Table of Contents Show
- Harvest Small Business Finance Overview
- What Type of Loan Does Harvest Small Business Finance Offer?
- Who is Harvest Small Business Finance Best For?
- What Loan Amounts Does Harvest Small Business Finance Offer?
- What are the Advantages of Harvest Small Business Finance?
- What are the Disadvantages of Harvest Small Business Finance?
- Harvest Small Business Finance Requirements and Eligibility
- Harvest Small Business Finance Reviews
- Frequently Asked Questions About harvest Small Business Finance
- How is Harvest Small Business Finance rated?
- What days are Harvest Small Business Finance open?
- How can I check the status of my application with Harvest Small Business Finance?
- How do you finance a small business needs?
- What is the best funding for small business?
- Can I get a business loan from my bank?
Ever heard of harvest small business finance without an iota of what it entails? I was also naive, which led to my research on how this small business finance operates.
Harvest small business finance from the name is a non-bank lender giving loans to small businesses. So, if you run a small business and need funds, you’re sure to get one here.
However, we’ve heard instances where many folks are curious about how they can access this finance body and whether it is legit.
We have done our findings and are ready to walk you through this part. Stay with us, and we will provide an overview of small business finance, its reviews, and current news.
Harvest Small Business Finance Overview
Harvest Small Company Finance, LLC is a non-bank lender that offers loans to small business borrowers. It was founded in 2015 and has its headquarters in Laguna Hills, California.
For simpler clarification, Harvest Small Business Finance is a commercial mortgage provider that provides SBA 7(a) loans to businesses looking to buy real estate.
An interesting fact about this organization is that it can process applications for a small-business loan in a matter of days and finalize loans within 30 days.
However, it might interest you to know that Harvest small business finance teamed with Womply, a fintech firm, to support Paycheck Protection Program loans in 2020 and 2021.
Also, this small business finance’s PPP funding is no longer accessible, and it currently solely advertises SBA 7(a) loans.
What Type of Loan Does Harvest Small Business Finance Offer?
Harvest Small Business Finance offers both SBA 7(a) loans and PPA loans.
SBA 7(a) loans are the loans they offer to small businesses with special requirements. To qualify for this, you must be a small business owner and be able to provide evidence pointing to reasons you need financial assistance.
On the other hand, PPA loans are loans provided to self-employers. Harvest started issuing PPA loans after collaborating with Womply, a company that developed a PPP application platform for self-employed people.
This is because Womply has assisted in the processing of over 250,000 PPP applications.
Meanwhile, if you acquired a PPP loan from Harvest small business finance, you have until the loan’s maturity date to repay it or request for ‘’forgiveness.’’
Harvest is a participant in the SBA’s Direct Forgiveness program, which means you can request debt forgiveness directly from the SBA rather than working with them.
Who is Harvest Small Business Finance Best For?
Harvest Small Business Finance is best for you if you are a borrower who wishes to borrow in the following areas:
- If you wish to buy real estate, Harvest Small Business Finance specializes in commercial real estate financing for enterprises.
- Fit into Harvest’s favored industries list: Harvest specializes in assisting businesses in the industrial, retail, self-storage, hotel, auto repair, car dealership, and daycare sectors. So, if you fit in here, you’re good to go.
- Don’t require funding right now: You will have to know that while Harvest claims to be able to settle SBA 7(a) loans in 30 days, SBA loans are often more difficult to fund than nearly any other sort of company loan. So, if you do not need the funds right away, then Harvest finance is your plug.
What Loan Amounts Does Harvest Small Business Finance Offer?
The loan amounts that harvest small business finance offers range from $200,000 to as high as $5 million.
However, for your loan to gain approval, it usually takes 2 – 4 days, and the closing time is always 30 days.
Also, to be eligible for this, your business should fall within the category of those who either have offices, do retail business, have industrial properties, self-storage, run hotels, have auto repair shops, deal on cars, or does daycare businesses.
What are the Advantages of Harvest Small Business Finance?
Accessing loans from Harvest small business finance comes with some benefits. Let us now look at some of the advantages:
Timeline for Application
The application procedure for SBA loans at other loan-giving firms can be time-consuming. ButwithHarvest Small Business Finance, the procedure is plain because they specify their timetable.
If you’re a Borrower, you should anticipate your applications to gain approval within two to four days. Also, your loans are closed within 30 days.
They Have a Clear Description of their Desired Borrower
Harvest works with a certain, defined set of borrowers: businesses seeking to buy specified types of commercial real estate using SBA 7(a) loans.
