in this video I want to share with you three banks that will approve a new LLC up to $50,000 without proof of income this means you can go to First bank and get up to $50,000 no proof of income the Second Bank get up to $50,000 no proof of income and a third bank get up to $50,000 no proof of income with a new locc I'm going to break down I'm going to unpack how is this possible then I'm going to tell you what you need to do as a business owner to properly position yourself to get improved up to $50,000 then the third thing I'm going to share with you the three different banks where you can go to get Capital to get funding for your new LLC now before I do that I want to say this around 10 months ago if you go back 10 months I made a similar video I gave you five banks where you can go to get up to $50,000 with a new LLC with no proof of income and from there you see a lot of people make similar videos from Tik Tok from YouTube all different types of content creators see what they was doing previously they were telling you no documentations but as I was reading I was doing my due diligence a lot of you were still confused so what I brought to the table I broke it down in the most simplistic way and the most fundamental way on where you guys can really understand why is this possible right so in that first video it got over it's almost a million views it went viral cuz how I broke everything down so I'm going to do something similar to this video but also I'm going to give you uh three additional Banks then I'm going to do a little bit different as far as I did in the first video so I want to throw that disclaimer out there your boy was the first one to actually break this down so you guys can really understand why the banks uh will allow you to get up to $50,000 so I really want to start there right why is this possible well here's the thing if you think about it the reason why the first reason why most banks will allow you to just number one state your income I'm going to break that down also project your income I'm going to break that down exactly what that mean the first reason is because it'll take a lot of Manpower and it would take a lot of due diligence on these financial institutions on the banks and on the creditors to really break down and verify your income AKA your debta income ratio so what they allowed you to do is to tostate your income and they will take your word for it and project your income and they will take your word for because it will take too much Manpower for them to actually go through each credit application to verify your income the only reason they will actually verify your income so when people tell you no documentations what they saying is banks will allow you to just put your income without verifying because it will take too much Manpower and everybody know time is money so that mean they have to hire more staff the payroll will be bigger so they will take your word for it however there's still certain things that needs to be on that business credit application that makes sense and on that personal uh credit profile and business credit profile for everything to line up so when it go through the algorithm because that's all it is the algorithm once it go through the algorithm then if everything lines up then they will approve you without showing any or to little no documentation so that's what that mean when people say no docs right so I just want to break that down on why this is possible now let's jump into stated income projected income first of all when you're going to get to get business funding by now if you've been following me you should understand exactly what business funding is is when that's what we're talking about now funding means money credit mean going to other companies open lines of credit so let's break down business funding business funding when you take your brand new loc and you also going to take the business owner credit AKA your personal credit you're going to put the two together and you're going to go these to these financial institutions National Banks Regional Banks now today we're going to talk about about Regional Banks but National Banks last time I gave you five banks they was National but Regional Banks Community Banks um Credit Unions right we're going you can go to these financial institutions and open up lines of credit or credit lines with these Banks this is possible why because your business need to be properly structured that's number one this means you have to have a LLC a separate entity like a S Corporation C corporation or LLC so first thing first also have a EIN business address professional phone number I'll show you how to properly structure your business if you subscribe to my patreon right the link will be in description and I'll show you everything that I'm talking about I breakdown is also in there and it's going to be step by step on how to do everything so if you want to be a member of some type of mentorship right you can definitely subscribe to my patreon the link will be in the description below now moving forward so once our business is properly structured I'm not going to go over that CU I talk about that all the time it's the most fundamental thing you need to make sure that needs to be in play but also you need to make sure that your personal credit is in play also your business credit profile because did you know 95% of business funding is based on your personal credit we need to really get that in our heads there's really no way around it right so you have to give the bank something I explain to this all the time either you have to get them your you have to have a real really good business credit profile and what I mean really good business credit profile I mean age business tra trade lines a age business that mean more than two years your business trade lines is more than two years you have to have hundred, or even million dollars in Revenue right in order for your business to stand alone by itself that's the first thing we need to understand if that's not if if this is not you if this is not your business it can't stand alone by itself you have to attach something to it this means you have to attach some type of business income that revenue or you have to TX your personal Revenue I'm sorry or you have to TX your personal credit to your business you have to give the banks something so the reason why the banks allow you to stay and project your income without