Newtek Bank, N.A. introduced the Newtek Seven Day Business Loan, enabling approved borrowers to receive up to $350,000 within seven days of submitting a complete application. The loan is structured over a ten-year repayment period without a balloon payment, offering lower total borrowing costs compared to merchant cash advances.

The bank’s internally developed NewTracker loan processing system leverages AI to analyze historical financials, project cash flows and facilitate lien placements. AI handles data gathering and presentation to the credit committee, while experienced credit professionals make final decisions, reducing manual effort and errors.

By integrating AI into its lending operations, Newtek has tripled closed loans over three years without adding staff, improved operating efficiency and reduced borrower fees. The digital onboarding capability also expanded depository accounts to 35,000, demonstrating scalability and enhanced profitability for shareholders.