BayFirst Financial Corp. has announced the discontinuation of its Bolt SBA 7(a) loan program as part of a strategic review aimed at long-term growth and enhanced shareholder value. This decision includes a reduction in force, eliminating 26 positions related to Bolt and 25 in other areas, projected to save $6 million annually. The company plans to record a restructuring charge in the third quarter and is seeking to sell the Bolt loan balances and origination platform. To mitigate financial impacts, BayFirst has suspended dividend payments, and directors will forgo board fees. The company is focusing on strengthening its core SBA offerings and enhancing its community banking operations in Florida.
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