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NewtekOne Business Loans Review

Lindsay Frankel
Written by Lindsay Frankel
Dawn Daniels
Edited by Dawn Daniels
Updated on: April 3, 2025 Content was accurate at the time of publication.
We are committed to providing accurate content that helps you make informed money decisions. Our partners have not commissioned or endorsed this content. Read our editorial guidelines here.
NewtekOne

  Rate range: Undisclosed

  Loan amounts: $2,500 to $15,000,000 or a credit line of up to $5,000,000

  Our Verdict: NewtekOne is an SBA-preferred lender that offers large loan amounts for businesses that can provide collateral, including startups, but the lender’s website lacks transparency and the customer support is subpar.


Pros and cons of NewtekOne

Pros

  •  Largest SBA-preferred lender by loan volume
  •  Offers term loans up to $15,000,000
  •  Option to prequalify online
  •  Terms up to 300 months
  •  Startups with good credit may qualify for funding

Cons

  •  Undisclosed APRs and fees
  •  Larger term loans require collateral and lines of credit must be backed by account receivables, inventory or operating capital
  •  Doesn’t offer merchant cash advances or other bad credit financing options
  •  Website lacks transparency and customer service team provides incomplete information

NewtekOne small business loans review

NewtekOne, also referred to as just Newtek, is a popular SBA-preferred lender that offers an array of loan options, including term loans up to $15,000,000, a relatively large maximum loan size among small business lenders. Newtek may also offer funding solutions for startups that can provide collateral and have good credit. 

But the lender’s website lacks transparency, providing few details about the features, requirements and rates of its loans. Newtek’s customer service team isn’t particularly helpful in providing clarity. Newtek did not reply to our requests for essential information, which raises concerns for small businesses that need help understanding their loan options. 

NewtekOne is part of the Newtek brand, which also includes Newtek Bank. The company refers to its nonbank business products as NewtekOne.

Who is NewtekOne best for?
  • Startups with good credit: NewtekOne will consider new businesses with a minimum credit score of 700 and collateral. However, startups may not be eligible for all loan programs. 
  • Asset-based financing: Businesses with sufficient collateral may find Newtek’s secured term loans and lines of credit appealing. Secured loans often come with lower rates, but Newtek doesn’t disclose its APRs, so be sure to compare your options.

NewtekOne small business financing at a glance

ProductLoan amountsRepayment termEstimated interest rateUse cases
Business term loan$2,500 to $15,000,00060 to 300 monthsUndisclosedWorking capital, real estate, inventory, refinancing, acquisition and expansion
Secured business line of credit$50,000 to $5,000,000Renewable 12-month termUndisclosedWorking capital, payroll, taxes, expansion, acquisition and other operations
SBA 7(a) loansUp to $5,000,000Up to 300 months10.50% to 14.00% for variable loans 14% for loans $50,000 or less
13.5% for loans $50,001 to $250,000
12% for loans $250,001 to $350,000
10.5% for loans above $350,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
Real estate, working capital, equipment, refinancing, ownership changes and other purposes
SBA 504 loanUp to $5,500,000120, 240 or 300 monthsApproximately 3.00% of debt  Based on SBA guidelines Major fixed assets
SBA microloanUp to $50,000Up to 84 monthsUndisclosedWorking capital, inventory, equipment and other purposes

Term loan

NewtekOne offers small business term loans, which provide a lump sum of cash in exchange for monthly payments over 60 to 300 months. Loan amounts range from $2,500 to $15,000,000. Newtek doesn’t charge prepayment penalties, so you can pay off a term loan early to save money on interest. However, there may be down payment and/or collateral requirements for loan amounts greater than $50,000.

Business line of credit

Newtek offers secured business lines of credit with limits ranging from $50,000 to $5,000,000 that are designed to meet short-term cash flow needs. Newtek credit lines have a one-year renewable term and must be backed by accounts receivable, inventory or operating capital. 

SBA 7(a) loan

Newtek also offers SBA 7(a) loans, which are term loans backed by the Small Business Administration (SBA). Newtek participates in the SBA Preferred Lending Program, allowing the lender to process some SBA loans with reduced requirements and without prior approval from the SBA. This may benefit borrowers with a faster approval time. Newtek is also experienced with the SBA 7(a) application process and is the largest SBA lender by loan volume.

SBA 504 loan

Also backed by the SBA, 504 loans are longer-term loans that you can use to purchase real estate, land, equipment or machinery. The 504 loan program also allows for consolidating or refinancing debt in certain circumstances. The maximum loan amount is $5,500,000.