showing no proof income because the banks only care about two things your willingness to pay them back and your ability to pay them back your ability is based off your Revenue so we're not going to talk about that we're going to talk about your willingness are you willing to pay them back based on what based on your business credit profile and based on your personal credit profile so now what the banks is going to do since they're going to take your word for it not because you have a Side Story not because the vient you grew up in everybody have different environments everybody have different Side Stories everybody just have a different story in general so that's not what they're looking for they're looking for the data that's on your personal credit profile and also that's on your business credit profile now if you don't have any data on your business credit profile 100% is going to be based on your personal credit profile this means certain data points have to be there like for example do you pay your bills on time and over a period of time that's your payment history essentially that's how credit is do you have the ability to pay your bills on time and over the period of time right crediting is nutshell now number two how long have you been managing debt your um personal credit profile has it been AKA your business age has it been two years five years 10 years that matters now also can you manage debt so look at your credit utilization is your credit utilization 50% 30% 10% 5% that shows them how well if they decided to lend you any type of funding if you're managing the funds on your personal credit profile then that's that's a reflection on how you would manage the funds on your business credit profile that's called comparable credit next thing that go along with comparable credit is the amount of limits you have on your personal credit profile do you have a credit card for uh $2,000 do you have a personal credit card for $5,000 $110,000 $225,000 that makes a whole difference because now they say on the personal side if you can manage $25,000 in debt then on the business side you can manage $25,000 in debt right or somewhere near it or below it even above it so because in a business side they understand that you have operating expenses so you will have to spend money to make money so they want to make sure that they give you adequate funds in order for you to start grow and scale your business uh unlike the personal side there's only so many things you need to maybe you have an invent or you have a home and you have to put furnish your home with five TVs but on the business side you have any business event space and you need 20 TVs right so they're going to give you a higher limit so these these are the things that they look for on your personal credit profile yes it's predicated off your personal credit profile there's really no way around it for 99% of banks that's out there now that's one or two banks that will Ein only again certain things have to be in position now also that's on the personal side that's some data points now when you're filling out that business credit application is really important that you put certain things on that business credit application I talk about this all the time on my patreon again uh if you want more information on this more elaborate and detail breakdown step by step you can definitely go to my patreon and become a member and get some mentorship that you need in order to start grow or scale your business now also make sure you like And subscribe if you like the information that I'm giving to you so far so on that business credit application right some of you are putting that you're the big CEO of your company and I get it we're excited we just starting a business you know we want to show everybody that we the owner we the founder we are a CEO of our business but understand when you put that on that business credit application now you obligated to show them that you the owner you the founder of your business let's break that down unpack exactly what does that mean well now they might want to see tax returns because hey CEO big founder right a big owner of your business you should have tax returns for your business or now they might want to see certain documentations like financial statements like p&l statements uh they might want to see bank statements or payroll since you're a CEO of your company you should have access to all of this information so you want to be very mindful exactly what you put down that business credit application I recommend putting down some type of uh that you're the manager something like that because you are the manager of your business or you are an employee of your business so you want to really think about that what you put down as far as what role you play in your business so that's number one also your Revenue as far as when you state your income so let me break down exactly what stated income means stated income means this means that you can State the amount that you put down on that business credit application they will take your word for it so for example if you put down that you make $100,000 in your business the banks will take your word for it and the reason why they would take your word for it because they're looking at your personal credit profile and or your business credit profile both and they see that you pay your bills on time and over the period of time so some Revenue has to be coming in somewhere for you to be able to pay your bills on time and over a period of time then you're managing that debt Etc so all that data has to match up so when you put down that you make $100,000 in your business they will take your word for it also now you able to project your income so when it comes to your business Revenue let's say you're not even making 100,000 but you put that down on your business credit application why is this possible I'm not telling you to commit Bank Fred right that's no way I'm telling you Comm make Bank fry but banks allow you to project your income based off your business plan based off your future invoices based off your future Revenue based off your future contracts so banks will allow you to project your income what do you think you're going to make right throughout this year you can put that down based on the way your revenue is going based on your Market strategy Etc you can put that information down that's really important also did you know you can also