The Silicon Review
Commercial lending is basically a division that is within a lending institution or a bank that predominantly serves the needs of a business entity or commercial enterprise. Commercial lending will not provide any product or services to consumers. Banks usually distinguish themselves according to the services they provide. Commercial banks further differentiate themselves by their ability to expand/requirement or contract their investments and loans according to the reserves and reserve requirements that are established by the regulating bodies. Commercial lending focuses on providing loans to companies or individuals to support their business.
Pursuit is a commercial lending company that was founded in 1955 and it is based in New York. Sometimes, the audacious is worth pursuing. For more than 65 years, Pursuit, formerly known as New York Business Development Corporation, The 504 Company and Excelsior Growth Fund, has offered innovative lending solutions to help business owners follow their dreams. At Pursuit, their mission is simple: to provide businesses with affordable loans and resources so that they can reach higher, transform and grow. This transformation may start with an individual borrower, but ultimately extends into the broader community, taking shape as new employment opportunities, economic development, and positive change.
Pursuit’s mission guides our lending. When you work with them, you’ll have access to a community-focused lender that is 100% invested in providing the best possible loan for you now, and in the future. Work with a lender that understands the heart of running a small business–one that fuses technology and human touch to seamlessly deliver innovative loan solutions. No matter your business’s stage or unique situation, a Pursuit business loan can help your business reach new heights. Spark business growth with a working capital loan. Whether you’re starting a new business or taking advantage of a growth opportunity, a working capital loan can add the boost you need to fund your ambition. Learn more about applying for a working capital loan–from eligible use of funds to the key components of a strong application because with the right idea, and the right financing, anything is possible.
Your business is unique, and so are its needs. So when growth is on the horizon, you’ll need a loan that’s tailored to your business operations and industry needs. Give your business the boost it needs with a Pursuit business loan. Apply online, and you’ll be connected with a Pursuit lender who will find the best business loan program to meet your unique financing needs and funding timeline. Take the guesswork out of finding the right financing for your business. Your lender will work with you one-on-one to understand your business’s needs, financial situation, and funding timeline to identify the program that’s best for you. Start an application online today and get on the path to business funding. You can directly access 15+ loan programs when you work with Pursuit. Purchasing a building or a piece of large equipment is a significant investment for your business and it’s important to find an affordable loan. With the SBA 504 loan program, you can qualify for a low, fixed interest rate loan with up to a 25 year term, and put as little as 10% down. SBA programs are well-known for funding start-ups and less established businesses, but the 504 loan program is different. It makes fixed asset purchases very affordable for businesses of all shapes and sizes so that they can invest in themselves and their communities. Learn more about the 504 loan program’s benefits for you.
Pursuit Smart loan is a fast funding option for established businesses that are affordable, responsible and flexible. When your business needs funding fast, there’s no time to waste. You need an application process that’s efficient, a loan with flexible terms and team of lending experts that has your best interest in mind. That’s where the Pursuit SmartLoan comes in. Through this program, you can access up to $100,000 in funding at a fixed interest rate with affordable monthly payments. Complete your application through our online portal and you’ll receive a decision within two business days. You’ll get the funding you need within five days of approval.
Businesses of all shapes and sizes have used the SmartLoan to set themselves up for the future. From small retail shops that need to quickly restock inventory, to manufacturing businesses that just secured a contract, anyone can use the SmartLoan to meet their goals. And, with no prepayment penalty, you can get funded now and pay it back as quickly as you want.
Patrick MacKrell, President and CEO of Pursuit
Prior to joining Pursuit in 2001, Pat practiced commercial and banking law in New York, representing a number of financial institutions and businesses. Pat is a veteran of the United States Marine Corps and served at a number of posts and stations prior to his release from active duty as a Major. He is a graduate of York College of the City University of New York and Albany Law School and is admitted to practice law in the state and federal courts in New York State. Pat is a member of numerous boards including The New York State Small Business Development Center Advisory Board and the New York State Economic Development Council.
“Our Pursuit representative really took the time to understand our business and what we needed, and helped us figure out how much financing it would take. We got the funding we needed, we’re proving our business model and we’re excited to serve our clients and grow.”