Pursuit has been featured in a variety of media recently due to our leadership in the Paycheck Protection Program. View the round up here.
Pursuit, along with numerous other lenders, is included in SmartAssest’s PPP loans lender list. SmartAsset highlighted Pursuit’s PPP loan application for up to $350,000 from new customers.
Albany Business Review spoke with Pursuit senior vice president Chris Levy, who explained the changes to the PPP rules as new opportunities for borrowers. According to Levy, “This helps any business that had a struggle to reopen…It will help any retailer or restaurant or construction worker and contractor or self-employed painter…It’s going to even the playing field for everybody.”
This article from Syracuse.com highlighted Pursuit’s mission of removing barriers to financing for small business owners. “It is a good option, maybe a great option — maybe the only option, for businesses that are underbanked,” said Pursuit president and chief executive officer Patrick MacKrell of the Paycheck Protection Program.
Nj.com announced that Goldman Sachs, in partnership with Pursuit, committed $10 million to Paycheck Protection Program loans for small businesses in New Jersey as part of their 10,000 Small Businesses initiative.
WNBF News Radio 1290 highlighted the New York State Office of the Comptrollers investment in Purusit’s Paycheck Protection Program work. The retirement fund’s allocation benefits the state’s “main street” businesses, with 25% of the loans targeted to minority and women-owned businesses.
The Island Now showcased Pursuit as a reliable resource for PPP loans, despite overall difficulties that small businesses across Nassau County had with submitting loan applications. According to the article, “The funding ran out within less than two weeks of the program’s launch, leaving countless business owners and employees in Nassau feeling stranded.”
Pensions & Investments highlighted the New York State Common Retirement Fund’s $50 million investment toward PPP loans for small businesses. The retirement fund’s commitment will supplement the PPP loans being administered by Pursuit for loans no bigger than $350,000.
Rochester Business Journal gave mention to the New York State Common Retirement Fund’s PPP loan investment. In the article, the Office of State Comptroller Thomas P. DiNapoli explains that the funding is a way to help boost the retirement fund, which has taken a significant hit in investment earnings during the coronavirus pandemic.
Albany Business Review highlighted Pursuit as “one of the largest SBA lenders in the state and the Albany area.” Patrick MacKrell, president and chief executive officer, explains how Pursuit helped banks across the state that didn’t have the ability to process SBA loans, and describes other ways in which Pursuit has been navigating funding during these uncertain times.
The Office of the New York State Comptroller announced that the New York State Common Retirement Fund will supplement PPP loans being administered by Pursuit. The Comptroller’s office and the Fund have a long relationship with Pursuit. “This vital financial support will allow us to provide increased access to the program for businesses across New York State, especially those that had trouble accessing the program through their bank of account,” says Patrick MacKrell, CEO and president of Pursuit.
Trenton Daily reported that Goldman Sachs, in partnership with Pursuit, has committed $10 million to loans for small businesses in New Jersey. The commitment builds on existing investments by Goldman Sachs that support small businesses in New Jersey through the 10,000 Small Businesses initiative, which helps small businesses grow and create jobs by providing them with greater access to education, financial capital, and business-support services.
NJBIZ informed readers that Goldman Sachs, in partnership with Pursuit, committed $10 million to New Jersey companies as part of Goldman’s 10,000 Small Businesses initiative. These loans present new opportunities for enterprises and nonprofits that were unable to submit PPP applications through other lending institutions.
In the beginning of April, Albany Business Review discussed why Pursuit was originally not able to offer PPP to the public due to the lack of certainty around the program and lack of capital.
The Business Journals mentioned Pursuit in an article that speaks of small business relief efforts as small businesses face the unfortunate outcomes of COVID-19. Patrick MacKrell, CEO and president of Pursuit states, “We have hardship programs we’ve used for hurricanes and tornadoes, but this is nationally, across our entire footprint. And I think this is just the tip of the iceberg. I think it’ll be substantially higher.” MacKrell is diligently working with bank presidents who are offering to provide loan capital.
In an interview with Patrick MacKrell, Pursuit’s CEO and president, Albany Business Review asked what Pursuit is hearing from businesses during this time and how Pursuit is advising clients. To help small businesses, MacKrell explains that Pursuit can give them relief on loan obligations to them, assure clients that Pursuit has programs to deliver, and as soon as the SBA opens the door, Pursuit can deliver PPP loans.
According to Syracuse.com, over 200 banks and credit unions helped dole out PPP funds in Central New York, but just 20 lenders distributed more than 80% of the loans received by local businesses. Pursuit had one of the highest rates, 98%, of borrowing for smaller businesses.
Pat MacKrell, CEO and president of Pursuit, spoke with Bloomberg Businessweek about how businesses can persevere under difficult circumstances and offers advice on accessing financing. MacKrell says, “You tell us what you want, and we’ll suggest the cheapest way for you to get it done. We offer our clients capital and business advisory services with the goal that they become attractive to banks for conventional financing.”