5 Banks That Will Approve Your New LLC Without Proof of Income

5 Banks That Will Approve Your New LLC Without Proof of Income

Introduction 

Starting a new business is exciting but finding the necessary funding can be challenging, especially if you don't have proof of income. Fortunately, some banks understand this struggle and offer funding solutions for new LLCs without requiring income verification. In this blog post, we’ll explore five banks that can provide up to $50,000 each, potentially totaling $250,000 for your business. I’ll explain the application process, what to say, and how to maximize your chances of approval. Let’s dive in!

Why Borrow Before You Need It?

Many businesses fail because they lack sufficient funding. I cannot stress enough the importance of securing funds before you actually need them. This proactive approach ensures you have capital for unexpected opportunities or emergencies without stressing about immediate financial needs. By borrowing before you need it, you can focus on growing your business and seizing opportunities as they arise.

1. Chase Bank

Chase Bank offers a great opportunity for new LLCs with their stated income program. You can apply for up to $50,000 in a line of credit or $25,000 on a business credit card. The key here is to ensure your personal credit score is decent, preferably around 680 or higher. When you walk into Chase, be confident and clear about your business plans and financial projections.

2. Bank of America

Bank of America is another excellent option, providing up to $50,000 for new LLCs. Open a business checking account to establish a relationship, which is crucial for approval. Even if they don’t offer you the loan immediately, don’t hesitate to ask. Persistence pays off, and it’s essential to remember that approval decisions are made by underwriters, not the tellers or branch managers.

3. PNC Bank

PNC Bank is a hidden gem offering up to $100,000 in a business line of credit for LLCs at least two years old. They don’t require tax returns or bank statements, making the process simpler. Establishing a good relationship with your local PNC branch can be beneficial, as their customer service is known for being more personalized compared to larger banks.

4. Truist Bank

Truist Bank, a midsize bank, offers up to $50,000 in a line of credit with no proof of income required. Their customer service caters specifically to small and midsize businesses, providing a more personalized banking experience. Establish a business checking account with them and take advantage of their willingness to support your business growth.

5. US Bank

US Bank is particularly proactive, often sending out offers to new LLCs. They provide up to $50,000 without requiring proof of income. Establish your LLC and business checking account to start receiving these offers. They are also known for pulling different credit bureaus, which can help you manage inquiries better.

Bonus: Regions Bank

Regions Bank offers various financial products for small businesses, including business credit cards and lines of credit with stated income programs. Although they are not in every state, they are growing and are worth considering if they are in your area.

Final Thoughts

Securing funding for your new LLC without proof of income is possible. Be proactive, establish relationships with these banks, and always have your business documentation ready. If you need additional help, consider consulting with credit repair and business credit experts, who can guide you through the process and improve your chances of success.

Remember, it’s easier to secure funding when you’re not in desperate need. Plan ahead, apply for lines of credit, and keep your business financially prepared for any opportunity or challenge that comes your way.

To your success,

BGC

Disclaimer: Be advised that this information is for general guidance and readers should consult a financial advisor.