That matters because SBA loans can take a long time. That doesn’t just mean the Small Business Administration thinks Harvest is cool―it means Harvest can make lending decisions in-house instead of requiring SBA approval. Second, Harvest is what’s called an SBA-preferred lender. But the regulated interest rates on SBA loans makes them very competitive when compared to alternative business loans from online lenders. And sure, you may find lower interest rates from a traditional bank. We’ve found a couple features that make Harvest worth considering.įirst, the interest rates. Sound doable? Then let’s talk more about what makes Harvest good. Business that’s more than two years old.(SBA lenders can, to a degree, set their own borrower requirements.) But based on what we’ve seen from other SBA lenders, we expect it looks for the following: Annoyingly, Harvest Small Business Finance doesn’t list its minimum business loan requirements. Of course, all this assumes you qualify for a Harvest small-business loan. (And remember, you’d pay these fees at any SBA loan company.) Expect to pay 3.0% to 3.5% in fees for loans in this size range. Note you’ll also have to cover some typical SBA loan fees. Since the Prime rate is currently 7%, 1 that means you’ll have a maximum interest rate of 9.75% on your business loan. Small Business Administration sets the maximum interest rate for SBA 7(a) real estate loans at the Prime rate + 2.75%. Harvest lets you borrow up to 93% of the real estate’s value.Īnd like any SBA lender, Harvest offers competitive interest rates. Fortunately, you can get pretty large business loans through Harvest―up to $5 million―giving you plenty of capital for your real estate purchase.
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