Womply, a local commerce platform that provides marketing tools, APIs and financial tools, has partnered with Harvest Small Business Finance in a new program to assist small businesses. The partnership is designed to assist struggling small businesses, independent contractors, and gig workers access vital PPP funding. To learn more, visit womply.com.
Harvest Small Business Finance provides customer support via email and phone. It also has a fax number for submitting documentation. The company also has a Facebook page. However, there are not as many customer reviews as some of its competitors. A few have been posted in the past few months. The company’s website has minimal information about its services.
Harvest Small Business Finance is located in Laguna Hills, California. It specializes in SBA 7(a) loans. This type of loan is designed to help small business owners purchase owner-occupied real estate. The company also offers a refinance loan for borrowers looking to sell or refinance an existing property.
Harvest Small Business Finance’s customer service is geared toward borrowers with a good business plan and an excellent credit history. It aims to approve applications in four business days or less. The company offers competitive interest rates. Harvest also enables borrowers to pay off the loan at maturity, as long as they have not defaulted. The company’s customer service team will also assist you with any loan questions or concerns you have.
The company’s website provides minimal information on the 7(a) loan program, including rates, fees, and terms. It does, however, provide basic information on borrower requirements. The company also posts the current prime rate, which is often higher than the actual loan rate. You can expect to pay up to 2.75% over the prime rate. It is essential that you make sure you understand the terms of your loan before applying for a loan from Harvest Small Business Finance.
Harvest Small Business Finance customer service has a help desk ticket system. If you need to speak with a lender, you will be assigned a lender to handle the transaction. You can also submit questions through email or through the help desk. It does not have live chat, but you can leave a message if you need immediate assistance.
Harvest Small Business Finance is an SBA-approved lender. It offers fast loan approvals and a 30-day closing period. However, these features are not unique to Harvest, and other lenders offer a variety of funding options, including term loans and lines of credit. So, you may be better off seeking financing from a different lender if you are in need of funding.
Harvest Small Business Finance, LLC provides commercial real estate loans ranging from $200 000 to $5 million. This loan program is available to a variety of industries. It also provides financing for SBA 7(a) loans. In addition, Harvest SBA 7(a loans are offered to small businesses. Harvest Small Business Finance, LLC is one of the fastest growing non-bank SBA lenders in the country.
SBA 7(a) loan requirements
Small business owners must meet certain requirements to apply for an SBA loan. First of all, they must have acceptable credit. The SBA will screen applications using the FICO(r) Small Business Scoring ServiceSM (SBSS). SBSSS scores are based on an analysis of the financial and credit history of the business and up to five owners. Applicants must have a score of 155 or higher to qualify for an SBA 7(a) loan.
The maximum interest rate for a 7(a) loan is WSJ Prime plus 2.75%, which is significantly lower than standard banking rates. The SBA sets this rate to entice lenders to make the loan and to help borrowers secure loans at a fair market value. This means that even if the borrower misses a payment, the interest rate won’t skyrocket.
Another factor that can affect the interest rate on a 7(a) loan is the fee that the SBA charges lenders. The fee varies by lender, but most loans will require a guaranty fee of 0.25% to 3.75%. To qualify for an SBA 7(a) loan, borrowers must meet certain SBA requirements as well as lender requirements.
In addition to these, the SBA requires a business plan. This document should include at least three to five years of financial projections and a clear understanding of the business’s direction. It also requires personal financial information from the business owner. Applicants are encouraged to have at least two years of business experience, but many lenders require more.
Once a borrower meets these requirements, the SBA will issue a loan agreement. This document will outline rates and terms. Applicants must sign the agreement in order to receive the loan funds. The SBA website also offers a lender match tool that will match applicants with a lender that is familiar with 7(a) loans.
The SBA 7(a) loan program has several advantages over conventional financing. One of them is the flexibility of repayment. Borrowers can take as long as 25 years to pay off their loans. The SBA also offers loan guarantees that lower interest rates for applicants. The SBA 7(a) loan program is designed for entrepreneurs in underserved markets.
The SBA 7(a) loan program offers credit solutions for startups, business expansions, and commercial real estate purchases through SBA partner lenders. Other advantages of this program include the 50 to 85% bank guarantee, which helps mitigate credit risks. In addition, the SBA loan guarantee allows lenders to lower their capital reserve requirements. This can also open up new avenues of credit for clients.
The SBA 7(a) loan requirements for a small business loan vary from industry to industry. Small builders can use the Builders CAPLine to fund their businesses, while general contractors may opt for the Working CAPLine. These two programs are tailored to the unique needs of different industries.
Harvest Small Business Finance provides small businesses with loans for commercial real estate and other assets. The company has been in business since 2011 and provides fixed interest rates, low closing costs, and friendly loan terms. It also has a strong customer service department to help borrowers through the application process. The company is dedicated to making the process simple and hassle-free.
For questions and queries, Harvest Small Business Finance has a dedicated email address, a fax number, and a Facebook page. The company does not have a large number of reviews online, although there have been a few in recent months. Harvest Small Business Finance is available for online applications, but does not appear to be as well-established as competitors.
Many Harvest customers complain about their loan disbursements and communication problems. These complaints are often about Harvest’s PPP loans. However, customers do not complain about Harvest’s SBA 7(a) loans. The company is an SBA preferred lender, so it can speed up the application process.
If your business is in need of financing for commercial real estate, Harvest Small Business Finance may be the answer. It offers unsecured credit lines of up to $1 million. Applicants must have at least 10 percent of the funding already secured and collateral for repairs and inventory. Harvest will calculate the exact loan amount depending on the borrower’s creditworthiness and how the funds will be used.
While the SBA does not specify minimum credit scores for loans, intermediary lenders have their own requirements. In general, borrowers should expect to have a credit score of at least 640. Some loans may also require collateral. In such cases, commercial property or business assets are used as collateral.