The community development financial institution Pursuit is teaming with Long Island-based Hanover Bank on a new program that will provide lines of credit to small business owners across New York, Connecticut, New Jersey and Pennsylvania.
The program offers lines up to $100,000 with a 9.9% interest rate and a term of 12 months. Approval decisions are sent within two days and approved applicants can receive funding within one to three weeks.
“Pursuit is dedicated to creating a path to financing for every business owner, and our partnership with Hanover Bank has opened a new world of possibilities for those that face challenges accessing capital,” said Chris Levy, president and CEO of Pursuit.
“Small businesses are the engines of economic prosperity and job creation across America, but many business owners have limited access to credit, impeding their ability to succeed”, said Mac Wilcox, president of Hanover Bank. “With our line of credit solution, Hanover Bank and Pursuit are empowering underbanked entrepreneurs with the working capital they need to thrive, bringing new opportunities for community economic development.”
