Harvest Small Business Finance Small Business Loan Review
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Harvest SBF is a direct SBA 7(a) lender offering commercial real estate loans ranging from $200,000 to $5 million. 7(a) loans offer advantages to small businesses through extended terms and competitive pricing for the purchase or refinance of multipurpose owner-user real estate.
Understanding Your Loan Options
Harvest small business financing differs from the competition by offering creative solutions for business owners looking to take advantage of property ownership. Where the banks have to go through much longer complicated processes, this company prides itself on quick approvals (2-4 days) and timely closings (within 30 days). The type of loans they provide are to finance eligible property like offices, industrial, retail, self-storage, hotels, auto repair, car dealerships, day care and more.
The Harvest Small Business Finance company really is not specific when it comes to the conditions for the loans they offer, although they do say that they are very flexible when it comes to secured loans. For example, the only SBA loan that they tout is the 7(a) which assumes the loan is secured by an asset that can be confiscated if the loan goes south.
Speed of Implementation and Loan Duration
The main pitch of Harvest is that the length of time it takes to apply and receive the actual money. The process has been digitized to the extent that all of the application documents are available for download on their website. While many SBA lenders use an online application process, there are also many that don’t and that puts Harvest Small Business Finance ahead of some of their competitors when it comes to the speed of decision and loan disbursement.
There aren’t very many ways to speed up the application process for SBA loans, and the only thing you can do to influence the process is to have all the necessary paperwork in order before you begin the loan application process. Harvest’s non-SBA products feature a relatively fast decision time and disbursement, so you should look to those if your needs are more short-term.
Fine Print and Final Thoughts
Harvest could be a good option for many different small businesses. However, before you sign on the dotted line you should make sure that you understand the true cost of the loan. Get a list of all of the charges and fees associated with getting a loan through Harvest so you can have a complete understanding of what your loan will actually cost you.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.