Business Funding Options for New LLCs

Mar 30, 2025

Lecture Notes: Obtaining Business Funding for New LLCs without Proof of Income

Introduction

  • Discusses five banks that will approve a new LLC without proof of income.
  • You can potentially secure up to $50,000 from each bank, totaling $250,000.
  • Emphasizes borrowing money before it is needed for business growth and stability.

Key Points

  • Importance of Business Funding:

    • Many businesses fail due to lack of funding and capital reserves.
    • Advice to secure funding before it's urgently needed.

  • Stated Income Loans:

    • Banks offer loans based on stated (projected) income rather than actual income proof.
    • Common in business finance where income is projected based on business potential.

Banks Offering Stated Income Loans

1. Chase Bank

  • Offers up to $50,000 as a stated income line of credit or $25,000 on a business credit card.
  • Requires a decent personal credit score (around 680, but sometimes as low as 660).

2. Bank of America

  • Similar offer as Chase, with up to $50,000 stated income available.
  • Establishing a business checking account can help in securing the loan.

3. PNC Bank

  • Offers up to $100,000 in a line of credit for LLCs at least 2 years old.
  • Known for catering to small and midsize businesses.

4. Truist Bank

  • Provides up to $50,000 in a line of credit or business credit card.
  • Known for good customer service and focus on small businesses.

5. US Bank

  • Offers up to $50,000 in a line of credit for new LLCs.
  • May provide incentives like credits for opening a business account.

Additional Tips

  • Credit Bureau Variance: Different banks may use different credit reports (Equifax, TransUnion, Experian), potentially minimizing inquiries.
  • Consultation Services: Justin Merch Consultant can assist with strategy and increasing funding capacity.

Bonus Bank

Regions Bank

  • Offers similar programs for small businesses.
  • Provides business credit cards, lines of credit, and loans.

Conclusion

  • Encourage proactivity in securing funding.
  • Utilize resources like Justin Merch for strategic planning.
  • Importance of maintaining and building credit health.

Call to Action

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  • Explore further assistance from Justin Merch Consultant for personalized advice and strategies.