Harvest Small Business Finance is a commercial mortgage lender located in Laguna Hills, California, that was founded in 2016. Harvest offers SBA 7(a) loans to companies that want to purchase real estate. The company says it can process applications for these small-business loans in just a few days and close loans within 30 days. During 2020 and 2021, Harvest partnered with a fintech startup called Womply to fund Paycheck Protection Program loans. Since then, Harvest has received a lot of negative online reviews from borrowers who had their PPP applications sent to Harvest. PPP funding is no longer available, however, and now Harvest only advertises SBA 7(a) loans.
Harvest Small Business Finance is best for borrowers who:
Fit into Harvest’s list of preferred industries. Harvest says it specializes in working with companies purchasing properties in the industrial, retail, self-storage, hotels, auto repair, car dealership and day care sectors.
Don’t need financing immediately. While Harvest says it can close SBA 7(a) loans in 30 days, SBA loans typically take longer to fund than almost any other type of business loan.
Harvest Small Business Finance SBA 7(a) loans
Harvest Small Business Finance offers SBA 7(a) loans to businesses that want to finance commercial real estate.
SBA loan interest rates are pegged to the prime rate plus a lender spread, which the Small Business Administration limits based on each loan's size and maturity date. SBA loans used for real estate can have terms as long as 25 years. You'll likely have to provide collateral and a personal guarantee.
Harvest offers the following details about its SBA 7(a) loans:
Loan amounts: $200,000 to $5 million.
Approval time: 2-4 days.
Closing time: 30 days.
Eligible property types: Offices, industrial property, retail, self-storage, hotels, auto repair shops, car dealerships, day care businesses and more.
Harvest Small Business Finance PPP loans
In 2020 and 2021, Harvest was one of more than two dozen lenders that worked with Womply, a startup that created a PPP application portal meant for self-employed workers. Womply says it helped process more than 250,000 PPP applications.
If you received a PPP loan from Harvest, you have until your loan’s maturity date to apply for forgiveness.
Harvest is participating in the SBA’s Direct Forgiveness program, which means you can apply to the SBA for loan forgiveness instead of working with Harvest. You can find the direct forgiveness portal on the SBA’s website.
Where Harvest Small Business Finance stands out
Clear application timeline
SBA loans can have a lengthy application process. Harvest Small Business Finance makes its timeline plain. Borrowers can expect application approval within two to four days and closings within 30 days.
Clear definition of their preferred borrower
Harvest works with a specific, targeted group of borrowers: Businesses that want to use SBA 7(a) loans to acquire certain types of commercial real estate. If you don’t fall into that category, you’ll want to pursue other options.
Where Harvest Small Business Finance falls short
Difficult to contact
Harvest Small Business Finance prompts customers to call for more information about its loans, but no lending contact information is included on its website. The phone number listed for Harvest on its LinkedIn and Yelp pages was disconnected when NerdWallet attempted to contact the company.
Limited loan types and industries
Harvest Small Business Finance only offers SBA 7(a) loans for one purpose — commercial real estate acquisition — and specifies certain preferred industries. If you don’t fall into one of those categories, you’ll need to look elsewhere.
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 shop around.
Alternatives to Harvest Small Business Finance business loans
Live Oak Bank
If you want to use a 7(a) loan for something besides real estate, consider Live Oak Bank. Between July 2021 and March 2022, Live Oak Bank lent more money via SBA 7(a) loans than any other financial institution in the country. In addition to 7(a) loans, they offer SBA 504 loans, which can help finance real estate purchases.
Bank of America
If you want a wider variety of funding options, Bank of America offers SBA loans as well as unsecured term loans, lines of credit, commercial real estate loans and business auto loans. Talking with a Bank of America representative can help you better understand these options and figure out what type of financing might be best for you.
If you need funding faster than a bank or the SBA can offer, consider working with an online lender like Funding Circle. Funding Circle makes loans of up to $500,000 with interest rates starting at
15.22%. Funding can be available in as little as two days.