How To Get Approved For Business Line Of Credit - YouTube

How to get approved for a business line of credit? This is so important for

anyone that has a business because every business needs money. And I'm going to tell

you how to make sure that you have the money that you need for your business.

Let's go.

I'm going to tell you the number one thing to get approved. And it's probably not

what you think. I'm going to give you the who, when, how of business credit approval

and I'm going to give you some secret tips on how to get more money on your line of

credit faster. So, the first thing that you want to do when getting approved for

a business line of credit is you must have a business checking account, in most

cases, okay? Not in every single case but probably 95% of the time you should get

a business checking account, okay? So, let me quickly tell you about big

banks versus small banks. Because a lot of the banks where you have your

business checking account, they will give you a business line of credit, okay? In

fact, I used to bank with Wells Fargo, okay? I was an entrepreneur and I

actually made a lot of money in my business. But probably not a lot of money

for Wells Fargo if you get what I mean. You know, they have big companies that

make hundreds of millions of dollars per year as their client. You know, they have

money from everywhere. You know, Microsoft and Apple and presidents. And all these

people give money or have accounts with Wells Fargo. So, if you have a business,

even if it makes you know a half a million dollars a year, that's like

nothing to them. So, they're not offering or tripping over anybody to give you a

line of credit. But a few months ago, probably a few years ago, I literally

switch banks. I still have Wells Fargo and I still deal with them and they are

very good for a lot of things. Don't get me wrong. But I'm talking about you

starting out people that are a little bit newer to their business.

I found that midsize banks were a lot more friendly to entrepreneurs and we're

giving out a hell of a lot more money than Bank of America ever even offered

to me, okay? So, I basically started and got another

checking account with the Regions Bank. Okay? R-EG-I-O-N-S, bank. And I actually

recommend them very well. If you want to need help... They're not in

every state though, okay? So, if you want to find a Regions Bank, there are great

Bank for small businesses especially for women businesses or minority-owned

businesses. They have a lot of programs. That's just a bank that I know. However,

they're not the only Bank. You really want to stay away from the big banks

like the Wells Fargo's in the Bank of America's and blah, blah, blah

unless you have a really good credit. If you do, go ahead get with them and they

will also give you a business credit card. Bank of America, especially if you

have good credit. They will give you some business credit cards and some business

lines of credit. Now, that's top-notch credit. But even if

you don't have top-notch credit, some of the mid-size banks, your BB&T's, your

Regions, your PNC's, your BBVA. You know, I can go on and on. But again, not the big

big banks. Not the big 4. But that next tier right under it. They are a lot more

friendly and they are giving our business lines of credit because they

have the money to give, okay? They have the money to give and they need to lend

that money out for their own bank liquidity. So, you want to start with

those banks and get a business checking account with them. And then ask your

banker if they have business credit cards and business lines of credit for

you. That's one way. So, another way to get approved for a business line of credit

is you want to go to the bank, okay? You wanted to establish a relationship with

a person. So, one of the things that why I transferred from the Wells,

I shouldn't say transferred. But also got a relationship established with Regions

Bank, is because they had an awesome banker. She was amazing. She told me all

about different programs they had. And she even told me what I needed to do to

get more money, okay? So, you want to go into the bank ask to speak to one of the

business bankers and start that relationship, start having a conversation

with them. And I'm going to tell you why. Because you're thinking, "Oh, man. I don't

want to go there. They're going to embarrass me" or "I got this going on". But no. Nothing

is better than being face-to-face with someone and kind of just telling them

what your situation is and what you're trying to do. There are so many unadvertized

programs at banks, okay? There are a ton... Let me say that again. There are a ton of

unadvertised loans and things like that and programs at banks. If you are a woman,

if you are a minority, if you are a veteran, if you are a blah, blah, blah; I'm

telling you, I'm not... I mean unless you're like a you know rich old white man, I

pretty much everybody else they have all of these unadvertised programs, okay? So,

you want to go in there and talk to them. Because again, they're unadvertised. They

did put them on TV. They're not out there for

you. So, you must go and talk to someone and start developing that relationship.

