Pursuit

Pursuit is a small business lender, formerly known as New York Business Development Corporation, The 504 Company, and Excelsior Growth Fund. It lends to businesses in Connecticut, Delaware, Illinois, New Jersey, New York, and Pennsylvania, and says it has been making loans for more than 70 years.

It offers more than 15 loan programs, including SBA 504, SBA 7(a), SBA Microloans, and its own SmartLoans, with business loans from $10,000 to $5,500,000+. Uses include working capital, construction and improvement, equipment and technology, refinancing business debt, buying a business, starting a business, inventory, and owner-occupied commercial real estate, where it advertises below-market rates and up to 90% financing. Applications can be started online or by phone, borrowers work one to one with a loan officer, and current 504 rates are published on the site. Pursuit is approved under the SBA's Preferred Lenders Program and SBA Express Program.

On impact, Pursuit reported total lending since inception of $3.7 billion through 8,700 loans as of 7/1/21, 35% of funding to minority and women business owners, and 65,438+ jobs created. For 2023 it reports 785 loans, $309 million lent, and 3,458 jobs created or retained. During the pandemic it provided $880 million in relief funds through 12,800 relief loans, averaging $69,000 each. The organisation is funded in part by member banks, has shareholders in Pursuit BDC, publishes annual reports and combined financial statements, and lists its headquarters at 19 British American Blvd. East, Latham, New York.

Its real estate lending is framed around owner-occupied commercial property for operating businesses rather than income property held for rent, so investors should confirm eligibility for their structure before applying.