Local bank launches SBA-backed loan program
July 20, 2022 - St. Petersburg-based BayFirst National Bank, formerly known as First Home Bank, has launched a new SBA-backed loan program that will expedite loan approvals for small businesses across the country, delivering funding within days instead of weeks. The program, called BOLT loans, are ideal for established business owners who have been in operation for at least two years, require an SBA 7(a) loan up to $150,000, and have good personal and business credit scores. Rates for most borrowers are currently 7.5% (prime and 2.75%, adjusting quarterly), with a 10-year term, according to BayFirst's news release.