BUSINESS BANK ACCOUNT
The day you open your “business” bank account is the day your business starts in the eyes of lenders.
THE ABSOLUTE BEST BANK IS:
The bank that has the business products you need. If you need 0% Credit Cards, Loans, Lines Of Credit, You need to screen each Credit Unions website and see if they have these products you need.
**Keep in mind**
Some banks charge monthly fees for having an account. Usually not the case for credit unions.
***REFER TO THE LIST OF LENDERS
PROVIDED TO YOU FROM BANK BRANCH LOCATOR FOR YOUR STATE.***
Scroll to the bottom and select your state.
Select your city or zip code for closer banks.
BEST PRACTICES
✔ Open accounts with lenders who have over 0% Business Cards and LOW Documentation Lines of Credit and Term loans.
✔ Establish a bank rating by spreading your funds throughout various lenders.
✔ Use No Documentation Credit to scale your business to build strong financials to obtain further credit.
✔ LEVERAGE PRE-EXISTING relationships (What personal cards / accounts do you have with banks?)
Apply To LOCAL Credit Unions
This is a Local Credit Union Search Tool
Or you can…
1. Go to Google Maps and Search for “Credit Union”
Credit unions often offer HUGE lines of credit with no documentation.
2. Call Each Credit Union and Ask them:
– Do they offer Business Checking Accounts ?
– Can I apply online or do I have to come in?
– What Business Products do they have (Lines of Credit, Credit Cards, Loans)
My Client who is just 21 years old received $40,000 at 0% interest for 12 months no doc on a brand new business when applying at a local state credit union.
If you know you’ll be applying for Loans and Lines Of Credit… you can also Google
“SBA Lender List ‘State Name'”
To find out the most generous banks for loans in your state.
When you’re ready to apply you’ll need:
1. Articles of Formation
2. EIN Letter from IRS
3. State ID Or Drivers License
4. $50-$100 deposit
I Highly Recommend 3 local banks and 3 national lenders (Chase, Bank Of America, Wells Fargo Etc.)