New York Business Development Corporation

What New York Business Development Corporation does

New York Business Development Corporation, operating under the brand "Pursuit," is a privately held, CDFI-certified community development lender founded circa 1950–1955 and headquartered in Latham, New York. The company originates SBA-backed small business loans through its Preferred Lender status, offering more than 15 loan programs spanning SBA 504 Loans, SBA 7(a) Community Advantage Loans, SBA Microloans, and proprietary SmartLoans, with ticket sizes ranging from $10,000 microloans to $5.5 million-plus. Its core customers are small businesses across the Northeastern United States (Connecticut, New York, New Jersey, Pennsylvania) with expanded presence in Illinois and Delaware, addressing use cases including working capital, owner-occupied commercial real estate, equipment financing, construction, debt refinance, business acquisition, startups, and inventory.

The business model is interest-and-fee driven: Pursuit funds originations through a network of shareholder and member banks, retains servicing, and earns net interest margin plus origination and servicing fees, with SBA guarantees providing credit risk mitigation on the bulk of the portfolio. Distribution combines a 24/7 self-serve online application, phone-based inside sales, a referral partner program, and a member-bank shareholder network that both supplies capital and routes borrowers. The firm deploys a human-advisory lending model — dedicated loan officers guide borrowers one-on-one through product selection and underwriting — rather than an automated fintech underwriting stack. In 2023 the company reported 785 loans funded and $309 million in total dollars lent, creating or retaining 3,458 jobs, and during the COVID-19 pandemic it served as a public-sector emergency lending channel, distributing $880 million in relief across 12,800 loans.

Name

New York Business Development Corporation

Legal name

Pursuit

Website

https://nybdc.com

Company type

Private

Founded year

1950

Operating status

Operating

Headcount range

51–100 employees

Short description

New York Business Development Corporation (dba Pursuit) is a CDFI-certified, SBA Preferred Lender providing SBA 504, 7(a), Microloans, and SmartLoans ($10K–$5.5M+) to small businesses across CT, NY, NJ, PA, IL, and DE, generating revenue through interest income and fees on SBA-backed originations.

Ownership category

akta.pro rank

Product category

Small Business Lending

NAICS

Other Nondepository Credit Intermediation (52229), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Small business lending
• SBA 504 loans
• SBA 7(a) loans
• CDFI lending
• Commercial real estate financing

Headquarters

HQ city

Albany

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Small Business Lending: The company generates revenue through providing small business loans including SBA 504 Loans, SBA 7(a) Loans, SBA Microloans, and SmartLoans. Loan amounts range from $10,000 to $5,500,000+. The revenue is generated through interest income and fees associated with loan origination and servicing.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

New York Business Development Corporation (dba Pursuit) originates SBA-backed and proprietary small business loans ranging from $10,000 to $5,500,000+. Its core product set includes SBA 504 Loans for owner-occupied commercial real estate and equipment, SBA 7(a) Community Advantage Loans, SBA Microloans, and SmartLoans, complemented by use-case financing for working capital, construction, equipment, debt refinance, business acquisition, startup, and inventory needs. Loans are delivered through a direct sales motion combining online self-serve applications, phone-based inside sales, and a member-bank referral network across the northeastern United States.

Product overview

Pursuit offers a comprehensive small business lending platform with more than 15 loan programs, including SBA 504 Loans, SBA 7(a) Loans, SBA Microloans, and SmartLoans as core products. These loan programs are complemented by specialized financing for specific business needs including Working Capital, Construction & Improvement, Equipment & Technology, Debt Refinance, Owner-Occupied Commercial Real Estate, Business Acquisition, Startup, and Inventory financing. The platform operates as a unified service where borrowers receive custom support from dedicated loan officers who guide them through finding and securing the right financing option. Advisory Services provide additional one-on-one assistance throughout the application process. The company serves businesses across multiple U.S. states including New York, New Jersey, Pennsylvania, Connecticut, Illinois, and Delaware.

