Unlocking Business Credit: How to Secure $50,000 with a New LLC
This article by Dmitry, CEO of CreditRepairCo.net, lifts the veil off all the TikTok videos that talk about “New LLC 50k in funding”
And of course without showing proof of income.
Essential Prerequisites
Strong Personal Credit: A credit score of at least 680 is recommended, with 700+ being optimal.
Business Formation: Form your LLC with a simple, broad name to avoid high-risk category flags.
- avoid trucking, gambling, banking, investing, marijuana
- prefer consulting, ventures, etc.
Initial Deposits: Open a business checking account with your chosen bank and deposit a starting balance to build credibility.
Bank-by-Bank Strategy
- Bank of America
Offer: 0% APR for 9 billing cycles.
Strategy: Open a business checking account, deposit at least $500, and consider multiple cards for maximum benefit.
- Chase Bank
Offer: 0% APR for 12 months.
Strategy: Maintain an existing relationship to boost approval odds. Watch for the 5/24 rule. (I dont know what this is. Check with Dmitry on LinkedIn).
- US Bank
Offer: 0% interest up to 18 cycles.
Strategy: Open a Silver Business checking account, let funds sit for 30 days, and then apply.
- Marcus by Goldman Sachs
Offer: $750 bonus after spending $5,000 within 5 months.
Strategy: Apply with no impact to your credit score initially.
- American Express
Offer: Multiple cards with easy credit limit increases.
Strategy: Start with a personal card to get into their system before applying for business credit.
- PNC Bank
Offer: 0% APR on balance transfers in the first 90 days.
Strategy: Open both personal and business accounts for stronger approval chances.
- Note: I was approved the first time through Fund and Grow and I did not have a personal or business account and still do not.
- Truist Bank
Offer: 0% APR for 9-12 months.
Strategy: Particularly good for those with a 620+ credit score; also bankruptcy-friendly.
Expert Tips
Stated Income: It’s acceptable to state your expected revenue when applying.
Reconsideration Line: If denied, call to request reconsideration or a higher limit.
Industry Caution: Avoid industries like cannabis, gambling, and debt consolidation, which can hinder approvals.
Conclusion
With preparation and strategic planning, even a brand-new LLC can unlock significant business credit lines. Establishing relationships with banks and maintaining strong personal credit are the cornerstones of success in securing funding without proof of income.
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