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Pursuit business loans review

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Funding up to $100K with an 11.9% APR for everyone.

finder.com’s rating: 3.9 / 5.0

★★★★★

  • Best for affordable small business loans under $100,000.
  • Pick something else if you have a startup or sole proprietorship.

$10,000

Min. Amount

$100,000

Max. Amount

Details

Product NamePursuit business loans
Min. Amount$10,000
Max. Amount$100,000
Loan TermUp to 60 months
Min. Credit Score640
APRStarting from 11.9%
Requirements2+ years in business, 2+ employees, break-even or positive cash flow, average owner credit score of 640+, $120,000+ annual revenue, no liens or judgments filed within the past 3 years, no prior owner or business bankruptcies, eligible industry

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Pursuit, formerly Excelsior Growth Fund, is a community development financial institution (CDFI) with a focus on small businesses in New Jersey, New York and Pennsylvania — though businesses across the country can qualify.

Its SmartLoan could be a great option if your business is looking for a loan under $100,000 and you usually qualify for rates on the higher end — all qualifying businesses get an 11.9% APR. But that includes a 5% commitment fee for taking out the loan, and you can’t qualify if you’re a startup or sole proprietorship.

Not sure Pursuit is right for you? Compare your other business loan options below.

First, do I qualify?

You must meet the following requirements at a minimum to qualify for a business loan from Pursuit:

  • Two or more years in business
  • Two or more employees
  • Break-even or positive cash flow
  • Average owner credit score of 640 or above
  • Over $120,000 in annual revenue
  • No liens or judgments in the past three years
  • No prior owner or business bankruptcies
  • Eligible industry 

What makes Pursuit unique?

Pursuit's nonprofit status as a CDFI makes it possible to offer the same affordable rate to all borrowers: 11.9%. As a community-centered lender, it’s on a mission to boost job growth in New Jersey, New York and Pennsylvania — though it works with business owners in all 50 states.

Pros

  • Everyone gets a 11.9% APR
  • Mission to boost job growth in NJ, NY and PA
  • No prepayment penalty

Cons

  • No one-person business
  • 5% commitment fee when you get approved
  • Requires lien on business assets and personal guarantee
  • Five days to get your funds

Compare other business loan options

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Varies
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

How do I apply?

You can apply online, over the phone or even in person at one of Pursuit’s New Jersey, New York or Pennsylvania offices. Here’s how to get started online:

  1. Go to the Pursuit website.
  2. Click Apply now.
  3. Enter your desired loan amount and business ZIP code.
  4. Select your time in business, loan purpose and credit score range.
  5. Enter your email and create a password to set up an account. Click Next.
  6. Follow the directions to answer questions about your business, yourself and other owners, clicking Next between sections.
  7. Upload any required documents.
  8. Review your answers and submit your application.

What documents do I need to apply?

While it depends on your application, you likely need to provide the following documents at a minimum:

  • Year-to-date accounting information
  • Most recent business tax returns
  • Most recent personal tax returns

How do repayments work?

Pursuit’s SmartLoans come with fixed monthly repayments that can last up to five years. You can find information about your loan term, due date and how much you owe by looking at your loan contract. If you have any questions or concerns, reach out by calling 866-466-9232. Customer service representatives are available weekdays between 9 a.m. and 5 p.m. ET.

Find out how Pursuit compares to other providers by reading our guide to business loans.

Business loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don't take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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