How to build business credit for LLC. Are you ready to build business credit and get funding
in your LLC name? Yes, you absolutely can do it. There is so much funding out there for businesses
even new LLC and in this video I'm going to share with you some big secrets, some lenders and some
banks that are lending to LLC right now so that you can get all the funding that you need for
your business. Let's go.
I'm going to share with you a simple step by step process on how to build business credit
for your LLC. Even if it's a brand new LLC, I'm also going to share with you five banks that will
lend you at least $50,000 for even a new LLC. And last but not least, I'm going to share with you a
secret on what you will put on those applications so that you definitely get approved for funding
in your business's name. You may already have an LLC, which stands for limited liability company,
I absolutely love LLC is because there are so many advantages to having an LLC, especially
as a business entity. There's different types of business entities that you can have. For example,
you can have an LLC, which stands for limited liability company. Or you can have a corporation
either a for profit corporation or a nonprofit corporation. Now, when it comes to having a
for profit corporation, there are s corpse and there are C corpse. And if you have a nonprofit
corporation, that is a separate entity. In this video, we're going to be talking specifically
about LLC. But what I am saying actually applies for for profit corporations as well. So listen
closely, because no matter what type of entity you have, you literally can start building business
credit and getting business funding, even if you're a nonprofit. So let me share with
you how you get that done. So the first thing that you of course want to do is make sure that
your business is registered with the Secretary of State. So you may have already gotten your LLC but
in some cases, some people did not do their annual report and they actually lost their LLC. Well, you
literally can go back to the Secretary of State and reinstate that LLC, if it hasn't been too many
years that has passed. But it is very important that your business shows as active on your States
Secretary of State website. So for example, if you are in Florida, we will go to sunbeds and you will
look and make sure that your business is there and that it shows as active the same way that Noelle's
Randles businesses shows on Sundays. But again, no matter what stature and make sure that when
you search for your business, it shows us active. If your business shows as inactive or dissolved or
something like that, you're probably not going to be able to build business credit and get business
funding, because they want to make sure that your business is actually active. And it's a real
business. And again, if you have to do your annual report, because that is due every single year just
to pay the fee and reinstate the business each year, you want to make sure that you do that. If
your business has been dissolved that you already got an LLC, but now it's showing as dissolve,
you literally can go back and get the business reinstated. And that is a very good thing to do.
Because in many cases, it will start the business back from that original date, instead of you
restarting a new LLC that is not recommended. If you can get your business reinstated.
No well random strongly suggest that you do that. The second thing that you're going to need,
of course, is an EIN, which stands for employer identification number, this is absolutely free,
I know that there are people out here charging for EIN, but I do not suggest that you pay for EIN,
you literally can go to irs.gov. And there's a line right here, we're going to put a little
screenshot for you. And all you have to do is click apply for EIN and you can do the entire
thing online. But you do need to know that your EIN is attached to someone's social security
number. So whether it be yours or your business partner or someone else, you want to make sure
that you do that. And actually as a key, if you have somebody that has good credit and you can
add them to your business and you haven't gotten your EIN, then you can use that person that has
really good personal credit and they can get your EIN for you or you can use their social security
number that's just like an insider trips. Another thing that you will need is a professional email,
a professional website and a professional phone number. Now these things are not actually required
in order to build business credit, but if you have these things, it will make it easier and I will
explain that later. So you literally if you have a business and it's ABC properties, you'll buy the
domain ABC properties and then you'll also get the professional email, you know, support or info at
you know, ABC properties.com Because you can have a professional email using a Gmail or Yahoo or
Hotmail or something like that is not best is not what's recommended. If you want to start getting a
high amount of business funding. You want to make sure that you have professional email professional
website professional phone number. Another bonus is you really want to have a physical address for
your business instead of using your home Home address or even a virtual address that doesn't
have a physical office, you really want to have a physical office because this will allow you to get
even more money for business funding. So now that you have everything that you need to have a well
established business and you are building business credit, you want to go to Dun and Bradstreet
website, which is just dnb.com and claim your business. I've made an entire video where I
teach you on how to get business credit with a DUNS number. I'm going to put a link here and
you can watch that entire video, but it is a very simple process. So once you have a business credit
profile established on Dun and Bradstreet, you can easily start adding trade lines and in that video,
I will teach you how to do that as well. But for this video, I'm going to share with you five banks
that are lending right now with a new LLC. So there are five banks that you can go to right
now that will lend to a new LLC. And they will use what's called stated income. Literally there are
banks that will lend to businesses not personally not people personally but usually businesses where
they will not ask for any of your tax returns, they will not ask for W2's pay stubs,
they will ask for no verification of income, they will just take what you state. So these five
banks will allow you to get about $50,000 in a business credit card or a business line of credit,
just with a new LLC. And without that income verification. Now, in most cases, you are going to
need a 640 personal credit score as your personal credit score because they are going to ask for a
personal guarantee. However, do not let this deter you. You can get $50,000 from all five of these
places that I'm going to name you without having to show them any income and in many cases without
it reporting on your personal credit report. So even if they make you do a personal guarantee,
and many of these banks they do not report to the credit bureaus, so you will not have
to worry about this showing up on your personal credit report. And in many cases, they will even
report to Equifax business as a quick sidebar, there are three business credit reporting agencies
I mentioned Dun and Bradstreet that is the number one business credit reporting agency. But you also
have Equifax business, and Experian business and some of the banks that I'm going to name for you,
they will report to either Experian business or Equifax business. Again, this is always
changing. But at the time of this video, all of these banks do not report to all three of these
bureaus. However, you could still build business credit. And again, like I say, get $50,000 from
all five of these lenders. So let me tell you that part number one Chase, Chase Bank, literally,
when you open up a business checking account, they will offer you up to $50,000 on a business line
of credit, or a business card or maybe even a combination with both of them. So they may
give you $25,000 on a business credit card, and then $25,000 with a line of credit for a total
of 50,000. I've actually even seen where they've given 75,000 Because they gave 50,000 on the line
of credit and then $25,000 on the business credit card. And again, they will use stated income and
they will even lead to a new LLC, all you have to do is open up a business checking account
with them and let them know you're interested in a business credit card or a business line of
credit. And let them know what you're going to use this for. I will give you that in just a second.
