What Is an SBA Bolt Loan? Everything You Need to Know

SBA Bolt loans are small-business loans that offer up to $150,000 in working capital to qualified businesses. The Bolt loan program is not a program created by the U.S. Small Business Administration. Instead, BayFirst Financial — a bank based in Tampa, Florida — uses the “Bolt” designation to market its expedited small-dollar SBA 7(a) loans. Although the bank is located in Florida, SBA Bolt loans are available to small businesses throughout the country.

An SBA Bolt loan is an SBA 7(a) loan issued by CreditBench, the small-business lending division of BayFirst Financial. Unlike traditional 7(a) loans, SBA Bolt loans have a streamlined application process with less paperwork and faster funding times. These loans are only available up to $150,000 (as opposed to the standard 7(a) maximum of $5 million) and are used for working capital needs.

Like standard 7(a) loans, SBA Bolt loans are partially guaranteed by the SBA and issued by a participating lender — in this case, BayFirst Financial. Here are the features you can expect from this financing:

• Be a U.S.-based business operating for profit.

• Operate within an eligible industry.

• Be unable to obtain financing on reasonable terms from nongovernment sources.

Businesses in non-preferred industries will be evaluated on a case-by-case basis and may still qualify.

Based on BayFirst’s specific criteria, you’ll also need to have a minimum personal credit score of 700 or higher and at least two years in business. SBA Bolt loans do not require physical collateral or a down payment. You will, however, need to sign a personal guarantee, and BayFirst might take out a UCC lien on your business assets.

You can start the SBA Bolt loan application process by filling out a prequalification form on BayFirst’s website. This form will ask you to provide basic details about yourself, your business and other business owners who have a stake of at least 20%.

You’ll also need to include:

• A breakdown of your use of proceeds.

• The combined fair market value of your business assets.

• A description of your management team, the time under current management and depth of your industry experience.

• A copy of your driver’s license.

• Two most recent years of business tax returns.

• Most recent year of personal tax returns.

Once you submit this form, you’ll find out if you qualify (and if so, for how much capital) and you’ll work with dedicated lending representatives to complete your application.

• Profit and loss statements.

• Personal tax returns for the last three years (for all owners with at least 20% ownership).

According to BayFirst, you can get SBA Bolt loan funding in just days. Funding times can vary, however. To get access to funds as quickly as possible, you can make sure you provide correct, up to date documentation and answer lender questions promptly.

If you’re not sure that an SBA Bolt loan is right for you, or simply want to consider other options, you might look into these loan products: