Daily News: January 17, 2018

Capital One Closes $60MM Revolver for Harvest

Capital One closed a two-year, $60 million senior secured revolving credit facility for Harvest Small Business Finance. Owned, in part, by a fund managed by Candlewood Investment Group, Harvest is a nationally licensed SBA lender which originates, sells and services loans to qualifying small businesses.

The Capital One facility will provide Harvest with senior capital to fund its nationwide originations of SBA 7(a) loans.

“Harvest’s leadership team is truly exceptional and has extensive experience growing and managing SBA platforms,” said John Walsh, managing director at Capital One’s Financial Institutions Group. “We are excited to provide the company with its inaugural senior secured credit facility.”

“Capital One structured a customized credit facility designed to help us execute on our long-term growth strategy,” said David Scherer, Harvest’s co-founder and president. “Their support, and the continued support of the Candlewood Structured Credit business, will allow us to build on the momentum we have already established and improve our ability to serve small business borrowers across the country.”

Formed in 2015 and headquartered in Laguna Hills, CA, Harvest offers SBA 7(a) loans of up to $5 million to small businesses. CIG has invested approximately $56 million of transactional capital in Harvest since its inception.