Flex Loan
Access up to $100,000 with only minimal payments in the first 12 months to launch and grow your business
When you’re just starting your business, the most important resource you need is capital.
The Flex Loan program can give you just that. With this program, you can access up to $100,000 with only minimal payments in your first year. You’ll get the affordable startup funding you need for a strong launch and a bright future.
Fixed competitive interest rate
Minimal payments for the first 12 months
For early-stage businesses and startups
What is the Flex Loan?
The Flex Loan offers capital to Southwestern, PA-based start-ups and early-stage businesses up to two years in operation. With this program, you can access up to $100,000 in funding at a fixed interest rate with minimal payments for the first year.
Flex Loan Details
- Loan amount: up to $100,000
- Interest rate: 9.90% fixed
- Fees: 2% closing fee, or $500 if your loan amount is less than $25,000
- Term: 6 years; first year of only minimal payments (less than interest-only) with full principal and interest payments going forward, including the first year of accrued interest, going forward
- Time to funding: Completed applications are generally evaluated and funded within 4 weeks, subject to satisfactory documentation
Is the Flex Loan right for me?
If you’re starting a Southwestern, PA-based business or you’ve been up and running for 2 years or less, you could be a good fit for the Flex Loan! If you meet the following requirements, you might be a good candidate for the program:
- Located in Allegheny, Beaver, Butler, Washington, or Westmoreland Counties
- A startup business or early-stage business operating for two years or less
- Not a home-based business (active commercial lease or an identified business location required)
- 100 employees or less
- Personal credit score of 640 or higher (average of all owners with 20% or more ownership)
- No open liens or judgments
- No prior bankruptcies for you or your business in the last seven years
- Up to date on your government loans and tax payments
If you’ve been in business for two years, you’ll also need to provide proof of sufficient cash flow for debt payments.
Please note that we do not lend to money-service businesses; “passive” businesses engaged in owning, purchasing, leasing, or re-selling real estate or other assets; or those operating in sin industries.
What can you use the Flex Loan for?
You can use the Flex Loan for nearly any business purpose. It’s a great solution for:
- Working capital
- Furniture, fixtures, machinery, and equipment
- Inventory
- Leasehold improvements
Please note that proceeds cannot be used for payment of back taxes owed; settlements of lawsuits, trade disputes, fines, or penalties; or personal, non-business uses.
What documents will you need to apply for the Flex Loan?
The Flex Loan application is a two-step process. First, you’ll complete a pre-application questionnaire and your answered will determine your eligibility for the program. If you’re eligible, you’ll then be invited to complete a full application and submit all required documents.
For a complete application, you’ll need to submit:
- A written business plan (or equivalent document) and 2 years of financial projections
- A demonstrated equity contribution or ability to inject new equity of at least 10% of your total project cost
- All owners with 20% or more ownership must submit:
- Resumes
- Government-issued photo IDs
- Personal financial statements
- Personal tax returns from the past 2 years
- Personal bank statements from the past 2 months
- For businesses in operation for 1 to 2 years:
- Business tax returns from the past 1-2 years
- Interim financials dated within 120 days, including profit & loss statement and balance sheet
- Debt schedule
- Business and personal bank statements from the past 2 months
When you apply for the Flex Loan, you’ll be working with a trusted lender dedicated to empowering small businesses with nearly 70 years of business lending experience. We’ll guide you through every step of the way, from the application process to the finish line. We look forward to learning more about your business and how we can help!
Learn how other business owners have worked with Pursuit to reach higher:
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Ready to fund your dream? Learn more about our small business loan application process and get started today.
