Pursuit SmartLoan
Sometimes, businesses need products, terms or requirements that aren’t offered at traditional banks. Pursuit (formerly Excelsior Growth Fund and NYBDC) pairs 65 years of lending experience with a creative, nimble approach to lending to get your small business customers funded. Partner with Pursuit to offer your customers streamlined access to loans from $10,000 to $100,000 when they need fast funding or need requirements or terms that your bank does not offer.
About the Pursuit SmartLoan™
With the Pursuit SmartLoan, your customer can get approved for loans of up to $100,000 in just 2 business days and receive funding within 5-7 days. Businesses can apply through an easy-to-use online portal and receive application support along the way. As a referral partner, you’ll be kept up to date on the status of your referral. By working together, we can create win-win scenarios for your customer and your bank.
SmartLoan Program Parameters:
- Loan amount: $10,000 up to $100,000
- Interest rate: 11.9%
- Term: 5 years/10 year amortization*
- Fees: 5% commitment fee, which is financed into the loan
Will my customer qualify?
If your customer meets the following requirements, they will be automatically approved for a SmartLoan. We do make loans on an exception basis.
- Must be in business for two or more years
- Business has at least two employees
- Cash flow is positive or break-even
- A personal credit score of 640 or higher
- Annual revenue is more than $120,000
- Business and owner have not had any tax liens or judgements filed within the last 3 years
- No prior bankruptcies for the owner or their business
Visit Pursuit’s website for more information.
Want more information? Contact our Profit Solutions Division at 1-800-522-5607 or gkananis@nyba.com