Because for all of these places, you are going to say the same things as to what you're going to use
the funds for. Number two, Bank of America, just like Chase, Bank of America has business loans,
business lines of credit and business credit cards and will lend with a stated income. So
you literally can say my business is going to make $500,000 this year or a half a million,
or 1 million or $800,000 or whatever the number is that you project that your business is going
to make. Now again, you literally can do projected income, you don't have to say what your business
has actually made last year, they will say what's the income of the business and you can use
projected income. That's a secret that most people do not know. But just like Chase, you can just put
projected income. So I would use you know, maybe a half a million dollars or $250,000 or something to
that effect. You don't want to say that your business makes less than $100,000 per year,
because in most cases they will just declined the loan because they wanted to see that you're making
a decent amount of money and again is projected income so just think about it if they gave you
$50,000 How much money could you make with your business? Number three PNC Bank. PNC is not in
every single state but in the state of Florida and a few states that I know I believe I believe
PNC is in a lot of different states. They have stated income loans for businesses for business
lines of credit business credit cards and you can apply for both, you literally will not be able to
apply for both at the same time you apply for the business credit card first and then the next day
or two days later you will apply for the business line of credit and you can easily get approved for
both of them again with stated income you do not have to show any tax returns or anything. As long
as the loan amount for the business line of credit is less than $100,000. They will not ask for any
income Doctor mutation number four truest bank. So true is bank actually used to be SunTrust. And it
was also BB and T and a lot of the different banks have merged and it is now true as bank. So you can
find true as bank and quite a bit of states and you can get a business checking account with them
and then get a business credit card and a business line of credit. In fact, I was able to get three
business credit cards from them all at one time, they gave me a business credit card and they gave
me two, they give me two business credit cards at one time. And then they gave me a personal credit
card all at the same time. So I was able to get three credit cards from them right on the spot
of opening the business checking account, and again stated income, no tax returns, no income
documentation needed to be shown in order to get these credit cards, number five regions bank. So
I have been banking with regions bank for well over 10 years. And this was one of the first banks
that I absolutely fell in love with when I was in Texas. And I'm so happy that they are also in
Florida. Regents Banks has so many programs that are not advertised for businesses. And in fact,
they even have programs that are for specifically for women owned businesses and minority owned
businesses that are not advertised. But when you go open up your business checking account,
they will sometimes tell you about this and especially if you ask if you say Are there any
programs for women owned businesses? Or are there any for veteran owned businesses? Or are they for
minority owned business, or whatever industry you're in, they literally have programs that
they do not advertise. But more importantly, they will give you $50,000 for your new LLC,
without showing any business tax returns or personal tax returns whatsoever,
I literally was able to get a business line of credit and a business credit card from them right
on the spot when I opened the business checking account. Now in many cases, regions is a little
bit more stringent with the business being opened for two years. As we're Chase Bank of America,
they are not. But if you have a business that's been open like a year and a half, for example,
they will actually make some exceptions. Or you could actually just wait to the businesses exactly
two years. And again still get those loans but without showing any income documentation. So I
still love regents bank, even though in some cases you will have to be closer to the two
year mark with your LLC before they actually give you those business loans. Are you looking
to get funding for your business go to No well rando.com forward slash big thick, I literally
have partnered with big thing capital and they are giving out funding to so many businesses and
helping businesses get the funding that they need. Big thing capital is one of the best companies for
getting business funding because they have such a high approval rate. They are able to help you get
approved they're able to walk you through the process and they are super friendly and nice
and give you all of the different options that are available to you. Go to noellerandall.com/
bigthink and apply today. It's absolutely free. It doesn't cost you anything
and you could walk away with hundreds of thousands of dollars for your business in just a matter of
minutes. Go to no well rando.com forward slash Big Think that's noellerandall.com/bigthink.
Go today and get that funding that you need for your business so that you can take your
business to the next level because I want you to have all of the resources, all of the
knowledge and all of the tools that you need to be successful. This is Noelle, to your success.