Harvest Capital Closes Facility for World Business Lenders
World Business Lenders, a lender to small businesses, announced that it closed a credit facility with Harvest Capital Credit. According to the company, the financing will be used to increase its lending to small businesses across the country.
Founded in 2011, WBL provides short-term loans to small businesses in amounts ranging from $10,000 to $400,000. The company bases its financing decisions primarily on the cash flow and assets of the business, rather than the personal finances of the owner.
According to WBL, the company plans to increase loan originations to small businesses some 300% this year. WBL provides short-term and flexible commercial loans for a range of operational needs. Typically, business owners are interested in investing in new equipment, making time-sensitive inventory purchases or financing temporary cash flow needs. The company offers a streamlined underwriting process that can take as few as five business days.
NYC-based World Business Lenders specializes in serving the small business community. WBL was founded by a group of international entrepreneurs with extensive experience and background in financial markets.