Pursuit is an SBA-approved lender offering small business loans in NYC, including SBA 504, 7(a), microloans, and proprietary products for working capital and real estate financing.
Data compiled from public sources · Rating from CreditDoc methodology
Pursuit has been serving NYC-based entrepreneurs for nearly 70 years, establishing itself as a locally-focused business lender with deep understanding of the New York City market across all five boroughs. The company is approved under the SBA's Preferred Lenders Program and SBA Express Program, enabling it to originate federal small business loans with streamlined underwriting processes. Pursuit offers a comprehensive suite of financing products ranging from SBA-backed programs to proprietary offerings, addressing diverse business needs from startup capital to commercial real estate acquisition and refinancing.
Pursuit's product portfolio includes SBA 504 loans (up to $5.5M for owner-occupied commercial real estate), SBA 7(a) loans (up to $5M for working capital and general business needs), SBA Microloans (up to $50K), and several proprietary products including SmartLoan (up to $100K), small business lines of credit, and specialized programs like Veteran Loan Programs and Impact Loans (up to $500K). The company also administers state programs such as the New York Forward Loan Fund 2. Each product carries different qualification requirements and terms, with SBA 504 loans offering terms up to 25 years at below-market fixed rates.
What distinguishes Pursuit is its local expertise and multi-program approach. The company positions itself as an "ally" and "advocate" for NYC business owners, emphasizing understanding of local challenges and opportunities. Their Preferred Lender status enables faster SBA approval timelines compared to standard lenders. The availability of both federal SBA programs and state/proprietary products provides borrowers with genuine optionality based on their specific situation.
However, Pursuit's website lacks critical pricing transparency. While it mentions that SBA 504 loans carry "below-market, fixed rates" and SmartLoan is "fixed at 11.9%," it provides no interest rate ranges, APR disclosures, or fee structures for most products. Qualification criteria are vaguely stated ("positive history," "break-even or positive cash flow," "fair to good" credit), making it difficult for prospects to pre-qualify. The website does not disclose typical loan amounts, approval timelines, or specific eligibility requirements by program. This opacity requires applicants to contact the company for basic terms, limiting the ability to comparison shop.
Yes. Pursuit is a registered company, headquartered in New York, NY.
Results vary by individual situation. Contact the provider to discuss expected timelines for your specific needs.
CreditDoc Diagnosis
Pursuit is best for established NYC business owners or entrepreneurs with solid credit and cash flow seeking SBA-backed financing for real estate, working capital, or growth—particularly those who value local expertise and relationship-based lending. The primary caveat is severe pricing and qualification opacity; applicants cannot comparison shop or self-qualify without direct contact, and the website reveals almost no interest rates, fees, or specific underwriting criteria beyond vague language.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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