Newity selects Biz2X for streamlined SBA Loan workflows

Background

NEW Newity LLC is a small business capital provider that assists banks, lenders & institutions in accessing capital by applying for SBA 7(a) small business loans and Employee Retention Credit (ERC) programs. Based in Chicago, Illinois, Newity has revolutionized the way businesses can access capital.

Over the past three years, Newity has helped businesses access $11.4+ billion in capital through SBA loans and tax credits. Newity offers best-in-class technology combined with real human support to aid small businesses in making their companies as efficient and profitable as possible.

The Challenge

Newity has a unique business in case in the small business lending space as they offer business owners access to capital to drive growth. They do not underwrite loans themselves, but rather have created an easier way to access capital by leveraging other bank’s SBA 7(a) loan programs. Ultimately, 7(a) loans are processed and approved by a certified lender participating in the program.
Newity needed a nimble, efficient turnkey platform to enable lenders to drive high SBA 7(a) volume through the platform. They wanted to streamline the application process by creating a highly-customized workflow tailored to their unique role in the SBA space.

The Solution

Newity selected Biz2X’s standard SBA 7(a) platform to achieve the efficiency and platform stabilization needed for their unique workflows. For their Biz2X configuration, Newity works with Northeast Bank, a Maine-based community bank to drive SBA 7(a) loans through the platform. As NEB is a participating lender in the SBA 7(a) program, the two leverage Biz2X to promote small business growth and success. The platform is highly customized to fit the specific workflows needed to accommodate the handoff from Newity to Northeast Bank.

The Results

Newity went live with Biz2X in November of 2021, following their PPP relationship with Biz2X dating back to 2020.

• Over 500 SBA 7(a) loans funded through Biz2X in 2023.
• 6500+ loans reviewed by Newity Underwriters and Relationship Managers in the Biz2X platform in 2023.
• Application review timeline from Newity to Northeast Bank: 15 days on average to review