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.

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What is an SBA Bolt loan?

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.

🤓Nerdy Tip

SBA Bolt loans may also be available through BayFirst’s referral partners. In this case, you apply for a Bolt loan through a third-party lender or marketplace — and this company submits your information to BayFirst Financial. If you’re approved, the loan is funded by BayFirst itself.

SBA Bolt loan features

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:

Loan amount	$25,000 to $150,000.
Repayment terms	10-year term; monthly repayment schedule.
Interest rates	Prime rate + 3.75% to prime rate + 4.75%. Rate you receive varies based on your qualifications.
Fees	No prepayment penalty, other SBA loan fees may apply.
Use cases	Working capital needs, such as utilities, payroll, office supplies, marketing costs.
Funding speed	Within days.

SBA Bolt loan requirements

To qualify for an SBA Bolt loan, you’ll need to meet standard SBA loan requirements, such as:

Be a U.S.-based business operating for profit.
Meet the SBA’s definition of a small business.
Operate within an eligible industry.
Be unable to obtain financing on reasonable terms from nongovernment sources.

Although BayFirst follows the SBA guidelines for ineligible industries, it prefers to work with certain types of businesses.

SBA Bolt loan preferred industries/businesses

Day cares.
Assisted living facilities.
Home health care.
Nail salons.
Engineering services.
Certified public accountants.
Veterinary services.
Physicians.
Dentists.
Store retailers.
Wholesalers.
Furniture/home furnishing.
Heating, ventilation and air conditioning (HVAC).
Plumbing.
Manufacturers.

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.

Pros and cons of SBA Bolt loans

Pros

Faster to fund than standard SBA loans.

Competitive interest rates and long repayment terms.

Can be used for a variety of working capital needs.

Streamlined application process.

Dedicated lending representatives available for assistance.

Cons

Loan amounts max out at $150,000.

Can’t be used for equipment purchases or debt refinancing.

Must be an established business with good credit to qualify.

Only available through BayFirst and its referral partners.

» MORE: What is a working capital loan?

How to apply for an SBA Bolt loan

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.

The SBA loan application may ask you to provide additional documentation, such as:

Profit and loss statements.
Balance sheets.
Current business debt schedule.
Personal tax returns for the last three years (for all owners with at least 20% ownership).
SBA Form 413, Personal Financial Statement.

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.

Alternatives to SBA Bolt loans

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:

SBA Express loans

SBA Express loans may be a good option if you need more than $150,000 or want to use your funds for an equipment purchase or debt refinancing. SBA Express loans are available up to $500,000 with repayment terms up to 10 years; up to 25 years for real estate purposes.

Like Bolt loans, SBA Express loans offer faster access to funds than standard 7(a) loans. SBA Express lenders can process and issue loans without the SBA’s approval, which helps expedite the process. It may still take several weeks, however, to get an SBA Express loan.

You might also consider an SBA Express loan if you want to work with a specific SBA lender (provided they offer this type of financing). Whereas SBA Bolt loans are only available through BayFirst, many national and local banks offer Express loans.

SBA microloans

If you can’t qualify for an SBA Bolt loan, an SBA microloan might be a worthwhile alternative. SBA microloans are processed and issued by approved intermediaries, typically nonprofit and community organizations. These lenders tend to have more flexible qualification requirements and may be able to work with startups and borrowers with bad credit.

SBA microloans can be used for a variety of purposes, but only offer funding up to $50,000. Repayment terms are available for up to seven years. Application processes and funding times vary largely based on the lender, but it may take anywhere from a week to 30 days or more to get an SBA microloan.

Online business loans

If speed is your priority, online business loans may offer funding in as little as 24 hours. Online lenders tend to have more flexible qualification requirements as well — and may work with startups and borrowers with bad credit.

As a result of this speed and flexibility, however, online loans typically have higher interest rates and shorter repayment terms. Business loan rates on these products can range from 6% to 99%. If you’re thinking about an online loan, you’ll want to compare several different options to determine which is best for your business. You’ll also want to make sure that you understand the rates and terms and that you can afford to take on the potential debt.

» MORE: Estimate loan costs and payments with our business loan calculator

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SBA Bolt Loans: Everything You Need to Know