NEW YORK, March 22, 2013 /PRNewswire/ -- World Business Lenders, a lender to small businesses, has 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.
"WBL's customers are the nation's brick and mortar Main Street businesses," said Doug Naidus, WBL founder and CEO. "From gas stations to grocery stores, family clinics to day care centers, we help small businesses across the country access the funding they need to grow."
"We appreciate Harvest Capital Credit's support for our business. The firm understands the growing need for financing for small businesses throughout the United States," Naidus said.
About World Business Lenders
Based in New York City, World Business Lenders (www.wbl.com) is a lender specializing in serving the small business community. WBL was founded by a group of successful international entrepreneurs with extensive experience and background in financial markets. The company was founded to help the underserved small business sector and satisfy the growing need for small business capital.
About Harvest Capital Credit LLC
Based in New York City, with offices in San Francisco, CA and Alpharetta, GA, Harvest Capital Credit is a specialty finance company that provides debt capital (both senior and subordinated financing) to lower middle market companies; which it defines as having less than $10MM of EBITDA. It will consider providing financing to a wide variety of industry sectors located throughout the U.S.
SOURCE World Business Lenders