SBA Microloan

Newtek offers SBA microloans up to $50,000 for businesses with at least one year of tax returns.

NewtekOne borrower requirements

Minimum annual revenueUndisclosed
Minimum time in business
  • 1-2 years, depending on loan type
  • New businesses may be eligible with a credit score of at least 700
Minimum credit score
  • 650-700, depending on loan type and time in business

Newtek’s website doesn’t provide much information about borrower requirements, and the lender doesn’t disclose if it has a minimum annual revenue requirement. Newtek generally lends to businesses that are at least two to three years old, but it may provide startup business loans for borrowers that meet credit requirements. To find out for certain if you can qualify, you’ll need to apply.

Newtek does require applicants to provide collateral to qualify for small business loans greater than $50,000. Term loans may be backed by real estate, heavy machinery and/or equipment, and lines of credit may be backed by account receivables, inventory or cash. Newtek may extend up to 85% of the value of your account receivables or up to 50% of the value of your inventory as a line of credit. 

If you’re applying for an SBA loan, you’ll also need to meet additional requirements established by the Small Business Administration. For example, your business must operate for profit, meet SBA size requirements, be an eligible business type and have exhausted non-government financing sources. You may also need to make a down payment

Some term loan options may only be available to businesses in select industries that have been operational for at least two or three years.

Required documents

To qualify for a business loan from Newtek, you may need to submit the following required documents:

  • Business plan with financial projections
  • Financial statements
  • Repayment plan
  • Personal and business credit reports
  • Tax returns (if available)
  • Collateral statement with market value
  • Legal documents such as licenses and contracts

Note that the requirements may vary by loan type, collateral type and loan use, but a Newtek customer service representative can help you ensure your application is complete.

Alternatives to NewtekOne

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NewtekOneWells FargoOnDeck
Minimum credit score650 (700 for startups and microloans)680 for business line of credit, may vary for other products625
Loan products offered
  • Term loan
  • Business line of credit
  • SBA 7(a) loan
  • SBA 504 loan
  • SBA microloan
  • Business line of credit
  • SBA 7(a) loans
  • SBA 504 loans
  • Business term loan
  • Business line of credit
Time to fundingUndisclosedUndisclosedAs soon as the same day
Starting rate
  • SBA loans vary by loan type and amount
  • Undisclosed for other products
  • 0.50% for secured lines of credit  Based on the current prime rate of 7.50% + 0.50% added by Wells Fargo
  • 1.75% for unsecured lines of credit  Based on the current prime rate of 7.50% + 1.75% added by Wells Fargo
  • SBA loans vary by loan type and amount
  • 31.30% for term loans   Minimum APR offered to at least 5% of customers (not the lowest rate offered)
  • 40.00% for lines of credit  Minimum APR offered to at least 5% of customers (not the lowest rate offered)
Maximum loan size
  • $15,000,000 for term loans
  • $5,000,000 for SBA 7(a) loans and business lines of credit
  • $5,000,000 for SBA 7(a) loans
  • $15,000,000 for SBA 504 loans
  • $1,000,000 for secured lines of credit
  • $150,000 for unsecured lines of credit
  • $250,000 for term loans
  • $100,000 for lines of credit
Minimum annual revenueUndisclosedUndisclosed$100,000

NewtekOne vs. Wells Fargo business loans

Wells Fargo offers versatile options for small businesses, including a small business line of credit for newer businesses with a guarantor credit score of 680 and a higher-limit line of credit with competitive rates for larger small businesses.

 Like Newtek, Wells Fargo is also an SBA-preferred lender, and the bank was our top pick for the best SBA loans from a traditional bank, which offers the advantage of in-person support. But it may be tough to qualify for a loan from Wells Fargo, and Newtek offers larger loan amounts. 

Learn more in our Wells Fargo business loan review.

NewtekOne vs. OnDeck

OnDeck may be a good option for fair credit borrowers since the lender has a lower minimum credit score requirement than Newtek. 

But OnDeck is not an SBA lender, and its loan options are relatively limited. The maximum loan size is $250,000 for business term loans, a far cry from Newtek’s $15,000,000 maximum loan size. But small businesses looking for a small cash injection may find OnDeck’s processes and requirements easier to navigate, and the lender has an excellent Trustpilot rating based on thousands of glowing reviews from borrowers. 

Learn more in our OnDeck business loan review.

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