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.
