First Citizens Bank $25,000 NO DOCS REQUIRED!
Summary
TLDRIn 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
- π¦ There are three tiers of banks: National, Regional, and Local, each offering different funding opportunities.
- π Regional banks are geographically restricted, which can be circumvented by using a foreign filing entity.
- π Banks are starting to require more documentation for business credit cards and lines of credit, signaling the decline of 'no documentation' options.
- π The trend of foreign filing entities is expected to diminish as banks become more vigilant about verifying business operations within their service areas.
- π Some banks, like Key Bank, require proof of residence within a certain radius, such as a utility bill in the applicant's name.
- π Regional and local banks are increasingly focusing on business credit scores from Equifax and Experian for business loans and credit cards.
- π³ First Citizens Bank offers various business banking products including credit cards with 0% interest for up to 12 months.
- πΌ Business lines of credit and SBA loans are available, but documentation is becoming more common, especially for larger amounts.
- π« Geographic restrictions require applicants to visit a branch in person to open a business bank account and apply for products.
- π Strong personal credit scores and relationships with banks are still crucial for obtaining business credit products.
- π 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.
Outlines
π¦ Understanding Banking Tiers and Regional Restrictions
The video discusses the three tiers of banks: National, Regional, and Local, and the process of securing funding through these tiers. It highlights the issue of regional banks being geographically restricted and the workaround of using a foreign filing entity. However, the speaker warns that this method is becoming less viable as banks are starting to require more documentation, such as utility bills, to prove business activity in a specific state. The video also mentions that regional and local banks are increasingly considering business credit scores from Equifax and Experian when evaluating applications.
π Business Financing Options and the Changing Landscape of Documentation Requirements
This paragraph delves into the various business financing options offered by regional banks, such as business credit cards with 0% interest for a limited time, SBA term loans, business lines of credit, and equipment financing. The speaker notes a shift in bank policy, with more banks requiring documentation for these products, especially for business lines of credit. The video also touches on the geographical restrictions of regional banks and the necessity of opening a business bank account in person at a branch. The speaker predicts that the requirement for documentation will become more prevalent, especially for business credit cards, and suggests that banks may use credit scores to determine the need for documentation.
Mindmap
Keywords
π‘First Citizens Bank
π‘Tiers of Banks
π‘Funding Rounds
π‘Foreign Filing Entity
π‘Documentation
π‘Business Credit Score
π‘Equifax and Experian Business
π‘Business Credit Card
π‘SBA Loans
π‘No-Documentation Loans
π‘Branch Requirements
Highlights
Introduction to the three tiers of banks: National, Regional, and Local.
Explaining the concept of funding rounds and the possibility to move between tiers after completing a round.
The issue with Regional Banks being restricted to certain regions and the workaround of foreign filing.
The prediction that foreign filing entities will start to go away as banks become more aware and require documentation.
Banks requesting utility bills as proof of business in a specific state, impacting the strategy of foreign filing.
Listing of states where regional banks are located and the need for in-person branch visits for certain banking activities.
The requirement by some banks for proof of residence within a certain radius of the bank for business banking products.
The emphasis on business credit scores by regional and local banks, especially Equifax and Experian business scores.
The observation that national banks have not yet started emphasizing business credit scores as much as regional banks.
The availability of business credit cards with 0% interest for 9 to 12 months as a notable product offering.
The mention of the limitations of 0% interest offers being applicable to purchases and balance transfers only.
The range of business banking products offered by regional banks, including term loans, lines of credit, and equipment financing.
The requirement for documentation, especially for business lines of credit, as banks become stricter.
The mention of small business loans up to $500,000 with 100% financing and no prepayment penalties.
The need to visit a bank branch in person to open a business bank account and apply for products due to geographic restrictions.
The prediction that the requirement for documentation will vary based on the strength of the credit score.
The existence of banks that offer business signs of credit with no documentation for those with strong credit profiles.
Offering one-on-one funding services for individuals seeking help with business credit and relationship management.
