Secure Your Business Funding: 5 Banks Approve LLCs for $50,000 No Documentation

Navigating the World of Business Funding: Insights from a Credit Specialist

As a Credit Specialist, Houston Mcmiller shares his expertise on the three-way funding approach and the best banks to consider when seeking capital for your LLC.

The Three-Way Funding Approach

• Credit Score: Having a decent credit score is one of the three ways to raise capital.
• Business Revenue: Generating revenue in your business is another avenue for funding.
• Collateral: Providing collateral is the third way to secure funding.

Navigating Tier One Banks

When it comes to traditional lenders, such as Chase, American Express, and Bank of America, Houston advises caution:

• These "Tier One" banks often use FICO scores and may not consider factors like authorized users, rental payments, or subscriptions that can boost your credit profile.
• To bypass the credit requirements with these banks, you would need to have high business revenue.

Recommended Lenders for Startups

Houston suggests considering the following lenders for business funding if you're just starting out with your LLC and EIN:

• Advantage Finance: Offers credit cards based on your Advantage Credit Score, which can be improved through techniques like adding authorized users.
• PNC Bank: A FICO 9 lender, which means they consider factors like authorized users, subscriptions, and rental payments when evaluating your credit.
• Wells Fargo: Recently launched a new business credit card that considers FICO 9 scores.
• BCU (Backer Credit Union): Offers business credit cards based on a Vantage 3 TransUnion score.
• Vidiian: Also uses a TransUnion Vantage score, and you can join through Habitat for Humanity.
• Navy Federal Credit Union: An experience FICO 9 lender, but you'll need to become a member.
• Hovia Jia: Provides multiple products with a single hard pull, making it a favorable option.

Houston emphasizes the importance of understanding the details and criteria of each lender, as some may not report to your personal credit file, and others may have specific industry requirements based on your NAICS code.

For those seeking further guidance on business credit funding, personal credit funding, or credit repair, Houston encourages scheduling a one-on-one consultation.

YouTube Source: https://www.youtube.com/watch?v=hxvJR-9FvJM
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