Differentiator

Problem solved

Functional benefit

Products and services

• SBA 504 Loans Long-term, fixed-rate SBA 504 financing for major assets such as owner-occupied commercial real estate and equipment, with below-market rates and up to 90% financing. Targeted at small businesses in CT, NY, NJ, and PA that need affordable, long-tenor capital for bricks-and-mortar or capital equipment investments.
• SBA 7(a) Community Advantage Loans SBA 7(a) Community Advantage Loans offering flexible, accessible financing for small businesses with requirements less restrictive than traditional SBA 7(a) loans. Targeted at small businesses in Pursuit's service area that need flexible working capital or growth financing.
• SBA Microloans Small-dollar SBA Microloans designed for startups and growing small businesses needing smaller amounts of capital, typically used for working capital, inventory, or equipment purchases. Targeted at early-stage and micro businesses in Pursuit's service area.
• SmartLoans Proprietary streamlined lending option providing faster access to capital for qualified small business borrowers, with business loans ranging from $10,000 to $5,500,000+. Targeted at small businesses that need quicker decisions than the standard SBA process.
• Owner-Occupied Commercial Real Estate Loans Commercial mortgage financing for owner-occupied properties, providing below-market rates and up to 90% financing. Targeted at small business owners purchasing or refinancing a building they will occupy.
• Advisory Services One-on-one advisory support from dedicated lenders who help small business borrowers understand their financing needs, identify the right loan program, and navigate the application process. Targeted at small business owners seeking guided help applying for SBA or Pursuit loans.

Quantifiable outcome

• 785 loans made in 2023
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Accion Opportunity Fund: Accion Opportunity Fund is a CDFI providing small business loans, microloans, and advisory services to underserved entrepreneurs nationwide. Comparable mission and SBA/CDFI-aligned product set, but with a broader national footprint and stronger digital brand than NYBDC's regional focus.
• SmartBiz Loans: SmartBiz is a fintech SBA lending platform that automates SBA 7(a) loan origination and partners with banks. Comparable as an SBA loan originator targeting small businesses, though it competes primarily on digital speed and scale rather than the high-touch, advisory-driven model NYBDC operates.
• Grameen America: Grameen America is a nonprofit microfinance organization providing small business loans to low-income women entrepreneurs across multiple U.S. cities. Comparable as a CDFI-style microenterprise lender with a similar community development mission, though it focuses more narrowly on microloans rather than SBA 504/7(a) products.

Broad incumbents

• Live Oak Bank: Live Oak Bank is one of the largest SBA lenders in the U.S., originating SBA 7(a) loans across multiple verticals and geographies. Comparable as an SBA-preferred small business lender, though materially larger and more diversified than NYBDC, operating nationally rather than regionally.

Direct peers

• Justine Petersen Housing and Reinvestment Corporation: Justine Petersen is a St. Louis-based CDFI providing SBA microloans, small business loans, and credit-building services to underserved entrepreneurs. Directly comparable to NYBDC's microloan, SBA, and community development lending programs targeting similar small business borrower segments.
• Opportunity Finance Network (OFN): OFN is the national network of CDFIs; while a membership/industry body rather than a direct lender, it is highly comparable as the ecosystem organizing CDFI lenders including NYBDC, and many OFN members operate SBA and small business lending programs analogous to Pursuit's.
• Coastal Enterprises Inc (CEI): CEI is a Maine-based CDFI providing SBA loans, business financing, and community development capital to underserved small businesses. It is a direct peer given its CDFI designation, SBA lending activity, and similar mission-oriented small business loan products across a multi-state region.
• TMC Financing (formerly CDC Small Business Finance): TMC Financing is a leading SBA 504 Community Development Company (CDC) and CDFI lender, directly comparable to NYBDC's SBA 504 and small business lending focus. Both operate as mission-driven, CDC-licensed SBA lenders with regional footprints and multi-state SBA Preferred Lender authority.

Regional players

• New Jersey Economic Development Authority (NJEDA): NJEDA is New Jersey's state economic development authority providing small business loans, SBA-matched programs, and direct lending to in-state businesses. Comparable as a regional small business lender with overlapping SBA products and geographic adjacency to NYBDC's NJ footprint.
• Empire State Development: Empire State Development is New York's chief economic development agency, providing small business loans, grants, and incentive programs across New York State. It is a regional peer with overlapping SBA-style small business lending products and similar mission orientation, though it operates as a state authority rather than a private BDC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nybdcloans
• Facebookfacebook.com/new-york-business-development-corporation-322744197857902
• LinkedInlinkedin.com/company/new-york-business-development-corporation

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New York Business Development Corporation