It's my pleasure to be joined by Evan Bailey. Um, Evan is a dear friend. So, um, Evan's gonna help us learn a little bit about a, a loan product that he recently told us about. Um, Evan, it'd be great if you introduce yourself.
Hey everybody, my name is Evan Bailey. I've, uh, worked with Irving Fund. I'm made a transition after Covid to get into the lending space and never looked back.
Nice. Tell us the type of clients that you normally, uh, work with.
We focus primarily on independent retailers. You know, it's, it's important that retailers have the funding they need to be successful, and they also have shop TEKS material retail.
Love it. Love it. Um, all right. So, you know, we were talking a few weeks ago and you mentioned a really, really interesting lending product that small business owners can take advantage of. Uh, can you just tell us a little bit about that?
Sure. So the s p A stands for Small Business Associ Association and is backed. It's, it's basically, it's a government loan. It's backed by the government that's distributed by banks. So the bank is gonna fund the loan and it's guaranteed by the government. So it is a, a lengthy process to get approved, but we have one particular loan that we're gonna talk about later on today, um, that we're very excited, we had a lot of success with, and we'd like to get into more independent retailer's hands.
That's cool. So what's the, what's that, um, product called?
It's called the Bolt Loan, B o l T, lightning Strikes Bolt. So, um, it's, it's a good product. Excited to talk about it.
Nice. Tell us about like the, you know, the types of rates you're getting, the term, you know, any guarantees the retailer has to give. Just like give us, uh, the dirty details, the sales pitch on, on, uh, on
The loan. As mentioned, these are, you know, set rates by the government because they aren't government backed. It's a 10 year term monthly payment, and there is no prepayment penalty, so you can get out of it as, as soon as you like.
That's cool. And is the, the payments are like straight line, so it's like amortized over the 10 year period, same payment every month, or, it does depend on my sales. Does that works good?
It's a good question. Um, same payment every month. It all depends on what you're approved for. And with this specific loan, 'cause there's mul, there's a lot of different s b A loans for the bulk loan specifically. The way they determine the amount is based on the revenue. Even if you don't show profit, but you have a revenue, we can get this done for you. The only requirement that you have to have is a 700 credit score.
That's really cool. So what kind of revenue are they looking for and, and what's the max we can get? So the,
The max is, it's capped at 150,000 and they take 30% of the revenue. So if you're showing $500,000 on revenue, you'll be, uh, allowed to get the full amount of 150,000.
That's awesome. I mean, compared to like things like merchant cash advances and um, other types of loans, it just sounds really, really great. Do you think that's like the best loan product for independent retailers?
Well, we've had been having a lot of success. I would say this is the best loan in today's market. Um, it's a variable rate. So as the prime rate goes up and down, your rate will go up and down with it. That's not a fixed cost, it's not a fixed rate.
Got it. But I could always refinance it if I wanted to because there's no prepared penalty.
Um, that's really cool. It sounds pretty difficult to get approved for it. Do you find like that As long as I have a 700 credit score and I do decent revenue, I could definitely get approved.
As long as you have a 700 credit, it's pretty straightforward.
Cool. Um, how, how long does it take from when I decide I want one of these loans till I have the money in my calendar, like a week or is it's gonna be a few months and how could I plan for that?
It typically takes two to three weeks. And the reason why it's not like your other typical S B A loans is because there's no financials, cash flow or profitability involved. You don't have to submit a profit and loss or a balance sheet, you know, and looking at the top line, the gross revenue. So it's much easier and a quick of a process
That, uh, that makes a ton of sense. Um, so obviously I know that we can reach out to Evan Bailey at Irving Fund to get one of these, um, loans, but how, how do I even kick off the process to get one
As a retailer? The first thing I would do is Google SS b a bolt loan, b o l t. If you have any further questions, feel free to contact me. I'm happy to walk you through it. There are not too many banks who focus on this loan and we partnered up with the right ones who do, we can get it done in within two to three weeks.
Awesome. Thank you so much, Evan, for being part of the show. Um, again, Evan from Irving Fund, Evan's email's, e v a firstname.lastname@example.org. Um, feel free to hit 'em up. Thank you, Evan.
Thank you very much for your time and having me on the material retail dumps.