Managing finances is the biggest challenge for small business owners, accessing working capital at critical junctures. It determines business survives a cash crunch or seizes a promising growth opportunity. Here, dedicated small business finance companies Harvest.
This guide will explore the financing options for small businesses, eligibility criteria, application processes, and tips for getting approved.
What Harvest Provides?
Here are the key financing options and services that Harvest Small Business Finance provides:
Term Loans
– Ideal for larger investments or big-ticket expenses
– Lump sum payment upfront
– Fixed monthly repayments over 6 to 18 months
– Loans up to $500K
Lines of Credit
– Revolving credit lines up to $500K
– Flexible access to capital as needed
– Draw funds when required, repay, and draw again
– Manage cash flow gaps
Merchant Cash Advances
– Get an advance in exchange for a percentage of future card sales
– Provides access to capital using projected credit card receivables
– Payments adjust up or down based on actual sales volume
– For businesses with over $150K in annual card payments
– Easy online application
– Rapid approval decisions in minutes
– Funding as fast as 1 business day
– Dedicated support team
– Flexible repayment options
Eligibility Criteria
To qualify for financing from Harvest, your business must:
Business Status
– Registered and operating in the US for at least 12 months
– Annual revenue between $100K – $20 million
– Cannot be in restricted industries (gambling, adult entertainment, bail bonds, firearms)
Credit History
– Personal credit score 650+
– No bankruptcies or foreclosures in the past few years
Financial Documents
– Able to provide business bank statements showing cash flow history
– Financial statements that showcase annual revenue and expenses
– Proof that business and principals are current on existing obligations
Other Aspects Considered:
– Strength of business plan and growth prospects
– Ability to explain how the financing will catalyze growth
– Contingency planning for surviving economic downturns or interruptions
The goal of Harvest’s eligibility criteria is to verify that the business is stable and creditworthy with strong prospects. The final lending decision will be based on Harvest’s holistic and customized review of each applicant’s financial situation and risk factors.
Application Process
Here are the key steps in Harvest’s application and financing process:
1. Initial Application
– Apply online by filling out Harvest’s application form
– Provide business details like ownership, industry, years in operation
– Share revenue totals, number of employees
– Explain funding needs and proposed uses
2. Verification & Evaluation
– Connect business bank accounts for insight into cash flows
– Authorize accessing financial statements
– Undergo business & personal credit checks
– Assign an account manager who assesses your profile
3. Approval Decision
– Initial automated decision in minutes based on algorithms
– Account manager manually reviews the application
– Requests any clarifications or additional documents
– Final approve/decline decision in 1-3 days
4. Documentation & Funding
– If approved, e-sign the loan agreement electronically
– Funds wired to bank account within 1 business day
– Ongoing support from your account manager
The process focuses on using technology to simplify and expedite small business financing. Harvest gathers all information required to rigorously evaluate creditworthiness while delivering exceptionally fast timelines.
Tips to Get Approved
Follow these tips to get approved
- Maintain low credit card debt and avoid new hard inquiries before applying
- Keep accurate financial records showing consistent revenue
- Be ready to explain any past credit issues or revenue declines
- Have a business continuity plan for surviving economic downturns
- communicate how the financing will be invested in business growth
The Bottom Line
For small businesses seeking fast, flexible access to growth capital, Harvest Small Business Finance uses smart technology to offer customized lending solutions not adequately met by traditional banks. Their online application and rapid funding process make obtaining financing simple and convenient.
As long as your business meets eligibility criteria and you put thought into explaining your capital needs and plans, Harvest can likely offer terms and structures tailored to your business goals and cash flow realities.
Conclusion
Harvest Small Business Finance provides an invaluable avenue for financing and cash flow solutions tailored to small business needs. By leveraging data-driven technology to deliver fast-term loans, revolving credit facilities, and merchant cash advances, Harvest empowers businesses to not just survive but thrive. They focus on flexibility in the use of funds and repayment options matched to actual business performance.
The bottom line is that alternative lenders like Harvest enable ambitious small companies to turn opportunities into reality. Every business goes through phases of growth, uncertainty, seasonal fluctuations, or temporary distress. But with the right financing partner providing the right product at the right time, more of those ventures can become sustainable success stories. That’s the goal that Harvest delivers on, and why they should be strongly considered by any small business exploring their funding options.
FAQs
What credit score is required for Harvest financing?
Harvest requires a minimum personal credit score of 650 but scores closer to 700 have the best approval odds.
How long does Harvest take to make a lending decision?
Initial decisions can come in as fast as 5 minutes after applying. Final approval may take 1-3 days after verifying details.
Can Harvest transfer funds on the same day as approval?
In most cases, Harvest can deposit approved funds to your bank account within one business day.
What fees does Harvest charge for financing?
Interest rates and fees vary depending on the product, loan amount, payback term, and risk profile. Expect rates between 7%-99% APR.
Can people pay off Harvest loans early?
Yes, Harvest term loans and credit lines can be repaid early with no pre-payment penalties.
