Pursuit SBA Microloan
Affordable business loans from $10,000–$50,000 with rates up to 9.125%, 6-year terms, quick decisions, and no prepayment penalty make this a top choice for growth.
The SBA Microloan Program from Pursuit offers established businesses a clear path to affordable funding, whether you’re looking to expand, purchase equipment, or refinance higher-cost debt. Loans range from $10,000 to $50,000, with interest rates capped at 9.125%. The six-year maximum term helps you easily manage monthly payments, while a 3% commitment fee is rolled right into the loan. Decisions are quick—within two business days—and approved loans can be funded in under a week. Plus, there’s absolutely no prepayment penalty, so you can pay off your loan early without worry.
How to Apply
Getting started is simple. To be considered, your business should have at least two years of operations, employ two or more people, and generate $120,000 or more in annual revenue. Prepare your financial documentation and complete the loan application. The lender will review your history, focusing on cash flow, credit score (640+), and the absence of significant liens, bankruptcies, or felonies. After submission, you’ll receive a decision in just a couple of business days. Funding typically follows within five business days.
Key Advantages
This microloan stands out for its speedy turnaround, reasonable interest rates, and the flexibility of acceptable uses—from working capital to equipment upgrades. The absence of prepayment penalties is a genuine advantage for businesses that may want to pay off funding ahead of schedule. The streamlined application and support from a dedicated client specialist ease the process, even if your business doesn’t meet every standard eligibility requirement.
Things to Consider
On the downside, the loan is limited to established and non-home-based businesses earning over $120,000 annually, with no recent bankruptcies or serious credit issues. Home-based businesses and those operating in restricted categories are excluded. While approval is fast, the documentation required may be a hurdle for some entrepreneurs—especially startups or those still building credit.
Verdict
Overall, Pursuit’s SBA Microloan option offers compelling advantages for qualifying small businesses seeking affordable, quick funding. It’s especially suited to businesses ready to take the next step in their growth but wary of high-interest or short-term alternatives. If your business meets the criteria, this program provides valuable flexibility and support.