SBA Bolt loans, offered by BayFirst Financial, provide small-businesses with up to $150,000 in working capital. These loans are not affiliated with the U.S. Small Business Administration but are part of BayFirst Financial’s expedited small-dollar SBA 7(a) loan program. Despite being based in Tampa, Florida, SBA Bolt loans are accessible to small businesses nationwide.
An SBA Bolt loan is essentially an SBA 7(a) loan issued by CreditBench, BayFirst Financial’s small-business lending division. Unlike traditional 7(a) loans, Bolt loans have a simplified application process, quicker funding times, and are specifically designed for working capital needs up to $150,000.
The key features of SBA Bolt loans include a 10-year term with a monthly repayment schedule, competitive interest rates (prime rate + 3.75% to prime rate + 4.75%), no prepayment penalty, and the ability to cover various working capital expenses like utilities, payroll, and marketing costs.
To qualify for an SBA Bolt loan, your business must be U.S.-based, operate for profit, be in an eligible industry, and have difficulty obtaining financing from non-government sources. Additionally, you’ll need a minimum credit score of 700, at least two years in business, and be willing to provide a personal guarantee.
Pros of SBA Bolt loans include faster funding, competitive rates, versatile use of funds, streamlined application process, and dedicated lending support. However, cons include a maximum loan amount of $150,000, restrictions on equipment purchases and debt refinancing, and the requirement of good credit and an established business.
To apply for an SBA Bolt loan, start by completing a prequalification form on BayFirst’s website. You’ll need to provide details about your business, the use of loan proceeds, business assets, management team, and other documentation like tax returns and driver’s license. Funding can be obtained in just days, but it’s crucial to provide accurate information promptly.
If SBA Bolt loans are not suitable, alternatives like SBA Express loans, SBA microloans, or online business loans may be considered based on your funding needs, credit profile, and timeline. Each option has its own set of benefits and considerations, so comparing multiple options is recommended to find the best fit for your business.