Entrepreneurship
Building a Business Legacy
Steps
Incorporate LLC
Get EIN
Start a business bank account
Best Bank Accounts that will give a business line of credit
https://www.nav.com/blog/best-banks-for-small-business-loans-201917/
Chase
Live Oak Bank
You can get SBA preferred status
SBA 7(a) laons or 504 loans
Wells Fargo
Commercial loans
SBA loans
Lines of Credit
Commercial REal estate loans
Capital One
equipment and vehicle loans
lines of credit
SBA loans 7(a) and 504
real estate term loans
Business installement loans
Trade credit
Bank of America
secured and unsecured loans
lines of credit
credit cards
vehicle loans
commerical real estate loan
SBA loans
Franchise financing
payroll services
Under $5 million in revenue = Small Business Banking
$5 - $50 million - Business Banking
$50 million - $2 billion - Global Commercial Banking
$2 billion or more - Global Corporate & Investment Banking
Business Advantage
All in one business checking: digital tools, specialis, and secure banking
Business Advantage Fundamentals
$16 monthly or Free if you maintain a $5,000 combined average monthly balance
The monthly fee for Account Management is $15. However, there is no monthly fee for Account Management with Business Advantage Relationship Banking. You must be enrolled in Business Advantage 360, our small business online banking, and have an open Bank of America small business deposit account to be enrolled in Account Management, and fees will be billed to that account. Fees may apply for additional services. See the Business Schedule of Fees available at bankofamerica.com/businessfeesataglance for details. Account Management requires internet access and internet service provider fees may apply.
Add savings arround for $10/month
Add $16/month for Additional bank account
No Annual fee for Business credit card
$300 credit if you make at least $3,000 in purchases in the first 90 days- Master Card
Cash Flow Monitor
Mobile Check Deposit
Zelle for business
Fraud Protection
Business Advantage RElationship Banking
$29.95 monthly or Free if you maintain a $15,000 conbined average monthly balance
Easy Quick Books integration
Customize account access per employee
Extra Checking Account and one Savings Account
No fees for incoming wires, stop payments, electronic deposits and more
Job Title: Managing Member
Up to 4 authorized signers
Business bank account things to consider
Job Title: Managing Member
Authorized Signers
Business cars - allow puchases, transfers, withdrawals, and deposits
Employee cards - allow purchases and deposits
Name on Card: DBA
By submitting this application, you represent and agree that: I, XYZ, (1) consent to open the business deposit product(s) and credit card account(s) I selected; and (2) acknowledge that I have received, reviewed and consent to the Terms and Conditions for the business deposit product(s) and business credit card account(s), and agree to the statements above.
SBA Loans
SBA 7(a) Loan
most flexible SBA loan program
use for working capital
amounts up to $5 millin with low rates and origination fees
Longer process - spend a month or more demonstrating your ability to repay and going through the loan processing
SBA 504 Loan
good for purchasing real estate or buying other fixed assets
up to $20 mil
Need collateral and a personal guarantee for this
Excellent credit
Low rates
Longer process - spend a month or more demonstrating your ability to repay and going through the loan processing
SBA microloans
loans up to $50k
for startups
Longer process - spend a month or more demonstrating your ability to repay and going through the loan processing
SBA Express Loans
like the 7(a) program but for if you need your money fast
often approved within a few days