SBA Bolt Loan Requirements: A Step-by-Step Guide for Small Businesses
The SBA Bolt Loan is built to get businesses great financing in Swift time. The SBA Bolt Loan is an expedited SBA 7A Loan program with the benefits of getting SBA Funding without going through the Long SBA 7A Process.
This guide covers the specifics of the SBA Bolt Loan, the application process SBA Bolt Loan Requirements, and how to get the SBA Bolt Loan Funding.
What is an SBA Bolt Loan?
The SBA BoltLoan is a simplified, fast-tracked version of standard SBA 7A lending. Other SBA loan programs take weeks or months to process; however, funds must be made accessible rapidly for eligible small businesses under the SBA Bolt Loan program.
It aims to give businesses a rapid capital injection for those that require funds quickly without going through a time-consuming approval process.
SBA Bolt Loan Minimum Requirements:
Eligibility: To qualify, businesses typically need a credit score of 700 or higher and at least two years in business and doing at least $100k in annual revenue.
U.S. Citizenship or Legal Residency - The business owner must be a US citizen or legal resident with the necessary papers.
Who approves SBA Bolt Loans?
In contrast to most bank loans, the loans do not directly imply the participation of the Small Business Administration (SBA). It becomes easier for any party to obtain loans whenever they are just starting their business.
Instead, requesting, underwriting, and approving the SBA loans is performed entirely through authorized SBA lenders, such as credit unions and banks. The loan is guaranteed partially by the SBA, thus decreasing the risk for lenders and opening access to small businesses.
Is an SBA Bolt Loan Easy to Get?
SBA Bolt Loan’s are easy to get provided you satisfy the requirements. We partner with several banks including Bayfirst Financial.
Bolt Loans: Get the working capital your business needs—fast—with our most popular loan option: the BayFirst Bolt Loan. This SBA 7(a) loan provides funding of up to $150,000 within days*, with minimal paperwork required. Designed for efficiency, it’s the quick and easy solution for business owners ready to grow.
Prequalify today for this lightning-fast loan if you have a credit score of 700 or higher and at least two years in business.
Why Go with a Bolt Loan:
Access up to $150,000 in capital
Funding in days, not weeks*
Bolt applications undergo a streamlined process with less paperwork when compared to other SBA loans.
Up to 10-year terms
No prepayment penalty
SBA 7(a) loan
This basically includes financial documentation, and going through underwriting. The SBA BOLT Express Program, however, simplifies the process by speeding up approvals, making it one of the quickest SBA loan options out there.
SBA Bolt Loan Interest Rates
SBA BOLT loans offer competitive interest rates as compared to typical business loans. SBA bolt loan interest rates usually range between 6% and 12%, depending on factors like:
Creditworthiness
Loan amount and terms
Lender's Risk Assessment
The SBA does cap interest rates, but the loans are processed faster so they tend to have a slightly higher interest rate than those on usual SBA loans.
Use Bolt Loan Funds For:
Working Capital: Cover day-to-day operating expenses.
Payroll
Marketing costs
Utilities
Office Supplies
Debt Refinance: Refinance existing business-related debt, including SBA loans originated from other institutions.
What Is the Step-by-Step Guide to SBA Bolt Loan Application?
If you want to take an SBA bolt loan, you are required to have the steps and guidelines that can help you apply for it. Read on to find out more in detail.
Gather your last two years of business and personal tax returns
Gather your drivers license and last 6 months of bank statements
Fill out our SBA Bolt Loan Application
Conclusion
The SBA BOLT Express Loan is a great way for a small business to get good funding and start their business operations easily. It helps firms who need instant cash without the long wait of regular SBA loans. Knowing SBA loan rules, interest rates, qualifications, and the application process will increase your likelihood of receiving the funding you are looking for. Get the free consultation call from SWIFT Small Business Finance to understand more about the loan requirement and more.
Our Bolt loan is one of the fastest business loans, with approval in days, not weeks*. Just gather your documents and apply online or talk to one of our lenders to get the process started.
Bolt loans are SBA 7(a) loans. However, thanks to our efficient approval process, SBA loans originated by our bank can provide your business with the fast funding you want, and our Bolt loan can provide you with funding in days* once you’re approved.