First Citizens Bank $25,000 NO DOCS REQUIRED!

Summary

In this informative video, the speaker discusses the three tiers of banks: National, Regional, and Local, emphasizing the changing landscape of business funding. They highlight the diminishing role of foreign filing entities due to increased scrutiny by banks, who are now requesting more documentation, including utility bills, to prove business activity in specific regions. The video also covers the growing importance of business credit scores for regional and local banks, and the various financial products offered, such as business credit cards with 0% interest, SBA loans, and equipment financing. The speaker predicts the eventual phasing out of no-documentation business credit cards and offers one-on-one funding services for streamlined applications.

Takeaways

• 🏦 There are three tiers of banks: National, Regional, and Local, each offering different funding opportunities.
• 📝 Regional banks are geographically restricted, which can be circumvented by using a foreign filing entity.
• 🔄 Banks are starting to require more documentation for business credit cards and lines of credit, signaling the decline of 'no documentation' options.
• 📉 The trend of foreign filing entities is expected to diminish as banks become more vigilant about verifying business operations within their service areas.
• 🏠 Some banks, like Key Bank, require proof of residence within a certain radius, such as a utility bill in the applicant's name.
• 📋 Regional and local banks are increasingly focusing on business credit scores from Equifax and Experian for business loans and credit cards.
• 💳 First Citizens Bank offers various business banking products including credit cards with 0% interest for up to 12 months.
• 💼 Business lines of credit and SBA loans are available, but documentation is becoming more common, especially for larger amounts.
• 🚫 Geographic restrictions require applicants to visit a branch in person to open a business bank account and apply for products.
• 🔑 Strong personal credit scores and relationships with banks are still crucial for obtaining business credit products.
• 🔗 The presenter offers one-on-one funding services for those seeking help with business credit and funding opportunities.

Q & A

What are the three tiers of banks mentioned in the video?

The three tiers of banks mentioned are National Banks, Regional Banks, and Local Banks.

What is the issue with Regional Banks according to the video?

The issue with Regional Banks is that they are only available in certain regions and are geographically restricted.

What is a foreign filing entity and how is it used to overcome the regional restriction of banks?

A foreign filing entity is a business entity registered in a state where the business is not physically located. It is used to overcome regional restrictions by allowing businesses to file in a state where they intend to do business.

Why are foreign filing entities becoming less viable according to the video?

Banks are starting to catch on to the use of foreign filing entities and are requiring more documentation, such as proof of doing business in the state, which makes foreign filing entities less viable.

What documentation are banks starting to request for business credit cards and lines of credit?

Banks are starting to request documentation such as utility bills in the business owner's name in the state where they are doing business.

Which banks are mentioned as examples of those requiring proof of residence within a certain radius?

Key Bank is mentioned as an example of a bank that requires proof of residence within a certain radius of the bank.

What does the video suggest about the importance of business credit scores for Regional and Local Banks?

The video suggests that Regional and Local Banks are starting to place more weight on business credit scores from Equifax and Experian when considering business banking products.

What types of business banking products does First Citizens Bank offer according to the video?

First Citizens Bank offers business credit cards, business lines of credit, SBA term loans, equipment financing, and small business loans.

What is the maximum amount for small business loans offered by First Citizens Bank as mentioned in the video?

The maximum amount for small business loans offered by First Citizens Bank is up to $500,000.

How does the video suggest that the application process for business banking products is changing?

The video suggests that banks are starting to require in-person branch visits for opening business bank accounts and applying for business products, along with showing proof of living in the particular region.

What service does the speaker offer for those seeking one-on-one help with business funding?

The speaker offers funding services to help individuals get access to business relationship managers, streamline applications, and improve approval rates for business credit cards and lines of credit.