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Small businesses in Connecticut now have access to credit lifeline with the partnership of Pursuit and Hanover Bank.

The two recently announced a partnership to bring a bank-style line of credit to small business owners in Connecticut, New York, New Jersey, and Pennsylvania. The partnership has so far funded $2 million in lines of credit and is continuously accepting applications.

The program offers credit lines of up to $100,000 with a 9.9 percent interest rate and a term of 12 months. This form of funding is the first of its kind, with the accessibility of a traditional bank through Hanover Bank and what the two lendres describe as the flexible approval criteria of a community development financial institute (CDFI) like Pursuit.

Since a CDFI does not have the operational efficiencies of a bank, the funds will be more accessible for business owners as they can use Hanover’s online banking platform where they may draw on demand and easily make payments.

“Hanover Bank has made this possible for us. 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,” Steve Cohen, president of Pursuit Community Finance, said in a statement.

“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. 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,” Mac Wilcox, president of Hanover Bank, said in a statement.

Approval for the credit line applications is sent within two days, and once approved, lines are funded within one to three weeks.