Secure Financing for Your LLC: 5 Banks Offer $50,000 with No Documentation

Navigating Business Funding: A Credit Specialist's Insights

As a Credit Specialist, I understand the challenges many entrepreneurs face when seeking funding for their new LLCs. In this comprehensive guide, I'll share the three primary ways to raise capital and the banks that are the easiest to work with.

Three-Way Funding

There are only three ways to raise capital for your business:

• Good credit score
• Revenue coming into the business
• Collateral

Unless you're adding someone to your company, these are the only options available to you.

Navigating Traditional Lenders

When it comes to obtaining funding with your LLC and EIN, traditional lenders have specific requirements:

• They'll look at your credit score and the relationship you have with them.
• To bypass these requirements with just your LLC and EIN, you'll need to have high revenue.

Finding the Right Funding Source

When starting out with your LLC, you have several options to consider:

• Lines of credit are preferable over business loans as they offer more flexibility.
• Certain lenders, such as Dreamsspring, are willing to provide lines of credit up to $50,000 without a hard pull on your personal credit.

Recommended Lenders

Based on my experience, here are some of the best institutions to consider for your business funding needs:

• Advantage Federal Credit Union - Offers business credit cards based on your Vantage 3 credit score.
• PNC Bank - Uses the FICO 9 scoring model, which considers factors like authorized users and rental payments.
• Wells Fargo - Has a new business credit card option, though they may be more restrictive on debt-to-income ratios.
• BCU (Backer Credit Union) - Provides business credit cards based on Vantage 3 TransUnion scoring.
• Vidiian - Offers business credit cards using Vantage 3 TransUnion scoring, and you can join Habitat for Humanity to become eligible.
• Navy Federal Credit Union - An experience FICO 9 lender, though membership is limited to military and their families.
• Hovia Jia - Allows you to obtain multiple products with a single hard pull, up to 60 days.

Remember, it's crucial to understand the details and avoid misconceptions when seeking business funding. By being strategic and leveraging the right lenders, you can increase your chances of securing the capital you need to grow your LLC.

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