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7. 26. 2023

Pursuit and Hanover Bank Develop Innovative Partnership to Offer Bank-Style Business Line of Credit Product to Clients of Nonprofit Lender

MINEOLA, NY – July 25, 2023 (GLOBE NEWSWIRE) – Pursuit and Hanover Bank are excited to share their innovative partnership bringing a fully-featured, bank style line of credit to small business owners in New York, New Jersey, Pennsylvania, and Connecticut.

Through this partnership, Pursuit, a Community Development Financial Institute (CDFI), and Hanover Bank are offering a first-of-its-kind product with the accessibility of a traditional bank paired with the flexible approval criteria of a CDFI. With support from the U.S. Treasury and the CDFI Fund, the partnership creates a new model for how CDFIs and banks can work together to serve even more customers facing credit challenges.

Because CDFIs do not have the same operational resources and structure as traditional banks, many can only offer variations on lines of credit without on-demand draws, online banking or other features. With small business lines of credit from Pursuit and Hanover Bank, business owners benefit from Hanover’s online banking platform where they may draw on demand and easily make payments.

“Hanover Bank has made this possible for us,” says Steve Cohen, President of Pursuit Community Finance. “I’m thrilled that our partnership has given our team another tool to reach underserved entrepreneurs and offer affordable financing to build their credit, strengthen their businesses and prepare them for future financing opportunities.”

Chris Levy, President and CEO of Pursuit, adds, “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. I look forward to expanding on our work together to drive economic development in the communities we serve.”

“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,” concluded Mac Wilcox, President of Hanover Bank.

Pursuit and Hanover Bank have now funded $2 million in lines of credit through the partnership and are actively accepting applications. 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 once approved, lines are funded within one to three weeks. Business owners can learn more about the line of credit program at pursuitlending.com.

About Pursuit

At Pursuit, the mission is simple: to provide businesses with affordable loans and resources to reach higher, transform and grow. Pursuit is a community-focused lender where businesses can access more than fifteen loan programs that provide financing from $10,000 to $5.5 million with affordable rates and terms. Pursuit is a nationally recognized organization that focuses on serving businesses and lending partners in Connecticut, New Jersey, New York, and Pennsylvania. Learn more at www.pursuitlending.com.

About Hanover Bancorp, Inc and Hanover Bank.

Hanover Bancorp, Inc. (NASDAQ: HNVR), is a bank holding company for Hanover Community Bank, a commercial community bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover employs a complete suite of consumer, commercial, and municipal banking products, and services, including multi-family and commercialmortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM
service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York and Freehold, New Jersey.

Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at https://hanoverbank.com/.

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