contact you regarding the decision or any other requirements.
- Review, eSign loan closing documents, and fund your business!
With extensive experience in the SMB space, Newtek created an efficient lending process to get financing funds to applicants quickly. Their loan specialists also provide guidance and expertise throughout the application.
Conclusion
Getting small business funding can boost any company’s potential but navigating options poses challenges. Newtek Small Business Finance streamlines access to working capital, equipment acquisition, and expense management through smart technology and compassionate service.
Business owners seeking SBA loans, lines of credit, or leasing should consider Newtek as a viable partner for securing financing fast. They offer customizable solutions with predictable payments for companies in most industries.
As an industry leader, Newtek strives to fuel the entrepreneurial engine in communities nationwide. By understanding the realities SMB owners face, their financial products propel business growth.
FAQs
What credit score is needed?
A 650+ personal credit score is required for most Newtek loan programs. Startups may qualify at the discretion of underwriting.
How long does Newtek take to approve a loan?
Newtek provides fast lending decisions within 1-3 days for complete SBA loan applications. Smaller loans may fund even faster through their digital processes.
Does Newtek require collateral?
Loans under $2 million do not require business or personal collateral with Newtek.
Can startups get financing from Newtek?
Yes, Newtek accepts startups under 2 years in business for select loan products – decisions based on the owner’s credentials and business plan viability.
What industries are ineligible?
Newtek does not offer financing to adult entertainment, marijuana, speculative businesses, non-profits, or gambling firms due to regulatory constraints.
