most people try to bootstrap their business with their own personal savings to grow their business and to spend into their advertising when they really don't have to the banks are willing to lend to you at 0% interest in the hundreds of thousands with little to no proof of income so I'm going to show you exactly which five banks allow you to qualify for this funding without having to show all these different documentations so this works really well for established businesses and also for brand new ones so basically you're allowed to get all this extra capital and resources to hire a team spend more money on advertising and acquire more clients and also to improve your skills to then improve your business the banks want to acquire more clients so they'll basically fund you so that you can grow your business and continue to work with them the banks understand that most businesses especially newly established ones aren't going to have that much proof of income because they're basically just getting started they don't have that much to show so they created these new products that basically allow you to apply for business funding with stated income so a lot of people give you different data points on how you should actually be filling out these applications and they might tell you to put in 100,000 200,000 300,000 Etc and you might not understand why you're able to do this but basically the banks wanted to create a system that allowed them to basically lend to people a lot easier and this comes back to the reason that most businesses newly established ones aren't going to have that much cash flow but they need funding to actually grow so they created this opportunity for them to actually apply for funding by using stated income and this is basically going to allow you to apply by using different data points of what you think you might be able to then produce in your business thanks to the funding so if you're a brand new business and you think that in the future by growing your business and having different vendors working with you and acquiring different clients if in the future you may be able to to basically produce 300K in annual revenue you're allowed to put that $300,000 in annual revenue on your application so this really opens up a lot of different doors for you and the banks want this because again they want to have more clients because they make money on interest and fees so they're able to do this lending to clients just based on the state of income this is totally allowed whenever people go into the banks to apply for funding they're asked for these numbers such as the revenue the profit and as a brand new business you might be making Zer do in Revenue so people are afraid to say anything above that Zer dollars because they don't want to commit any banking fraud or lie on their applications and so they put zero dollars on the application and they get denied so because of this actual opportunity you're able to put down these projected numbers you're totally allowed to do so whenever you speak to a business Banker they'll actually ask you what are your projected Revenue numbers so these are the numbers that you actually want to put down sometimes you also want to be a little optimistic to give you better chances on your actual applications but you are allowed to put down stated income and that's how we're able to apply for this funding and get these great results without having to actually produce any Revenue in our business just yet so I'll show you exactly which five banks are the best ones that have this stated income application process and something I will say really fast is that although we are putting down projected numbers the most important factor when it comes to business funding applications is going to be your personal credit so that's why this is all possible because they're still looking at your prior history they're still looking at how you're able to perform and operate with debt on the personal side giving them an idea on how you might behave with the debt on the business side so it's really important that you have good personal credit meaning that you have no negative items such as late payments collections or charge offs you want to have low inquiries and you want to have established credit for ideally two years plus but if you have all this the funding process will be a lot smoother especially if you use the correct data points on your actual applications because at the end of the day the banks really care about two things your ability to pay them back so based on the revenue numbers and your willingness to pay them back based on your personal credit and your business credit Foundation let's dive into my top five banks for the stated income applications and the number one is Chase Chase Bank is a really great Bank to actually go and get funding with because they're National and they also give really great limits on the applications so I recommend actually Crea creating a relationship with them first so you can do this by actually opening up a business checking account potentially having personal credit cards with them already and depositing money into your checking accounts so this is a great bank to get funding with they'll base it off of your projected numbers and they usually get very large limits as well the second one is going to be Bank of America so they're a great bank for actually being able to apply for multiple different business credit cards so I usually recommend applying for one first and if you get approved they actually have multiple different 0% cards so you could actually apply for up to three back to back so that's a really great bank for stated income applications as well another great bank is going to be US Bank so US Bank is great because they're also a national bank they will be able to lend to you based on different 0% offers as well and they also have really great 0% balance transfer cards so if you currently have some debt on other business credit cards that maybe are incurring fees in the form of Interest you could potentially balance transfer over those balances onto this new 0% card and basically extend that 0% period thus saving you a lot of money so US Bank is a great one for stated income as well and then we have PNC Bank so PNC Bank is a great bank for Lending so they're also stated income they typically allow you to apply for stated income for business credit cards usually you'll get up to 25,000 per credit card so that's a really great limit and also if your business has been established for quite a while over two years you can also apply for business lines of credit usually only with stated income so that allows you to get an extra $50,000 and the final bank is one of my favorite Banks and this is AMX so AMX is really great because they have 0% cards they have their business blue cash and unlimited so this will give you 0% for 12 months and they also have the business Platinum Card which is a great card for travel hacking so you can use this to qualify for all kinds of different status with hotels and Airlines and you can also get free perks and benefits in the form of clear and TSA pre-check but to get back to the funding they're really great with their 0% cards because they usually only pull Experian and if you already have an MX card even on the personal side they'll most likely not do a hard pull so this is a really great Bank to use and build a relationship with over the long term and they also only use stated income to process the applications overall all these banks will only base their application results based on the stated income so whether or not you're making Revenue in your business you can still qualify for this funding so this is great because it'll make your growth in your business so much easier by getting access to more Capital you can do so just by having your personal credit established correctly and by filling out the applications with the right data points and you can do this with a brand new LLC so on the applications the only ones that will matter when it comes to the over over all age of your business will be for business loans and for business lines of credit for those you do need to be established over two years but for business credit cards you can do this entire process with an LLC that's brand new that you just opened up last week I usually recommend waiting about a month before you actually start your funding applications but you can still use a brand new LLC to get these great results so whenever you're applying for funding you can typically get up to $50,000 per bank with Chase we're actually able to get up to $100,000 even with newer llc's but most banks will be able to get up to 50,000 without having a show really that much documentation and that much proof of Revenue so it's really a game changer you can actually go through this whole funding sequence rather quickly so it comes down to building a funding sequence that's based on your personal credit profile and on your current inquiries that you have but you can apply for all these Banks within the same day and get your funding within a week so it's an absolute Game Changer it doesn't take that much time you just have to really make sure that you're prepared when it comes to your personal credit and having the right data points but hopefully this video gives you some inspiration as to what's possible in the growth of your business and by getting access to more funding if you have any questions about these Banks the funding process or anything involving Credit in general just drop some questions down below and make sure to follow this channel so you can learn more about funding and growing your business
