1. Incorporate LLC

2. Get EIN

3. Start a business bank account

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

• • • 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 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

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