MIAMI, July 28, 2022 (GLOBE NEWSWIRE) — LoanBud, a division of BayFirst National Bank, the principal subsidiary of BayFirst Financial Corp. (NASDAQ: BAFN), announced today the launch of LoanBud BOLT™, a Small Business Administration (SBA)-backed loan program that expedites loan approvals for small businesses across the country, delivering funding in days not weeks, which is the current nationwide average .
With lower interest rates and longer repayment terms than alternative online lending products, BOLT loans are ideal for established business owners who have been in operation for at least two years, and require an SBA 7(a) loan up to $150,000, and have good personal and business credit scores. Loans can be prequalified in hours, with the goal of providing funding within seven to 10 days. Rates for most borrowers are currently 7.5% (Prime + 2.75%, adjusting quarterly), with a 10-year term. The loans may be paid off early with no pre-pay penalty.
LoanBud was launched this year to support self-employed homebuyers and small business owners who are not historically well-served by conventional home and business loans, most of which still require detailed net income documentation. Business owners, freelancers, and entrepreneurs face unique challenges when qualifying for loan products based on annual net income, including the impact of business tax deductions and write-offs. The LoanBud team is trained to support self-employed borrowers and small business owners, saving them time and money when applying for business financing.
“Our number one goal is to help business owners save money so they can use it to grow their business, not on paying high-interest rates,” said Burke Purcell, director of LoanBud. “We’re making it simpler for business owners to qualify for the SBA-backed loan they need to grow and sustain their business while keeping their monthly payments low.”
“Small businesses have just come out of one of the most challenging times of our generation – many closing their doors during COVID shutdowns and investing heavily in health and safety measures before opening back up,” said Purcell. “Now, they’re facing new economic challenges – from rising gas prices to supply chain backups. These small businesses keep our communities going in good times and tough times. We are proud to serve America’s small business owners with the new LoanBud BOLT™ program .”
LoanBud is a division of BayFirst National Bank. LoanBud’s mission is to become the number one lender in the country for self-employed people by providing mortgages and SBA-backed loans to entrepreneurs, freelancers, and small business owners. For more information, visit: www.loanbud.com
About BayFirst National Bank
Headquartered in St. Petersburg, BayFirst National Bank, the principal subsidiary of BayFirst Financial Corp. (NASDAQ: BAFN), operates seven banking centers in the Tampa Bay area and originates residential mortgages through a nationwide network of loan production offices. In addition, BayFirst offers a broad range of retail and business banking services, including small business loans through its SBA loan division, CreditBench, and is one of the tops producing SBA lenders in the country. Since it opened in 1999, BayFirst has grown exponentially without losing sight of its commitment to making an impact in the community and being Here for What’s Next® in the lives of its customers. For more information visit: www.BayFirstFinancial.com.
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Image 1: LoanBud A Division Of Bayfirst
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LoanBud A Division Of Bayfirst