And having the conversation and asking, "Hey, how do I get a business line of

credit?" And I promise you they will tell you. Now, before you go, one of the things

that you want to know and have established and think about is what are

you going to do with the funds? You want a business line of credit. Okay.

Why? What are you going to do with the money? What are your plans? What are you

going to spend it on? Would you just want it because you want it? Now, again, in many

cases, I've already told you that when you're trying to transition from maybe

working for someone else to becoming self-employed, a lot of times I will tell

you go get a business line of credit so that you have that money and you're

going to use it as a reserve so that when you quit your job, you have that money

kind of there's a little bit of a comfort for you. But you're not going to

tell that to the bank. I'm sorry. That's not the answer like, "Oh, I was

watching this YouTube and this smart lady named Noel Randell told me I want

to quit my job and get this line of credit." Yeah, no. That was for your ears

only. Please do not go to the bank and say that. You want to tell them a viable

reason for what you are going to use with the business line of credit. And

some of those things are going to be things like hiring new employees,

business expansion, buying inventory, spending it on marketing, buying a

building, leasing a building. Buying equipment, buying computers. What are you

doing for the business? What are you going to spend the money on? You need to

have that answer fully thought-out before you ever go to them because you

don't want to answer that incorrectly. And I actually just gave you,

I literally just gave you the answer of what you want to tell them and some

things that you want to say. But you want to make it true for your business. So

kind of listen back if you need to repeat this whole video again. Go ahead

and do so. But business expansion, buying inventory,

payroll, buying new computers, buying new equipment. Those type of things. Not

paying any credit cards, not paying down your mortgage, not fixing your credit, not

as a safety net. Not as reserves. The last thing they want to hear is that

you're just going to take the line of credit and not use it. That's almost as

bad as telling them that you're going to use it to pay off your personal debt.

Like do not say that. Do not tell them that

sure you don't plan on using it yet. Like these are like really bad answers that

students have told me, that they had said before they met me. So, never

ever, ever say those type of things, okay? You may think them, you may have that in

your plan but that is not what the banks the lenders are looking to hear. They

want to hear that you are getting a line of credit because you need to expand

your business and you are going to use that money for said expansion. The end.

And then keep it simple. There are two companies that are lending money like

crazy. That's Bluevine. B-L-U-E, V-I-N-E. And cabbage with a K. If you're looking for a

business line of credit, those are two that I know that are doing it really

quickly. Check them out. If you need a cosigner get one, okay? There are tons of

people that are actually willing to help in cosign on business loans because you

can give them a portion of your business, okay? This is a little bit different. If

you ask someone a cosign for you on your car loan, what are you going to give them in

exchange, you know? You might give them some money. But in most cases is usually

just a family member and it's a favor. But if you are asking for a cosigner for

a business line of credit or for a business loan, one of the things that you

could easily do and how a lot of my students easily find business partners

and investors and people with good credit to put onto their business is by

offering them equity in their business. Okay? And again, you can offer them equity

10% of your business, 20% of your business in return for them doing this

for you, okay? And again, you can get that off later. So, say for example I want to

give away 20% of my business. That is something that you could do for a year

or 2 years or whatever. You can do it for collateral. But this is something

that you can offer people that is a value to them and something people want

you'd be very surprised at how many people are interested in investing in

your business. Not just co-signing for you or helping you. If you actually give

them an offer where you're telling them how they can make money with your

business, you'll find a lot of people that are willing to do it. I want you to

go to noellesfreetraining.com. Noellesfreetraining.com. I have a full

course training that I have made directly for you especially for you to

help you with this type of stuff so that you can learn how to start a business,

how you can do this. It's a full training. It's a little bit

too long for you too. But I have a full training out there available for you.

Please go ahead and check it out and get yourself educated so that you could be

successful.