Small Business and Business Software

Newtek Small Business Finance Inc. Ppp

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Newtek Small Business Finance Inc. Ppp

Newtek Small Business Finance Inc. Ppp

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Please note that these guidelines may change during administration in order to keep the site running efficiently and accessible to all users. Newtek is a legitimate credit institution, but many customer reviews complain about unanswered reviews and late loan payments.

Newtech bills itself as a business solutions company that offers SBA loans and short-term lines of credit to sustainable and profitable small businesses. They also offer a white glove service unlike other financial institutions and will guide you through the entire application process step by step.

The company seems to be very focused on customer service. There seem to be more complaints than compliments.

Newtek Small Business Finance Inc. Ppp

Do you need start-up financing, working capital, equipment or real estate financing for your business? Do you want approval within 48-72 hours and withdrawal within days?

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A variety of loan products ranging from $5,000 to $5,000,000 are available to most businesses, including those with limited history or bad credit, without requiring a personal guarantee.

Although Newtech has been in business for 22 years, they were only accredited by the BBB on January 26, 2021. Why did the Better Business Bureau approve them?

It’s a bit strange with a user rating of 1.48/5. While the latest reviews shine a positive light on Newtek, the negative reviews will be pushed down the page because they’ve left happy customers feeling like they’re wanted.

In the last 3 years, more than 40 applications and complaints have not been answered. Some older complaints only show generic copy-and-paste responses about company policies. In some of the BBB complaints, Newtek does not respond to emails, does not respond to calls, and does not respond to complaints, which speaks volumes.

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A relative complaint mentioned by several customers was that Newtech charged between $1,100 and $1,300 per SBA application to obtain loan approval. While Newtek did not, the customer had problems getting their money back. One particular reviewer only mentioned getting a refund after BBB posted a complaint about not receiving one.

The first tip is not to ignore BBB customer complaints. Too bad they don’t follow their own advice.

There are few reviews on Trustpilot, only one mentions SBA loans on the Newtek Merchant Solutions profile and 5 other reviews on The latter is actually their affiliate program, but all five reviews here mention PPP or SBA loans, and all have a negative tone.

Newtek Small Business Finance Inc. Ppp

A 1-star rating on TrustPilot is very similar to a rating on the BBB, where small businesses complain that no one is answering their emails or returning their calls, and that the business only has high-paying customers.

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Almost all of Newtek’s 15+ reviews on Yelp have only 1 star and many negative comments, making their 1.5/5 rating seem generous. Complaints are so numerous and so focused on non-response that they probably deserve to be on your Do Not Disturb list.

Some of the reviews are supposedly from former employees who didn’t have good things to say about the company they worked for.

Loan-to-equity limits are determined by your spending ability, not your credit score. Small business owners with stable monthly income can apply for a Divvy Business Visa card.

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There are many things you need to know before considering applying for a Newtek Small Business Finance loan. Before you decide whether or not to borrow from another lender, make sure you’ve read all of Newtek’s reviews.

If there is a common theme in all the negative reviews of Newtech, they ignore customers who are not approved for loans over $100,000. Representatives did not respond to countless emails and phone calls.

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Although not stated on their website, some BBB reviews say that the SBA loan application approval fee is at least $1,100. Some of the same customers also mentioned that they had difficulty getting their application fees refunded when their loans were not approved.

Newtek Small Business Finance Inc. Ppp

Founded in 1998, Newtek Small Business Finance Ltd. introduces itself as a business solutions company. They say their strength lies in going beyond the typical loan process and creating personalized solutions for customers, but their online reviews are terrible.

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After submitting your application, Newtek will assign you a dedicated loan officer. This agent will help you fill out your loan application form and advise you on the exact documents you need to submit.

Newtech’s commercial loans come in two types: SBA term loans from $10,000 to $10 million and revolving lines of credit up to $1.5 million with equity-based collateral.

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Newtech is an SBA-approved lender that can process up to $10 million in Small Business Administration guaranteed term loans. They offer long repayment periods of 7 to 25 years.

The SBA regulates and limits your interest rate, which is usually a few percentage points above the maximum. If you want to prepay your small business loan, Newtek offers limited or non-refundable penalties.

Many Newtech reviewers have wasted a lot of time applying for loans under $100,000 that were never funded, and note why so many of their requests have gone unanswered.

Newtek Small Business Finance Inc. Ppp

You can qualify for a large SBA loan of up to $10,000,000 or as little as $10,000.

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Each term loan has a repayment term ranging from a minimum of 7 years to a maximum of 25 years.

All of Newtek’s term loans are guaranteed by the Small Business Administration, which means their interest rates are capped.

The current acceptable interest rate for an SBA 7(a) loan is 5.50% to 9.75%. Where you fit on this sliding scale depends on your company’s credit history, finances, and amount borrowed.

Newtech’s second type of small business financing is revolving lines of credit, with limits ranging from $50,000 to $500,000. And you can get approvals up to $3 million when you add an accounts receivable guarantee. This equity-based financing option is more flexible than term loans and has fewer underwriting requirements. Generally, you can get funding from these revolving lines of credit within a few weeks.

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None of Newtek’s reviews specifically mentioned lines of credit.

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