Thank you for choosing Pursuit as your Connecticut Small Business Boost Fund lender! Now that you’ve received your funding, you may have some questions about what comes next. Here are answers to some of the frequently asked questions we hear about the program:
My loan payment amount is changing. Why?
This increase to your monthly loan payment means that the three-month interest-only period on your loan has ended, and principal and interest payments have begun. Over the next four years, your monthly loan payment will cover the 4.5% interest portion but will also pay down the balance of your Connecticut Small Business Boost Fund loan. This dynamic of three months interest-only, followed by four years of principal and interest pay-down, is described in the Loan Note that you signed via Docusign.
How can I request a temporary deferment or reduction to monthly payments on my Connecticut Small Business Boost Fund loan?
The parameters of the program do not allow Pursuit to process any requests that change the monthly payment terms.
My loan is reaching the end of its three-month interest-only period, and principal and interest payments are about to begin. Can I extend the interest-only period?
No. The parameters of the program do not allow Pursuit to process any requests that change the monthly payment terms.
Can I refinance my loan into another loan that Pursuit offers?
No. The Connecticut Small Business Boost Fund interest rate is 4.5%, which is lower than any rate Pursuit offers. It is not financially sound to refinance a 4.5% loan with a higher rate.
When do my principal and interest payments begin for my Connecticut Small Business Boost Fund loan? And in what amount?
The principal and interest payments begin after three months have passed on your loan. The amount can be found in your loan statement, which is mailed to your business address about two weeks before the payment is pulled, or by reviewing the Loan Note signed in Docusign at time of funding your Connecticut Small Business Boost Fund loan.
How can I obtain a copy of my loan documents, such as the Loan Note?
Please send a request to [email protected].
How can I obtain a transcript of my payments historically?
Please send a request to [email protected].
If I need to change information about my loan, how might I do that? (E.g., updating mailing address, update bank account used for monthly ACH payments)
Please email [email protected].
Still have questions?
If you can’t find your answer here, reach out to us today! We’ll be happy to answer any questions you may have about your loan.