If you don’t fit into that group, you should look into alternative possibilities.
What are the Disadvantages of Harvest Small Business Finance?
Harvest small business finance does not come with shortfalls. Let’s have a look at some of them:
Contacting them is Difficult
This Business Finance encourages clients to call for further information about its loans, yet there is no lending contact information on the website.
For instance, when NerdWallet sought to contact Harvest, the phone number provided on its LinkedIn and Yelp accounts wasn’t going through.
Loan Types and Industries are Restricted
Small Business Finance only offers SBA 7(a) loans for one purpose — commercial real estate acquisition — and specifies certain preferred industries.
If you do not fit into one of those categories, you’ll need to look elsewhere.
Related: Yes Finance Loan Services & Reviews
SBA Loans can be Hard to Qualify For
To meet SBA loan requirements, you’ll need strong financials and, usually, at least two years in business. If you’re a new business or have bad or fair credit, you may need to look elsewhere.
Harvest Small Business Finance Requirements and Eligibility
You must meet the following requirements to be eligible for an SBA 7(a) loan from Harvest Small Business Finance:
- You must be a resident of the United States
- You must meet the SBA’s size requirements
- Be a for-profit enterprise
- Have funds to invest
On the other hand, some requirements needed before accessing a loan at small business finance include:
- You should have a credit score of at least 640
- Collateral: If the loan-to-value ratio is less than 85%, the commercial property acts as security, and no further collateral is required. If the LTV exceeds 85%, collateral in the form of commercial or personal assets is required.
- Over the prime rate, a maximum markup of 2.75% is permitted.
- On loans ranging from $150,000 to $700,000, there is a 3% guarantee charge.
- Personal and business declarations, Personal assets and liabilities, Information on real estate to be funded, Business History, A/R, and A/P aging summaries, Business ownership, Debt summary, and Amount and purpose of loan
Harvest Small Business Finance Reviews
Harvest Small Business Finance does not have nearly as many internet reviews as its competitors. Initially, reviews were tough to come by, but in recent months, a few have appeared on sites such as the Better Business Bureau.
The majority of bad reviews centered on its Paycheck Protection Program (PPP) loans, which have now expired and are no longer offered by Harvest Small Business Finance.
Others complained about: Unclear instructions for applying for PPP debt forgiveness, delays in the distribution of PPP money, and inability to contact customer service.
The BBB website gave the firm a rating of 1.13/5 (based on 15 reviews), while Yelp gave it a rating of 1.5/5 (based on 22 reviews).
Harvest, on the other hand, has testimonial videos on its website. Borrowers appreciate the firm in these videos for the following reasons:
- Financial solutions that are innovative
- The simple and quick loan application method
- Professional group
- Excellent communication skills
Frequently Asked Questions About harvest Small Business Finance
How is Harvest Small Business Finance rated?
Harvest Small Business Finance has a rating of 1.5 stars based on 26 reviews.
What days are Harvest Small Business Finance open?
Harvest Small Business Finance is open Monday through Friday from 9:00 a.m. to 5:30 p.m.
How can I check the status of my application with Harvest Small Business Finance?
Instead of requiring a standard login, Harvest-Ventures sends all candidates an email with a link to their application.
When you click the link, you will be asked to choose between starting new applications and continuing existing ones.
When you click the ‘continue application’ button, you will be sent directly to the program in question. When you log in, you will be sent to a screen that displays your current application status.
How do you finance a small business needs?
Here are the ways you can finance a small business’ needs
- Individual investment. Most start-ups need some personal commitment on the part of the entrepreneur, either in cash or in the form of personal assets used as security to acquire finance.
- Family and friends.
- Debt funding.
- Financing from outside sources.
- Subsidies and grants.
What is the best funding for small business?
Here are the greatest ways to get funds for your business’s expansion:
- The first financial source to consider is yourself.
- Loans from family and friends Loans are sometimes provided by friends or family members.
- Cards of credit
- Sites for crowdsourcing.
- Loans from banks
- Angel financiers
- Capital for risk-taking.
Can I get a business loan from my bank?
Yes, You can get a Business term loan from your bank. This is your standard bank loan option, supplied by a financial institution, and it functions in some ways similar to a personal loan.
This form of loan is frequently sought by businesses when they want to fund big expenditures, company renovations, acquisitions, or other substantial demands.
Truly, harvest small business finance is a platform that will aid you with funds for your business expansion.
Meanwhile, we promise to keep you updated on any latest updates on this finance. Drop a comment if you’ve got questions.
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