put your household income down so let's say you have a spouse you can put St income down right let's say you have a a s hustle you can put that inform information down you get money from stocks so there's certain things you can put down on that business credit application that the banks will allow you to um to improve or to increase I should say your personal Revenue so we have to keep that in mind too so if you put down the right business income you put down the right personal income you put down a position that you in in your business it can go a long way in that business credit application remember everything has to pass through the algorithm so if your personal credit profile match up your business credit profile match up is properly structured your income ma match up on everything so now they're looking at your overall debt to income ratio which is super important so now they're looking at your debt to income ratio everything match up and now they will approve your income now the main question you need to be asking well what about my limit well your limit is based off a few things right how do you get high limit so your limits is based off of your debt to income ratio that amount which is your business Revenue versus which is your debt versus your um Revenue that you're making in the business that determine your debt to income ratio lenders like to see anything between 35% or lower just depend on that financial institution some will go high as 40 45% right again just depend on that bank so you want to be mindful of that also depends on your personal credit profile what trade lines do you have on there revolving trade lines is it $5,000 20,000 25,000 so all that is predicated on that so they look at that information too as well also you want to make sure um here's another hdden gem that a lot of people don't understand having a relationship with that financial institution after this I'm going to give you the three so if you've been following this time but I had to break everything down so now uh building a relationship with that bank I talk about this all the time so when you go inside the the banks and you build a relationship with a Rel ship bank manager now depend on um that this can depend on your business checking account your personal checking account but I recommend open up a business checking account and building that relationship and your limit can also depend on the amount that you deposit into that bank so because it's something that's called Bank credit which is a whole different story between business credit business funding then you have Bank credit that's primarily based off your bank rating number which is predicated on the amount that you have in that business checking account over a period of time so that can also matter so as you can see there's a lot to unpack but if you do it strategically you can get approv up to $50,000 without showing any proof of income now reason is up to 50 because when you get over 50 now they want to see like tax returns because now they taking a a a a more of a risk remember it's all about risk factor on your business so when you asking for that certain amount then yeah they want to be more thorough on what they really getting theirself into so you got to be mindful that so that's why when I say up to $50,000 or other content creators say up to $50,000 because that's really the thresholds that most banks will provide now I want to be very clear when I say this that does not mean that you can get up to $50,000 just with one credit card because it might T you it might take you to the three credit cards with that one Financial instit tion to get the sum of $50,000 that's super important so don't think on One credit card you're going to go in there and get $330,000 if you don't have a relationship with them if you can't prove that you have that you can manage debt on the personal side or on the business side and that you didn't as far as build that relationship with them um by having a certain amount of income in your business or your personal checking account so otherwise you might get a lower limit so or might take you two to three credit cards to get with them in order to get up to $50,000 are you tracking me now I know that was a lot of information but I really want to break it down because again I'm seeing all these new videos and it all started with me Pat myself on the back right because how I break things down but with that being said let me give you the three banks that will give you up to $50,000 now I want to be very clear these are Regional Banks Regional Banks mean it's not in your it might not be in your area it might not in your area so you might not qualify but there's certain things you can do like filing foreign entity to get qualified and that particular area or that particular State you can file a foreign entity I teach this again in my patreon guys these are the stuff that I teach in my patreon again it's a former mentorship so those of you do you offer mentorship you definitely want to check out my patreon now here's the thing you want to go to uh Bank branch locator bankbranchlocator.com to see if these Banks is in your area branch.com so go to that uh and look up these Banks and see if it's in your area now the first bank I want to give you is um B Harris so Harris is a regional bank and the great thing about Harris business platinum credit card is 0% interest for a limited time nine months so nine months you can get a and a report to TransUnion I'm even give you the bureau that the credit report agency that they report to CU that's really important when you start doing credit stacking they report to TransUnion right so heris get their Platinum Card 0% interest for nine months the next bank I have on my list is Huntington Bank you can get zero it's a Regional Bank so go to the site go to uh uh Branch bank.com and they can give you a 0% interest credit card up to 12 months so 12 months you pay no interest on it and they report to Equifax so this is really important too uh that's the second Bank the Third Bank I want to give you what's the Third Bank oh MNT MNT right it's another Regional Bank you have to see a day in your area but you can get 0% interest for 12 months so those are the three regional Banks where you can get up to $50,000 with a brand new loc without no proof of income hope this is very valuable like And subscribe to the channel and I will see you on the next one peace out
