Bank partnerships are so important to the work that we do. Together, we’re working to build stronger communities by helping small business owners find financing that meets their needs and supports their goals. Here’s an example of how we recently partnered with the banking community to support a local business.
Mandy Yip from Bank of America in Manhattan had a Brooklyn, NY-based client that needed funding for refinancing a high-cost online loan as well as working capital to fuel continued growth. After discussing financing options with the client, Mandy referred them to Pursuit.
David Hanold, Vice President at Pursuit, explains: “Bank of America’s client is a great example of a fast-growing small business that needed quick access to reasonably-priced financing. Mandy identified that their growth was being hampered by a high-priced online lender with extremely high monthly payments.”
A Pursuit loan for $150,000 provided the business with the funding that they needed in order to eliminate the high-cost debt and free up cash to invest in their growth.
The business reduced their monthly payment from $21,833 to $2,157.
“Pursuit was able to refinance the outstanding balance at a lower rate and longer repayment period, reducing the monthly payments by about 90%,” says David.
The loan also served to clean up their balance sheet and free up thousands of dollars of working capital to invest in growth opportunities.
“With extra cash on hand, the client was able to hire additional staff and take on more intensive, higher-value contracts and projects,” adds David. The increase in cash flow will improve the business’s financial position and increase their chance of becoming eligible for bank financing within the next year. Not surprisingly, the client continues to use Bank of America for their business banking needs, maintaining their positive relationship.
Pursuit would like to thank Bank of America and the broader banking community for helping entrepreneurs succeed and grow their businesses.
Inspired by this story? Let’s get in touch to see how we can help your customers access financing. Contact Bryan Doxford at (212) 430-4512 or [email protected].