BayFirst ends its small balance SBA loan program

Administrators at St. Petersburg-based BayFirst Financial, the parent company of BayFirst Bank, have decided to shut down Bolt, one of its main Small Business Administration (SBA) loan programs, due to increased charge-offs and late payments.

The SBA is a federal government entity that supports small businesses through collaborating with banks and lending institutions around the country. These organizations provide loans to business owners, while the SBA offers a guarantee of a certain percentage for each loan in case the owner cannot pay it back.

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Construction begins on Palm Lake affordable housing project

The Pinellas County Housing Authority and Palm Lake Christian Church, in collaboration with Newstar Development, LLC, have started construction on the Palm Lake Urban Sanctuary (PLUS) project in the Disston Heights neighborhood.

Located at 5401 22nd Avenue N., adjacent to the church, the three-story building will include 86 affordable housing units for individuals and families who earn up to 80% of the area median income.

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