Newity

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NEWITY LLC
LLC
IndustryFinancial Services
Founded2020
FounderLuke LaHaie, David Cody
Headquarters
Chicago, Illinois
,
United States
ServicesSBA 7(a) Loans, Employee Retention Credit, PPP Loans, Term Loans, Lines of Credit
Number of employees
51-200
Websitehttps://newitymarket.com/

Newity, stylized as NEWITY, is a financial services company that uses technology to assist small businesses with their SBA 7(a) loans or other options if they do not qualify. Headquartered in Chicago, IL, Newity has aided in securing $11.4 billion to small to medium sized businesses through SBA loans and tax credit application assistance.[1]

Newity was founded in Chicago, Illinois in 2020 by co-founders Luke LaHaie and David Cody.[2] Newity was created to help small business owners.[3] Newity has helped 120,000+ small businesses.[1]

Lending programs

Small Business Administration loans:

SBA loans are government-backed, low interest loans offered by the Small Business Administration within the US government designed for small businesses. These loans are commonly used to help cover rent, payroll, 1099 payments, utilities, marketing, membership programs, debt, and refinancing.[4] [5] 

Newity is a service loan provider that assists small businesses with their SBA 7(a) loan application. In 2023, Newity alongside Northeast Bank produced the most SBA 7(a) loans under $100,000 in the United States.[6] [7]

Employee Retention Credit:

Employee Retention Credit (ERC) is a payroll tax credit offered by the IRS to small businesses to employers who kept their employees during the COVID-19 Pandemic during 2020 and 2021. ERC allows for a maximum of $26,000 per employee retained.[8]

ERC Fast Track is a program Newity created to help businesses determine their eligibility for the credit, prepare their amended tax forms, file with the IRS, and receive cash for their ERC claim within days of filing.[9]  

ERC Advance is a program Newity created to allow businesses to receive cash for their ERC claim if it has already been filed.[10][11]

Payment Protection Program Loan:

Newity is the nation’s largest independent PPP loan servicer, assisting banks and non-banks originate and service Paycheck Protection Program (PPP) loans.[12]

Referral partnerships

Newity supports banks, credit unions, lenders, and brokers in helping their clients access affordable capital through the SBA 7(a) loan program and fast funding of Employee Retention Credits. [13]

Business services

Newity aids small business growth by providing solutions to common business challenges through service providers. Newity offers Xendoo[14] for online bookkeeping and tax solutions, Mylo[15] for insurance services, Cultivate Advisors[16] for business consulting, and Breef[17] for marketing services[18].

Awards

LendVer: 2024 Best Service Provider[19]

LendVer: 2023 Best Employee Retention Credit (ERC) Company[10]


References

  1. ↑ 1.0 1.1 "Praxent Helps NEWITY Efficiently Provide 120,000+ SMBs with Access to $11.4B in Funding Through an Agile SMB Capital Access Platform". www.businesswire.com. 2023-08-29. Retrieved 2024-03-07.
  2. ↑ "Luke Lahaie - Co-Founder, CEO at NEWITY". THE ORG. Retrieved 2024-03-07.
  3. ↑ "About Us". NEWITY LLC. Retrieved 2024-03-07.
  4. ↑ "Small Business Administration". www.sba.gov. Retrieved 2024-01-25.
  5. ↑ "7(a) loans | U.S. Small Business Administration". www.sba.gov. Retrieved 2024-01-25.
  6. ↑ "Workbook: 7a504LenderReport". careports.sba.gov. Retrieved 2024-02-01.
  7. ↑ "NEWITY". Praxent. Retrieved 2024-03-01.
  8. ↑ "Employee Retention Credit | Internal Revenue Service". www.irs.gov. Retrieved 2024-01-30.
  9. ↑ NEWITY. "NEWITY Launches ERC Fast Track, Enabling Businesses to Receive their ERC Refund in Days". www.prnewswire.com (Press release). Retrieved 2024-01-30.
  10. ↑ 10.0 10.1 "LendVer Names NEWITY the 2023 Best Employee Retention Credit (ERC) Company | LendVer | Best Business Lenders | A free database of vetted Best Business Lenders and Service Providers". www.lendver.com. Retrieved 2024-01-25.
  11. ↑ "Newity". Banks.com. Retrieved 2024-03-07.
  12. ↑ "Small-business loan servicer pivots away from PPP". American Banker. 2022-01-07. Retrieved 2024-01-30.
  13. ↑ "SBA & USDA | Northeast Bank". www.northeastbank.com. Retrieved 2024-01-30.
  14. ↑ "Newity Partner Page". Xendoo. Retrieved 2024-01-25.
  15. ↑ "Business | Smart, Fast, Friendly Digital Insurance Expert | ChooseMylo.com". choosemylo.com. Retrieved 2024-01-25.
  16. ↑ "Schedule a Free Advising Session to Map Out Your Business Growth". Cultivate Advisors. Retrieved 2024-01-25.
  17. ↑ Breef. "breef. | Newity Partnership". www.breef.com. Retrieved 2024-01-25.
  18. ↑ "Maximizing Your Email Marketing Strategy: A Comprehensive Email Marketing Guide | LendVer | Best Business Lenders | A free database of vetted Best Business Lenders and Service Providers". www.lendver.com. Retrieved 2024-01-25.
  19. ↑ Relations, Public (2024-01-17). "LendVer Announces Awards for 2024 Best Business Service Providers". EIN Presswire. Retrieved 2024-01-25.

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