Pursuit Microloan Program
Get between $10,000 and $50,000 for your business at a maximum of 9.125% APR, up to 6 years, no prepayment penalties, and fast approval in days.
Introducing Pursuit’s SBA Microloan Program
The SBA Microloan Program through Pursuit offers small businesses access to capital with competitive rates. Loans range from $10,000 up to $50,000, making them ideal for growing companies or established ventures in need of a financial boost.
The maximum interest rate is capped at 9.125%, and businesses can repay over a six-year term. No prepayment penalties apply, so early repayment is flexible and stress-free for borrowers.
For approval, entrepreneurs must provide proof of positive or break-even cash flow and a personal credit score of at least 640. The process is streamlined for quick funding, with approved applications typically funded within a week.
Applicants will pay a 3% commitment fee, which is included in the loan balance. This rate is competitive when compared to many online business lenders, and documentation requirements are straightforward.
Pursuit does not lend to real estate investment or money-service businesses. The program is great for working capital, equipment upgrades, or debt refinancing.
How to Apply: Step-by-Step
- Confirm that your business meets the eligibility requirements, including cash flow and credit score minimums.
- Gather necessary documentation such as financial statements and identification details.
- Complete Pursuit’s microloan application form, ensuring accuracy and detail.
- Submit your application and receive a loan decision within two business days.
- Approved borrowers will see funding in their accounts in as little as five business days.
Pros of the Pursuit SBA Microloan
One major advantage is the affordability of this financing option. With lower interest rates and manageable terms, cash flow management is straightforward and accessible for most small businesses.
The application and approval are exceptionally quick, with decisions given in two business days and funds disbursed within a week. This is valuable for companies needing immediate capital.
Cons of the Pursuit SBA Microloan
Businesses with lower credit scores or negative cash flow may not qualify, limiting accessibility for startups or those with recent financial troubles.
SBA microloans also can’t be used for personal expenses or back taxes, so funding is strictly for eligible business purposes.
Verdict: Is Pursuit’s SBA Microloan Right for You?
If you operate an established small business with steady financials, Pursuit’s SBA Microloan Program is an affordable, fast, and flexible option. The quick turnaround and fair rates stand out for those ready to grow or stabilize operations.
For newer businesses or those outside the eligibility criteria, this loan may not be accessible, but those who qualify will find it both practical and beneficial for expansion or operational upgrades.