As businesses continue to reboot and reopen after pandemic-related closures, securing affordable financing and COVID small business loans has become a lifeline for many. From the Paycheck Protection Program (PPP) to local grants and loan funds, the outpouring of support for the small business community has been incredible as business owners face challenges never seen before.
Pursuit is a proud participating lender for PPP and has worked diligently to ensure as many business owners as possible can take advantage of the program and other COVID small business loans available to them. Thanks to your referrals, we’ve been able to help even more businesses access affordable capital to keep moving forward. Here’s a brief look at our impact to date:
Paycheck Protection Program Loans
- 7,064 loans funded
- $20,800 median loan size
- 53,857 jobs supported
While PPP has expired, businesses are still able to submit an application with Pursuit, and we will process it if and when the program is reinstated.
New York Forward Loan Fund
As we wait for news on PPP, you can still refer your New York-based clients to another funding program that can support their needs during reopening. The New York Forward Loan Fund offers access to low-interest loans to support working capital, inventory, marketing, refitting for social distancing guidelines, supplies, property taxes, utilities, rent, and more.
To date, Pursuit has funded more than $3.5 million in loans from the New York Forward program for 64 businesses across the state. Take a look at how we’ve provided support through this program so far:
- 64 loans funded
- $3.5 million disbursed
- $56,038 average loan amount
- 42% of loans to minority-owned businesses
- 52% of loans to women-owned businesses
(number as of September 3, 2020)
“I’ve poured my heart and soul into my specialty craft shop and having to close – while understandable – was devastating,” says Kate Fryer, owner of A Bead Just So who received a New York Forward loan through Pursuit. “I missed seeing my customers and providing each one with the personal touch that makes my business distinct and my work so rewarding.”
She continues: “The New York Forward Loan Fund was both my last resort and the perfect fit. No other program offered the freedom, flexibility and small business-friendly terms I needed to pay the rent, order inventory and finally reopen my store.”
You can help business owners in New York State secure financing to help them navigate current challenges by referring your clients to the New York Forward Loan Fund through Pursuit.
Your client is a good fit for New York Forward if they meet all the criteria below:
- They’ve been in operation in New York State for at least 1 year
- They have 20 or fewer full-time-equivalent employees
- They have revenues of less than $3 million per year
- They have suffered a direct economic hardship as a result of the COVID-19-related shutdown
- They have not received a federal relief program loan, specifically a Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL)
The program can help business owners address current needs and expenses to ensure they continuing to stay strong for the future. The terms include the following:
- Amount: lesser of $100,000 or up to 100% of average monthly revenues in a three-month period prior to the COVID-19 outbreak.
- Interest rate: fixed at 3%
- Term: 5 years
- Repayment:
- For months 1 – 12: interest-only monthly payments
- For months 13 – 60: interest and principal monthly payments
- No application fees
- No prepayment penalty
When you refer your client to Pursuit for the New York Forward program, they’ll work with a Pursuit business advisor to ensure the program will best meet their needs. If your client doesn’t meet Pursuit’s lending criteria, they can still get matched with one of the five Community Development Financial Institutions (CDFIs) administering the program through the New York Forward online portal.
If you’re working with a client that would be a good fit for the New York Forward Loan Fund, get in touch with us today. We look forward to working together to help businesses keep moving forward.