Transcripts
in today's video we're going to talk
about First Citizens Bank I always
preach this there's National Banks
there's three tiers of banks National
Banks Chase Bank of America Wells Fargo
Regional Banks First Citizens Citizens
Bank Key Bank and local banks right
National Regional local right three
tiers of banks in each tier of Bank you
can get rounds of funding if you already
done the round of funding for your
National Banks you can go down to the
tier where it's regional Banks now the
issue with regional Banks right is
they're only in certain Regions they're
GE restricted now the work around that
is foreign filing right um foreign
filing entity where you do bit where you
can file an a foreign filing entity for
that state where you say you're going to
do business in that state now here is
the problem that no one's really talking
about on YouTube okay let me say this no
one's really talking about this foreign
filing entities is going to start to go
away let me say that again foreign fent
entity is slowly going to start to go
away what I mean what I mean by that is
banks are starting to catch on banks are
not starting to ask for documentation
for blocks banks are some banks are
starting to ask documentation for even
business credit cards okay all right now
banks are starting to uh catch on to
this foreign filing entity and how
they're doing how they're um how they
are trying to get away from that is that
even though it's Z restricted um usually
you could just file for entity and do
business in that state but what they're
starting to do now is they want a
utility bill in your name in that state
so as an example this is only for uh
this is zero restricted for certain
areas um and I'll have the the states
where they go into give me one sec so
these are the states that they are
located in Arizona California Colorado
Florida Georgia Kansas you see all the
states in here you guys can take a
screenshot you can go to the website
find out for yourself these are the
states however what banks are like Key
Bank as an example this perfect example
they actually want you to liveing that
they want you to be within a certain
radius of that bank but prove that you
are by providing a utility bill let me
say that again they're asking for
documentation that you do business in
that area with something like a utility
bill in your name okay so that is
something you have to be aware of okay
so these are the banks they're in my
state Virginia so these are the banks
you can uh do businesses you have to go
in you have to open up a business bank
account with them in order to get their
business banking products um they are
going to pull they're going to pull
Equifax on the business side and
experient business they are going to
pull Equifax and experient business now
a couple things I want to point out as
well a lot of
people uh what what I'm noticing now and
I've said this in previous videos go
ahead and watch those that now mostly
regional and local banks mostly in fact
for my experience that's all it's been
so far is regional Banks and local banks
are starting to pull business credit
reports as well right they're they're
heavily not I don't want to say heavy
they're starting to add more weight to
your business credit scores okay
equifest business Experian business and
I haven't seen that from the National
Banks yet I've seen that a lot recently
with a PNC uh Citizens Bank First
Citizens Bank um so they're starting to
really emphasize a business credit score
on the business side for regional Banks
and some local banks so you need have
like a good Equifax business score or
experienced business score um I mean
it's not end all be all it's not I don't
know what the percentage is I know it's
I would say 80 85% 90% personal credit
right no derogatory Z lates 720 and
above comparable credit um relationships
with the bank now this particular Bank
you don't need a uh a relationship you
meaning you can just apply you don't
have to season this account you can
apply same day you can also double dip
uh you can get mult you can get multiple
uh products you can get a business
credit card and a business line of
credit a business line of credit they're
very likely going to ask for
documentation uh does that mean that is
sometimes they might not ask for
documentation but they're getting far
and few between where uh for business
lines of credit that they don't ask for
documentation at least one year tax tax
returns um so but as far as the business
credit cards they have 0% let me go back
to uh the low interest rate they have
several business credit cards um that
have 0% interest for this one is for 12
months so this is something that you
would go in for a 0% interest business
credit card for 12 months right now
again the problem that I've mentioned
before is that this is purchases and
balance transfers so you get a 0%
interest up to 25,000 on this business
credit card um
you're so they have the business credit
card 0% interest for 9 months and 12
months they also have SBA uh term loans
they have they have business lines of
credit uh they go up to 75,000 again I
I'm starting to get away from saying no
DOC for the business lines of credit
because most banks are starting to
require uh documentation especially for
the block because a block isar cash in
the bank uh and then they also have
um they also have equipment financing
and things like that if you wanted to
look into that they have equipment
financing
um yeah so they have equipment financing
they have business loans they have SBA
Loans they have business lines of credit
here are the terms right here um they
also have small business loans up to
500,000 this is a small one uh sometimes
it's up like up to150 ,000 uh 100%
financing available no prepayment
penalties etc etc again um just keep in
mind that this is a Geor restricted bank
right and a lot of Geor restricted banks
are now starting to
require um because you have to go in
Branch this doesn't allow me to um you
if you notice like if I wanted to get a
credit card it does not allow me to um
let's go to learn more it won't allow me
to actually apply online so you have to
find a branch go in branch and then um
let's just let's select the Florida here
for a second Clare water you have to go
in branch open a business bank account
and then apply for that product the same
day you open that business bank account
okay so that is a difference right um a
lot of times you were able to to uh to
do it online open a business bank
account do a foreign fent entity open a
business bank account and apply online
now they're starting to
require that you go in person in Branch
to apply for business products business
checking account and then a business
credit card and then they're also
requiring that you show proof that you
live in that particular region all right
that particular area with a utility bill
or and or I've heard even that your
license has to say that so um I'm I'm
going to be the first one on YouTube to
say that four final entities is going to
start to go away I was one of the first
shout out credit plug who said that no
Doc is going away and we all agree no
Doc is going to is going away for
business uh lines of credit and then
slightly even some banks are going to
start requiring business uh
documentation for business credit cards
I know it sucks but they are starting to
um acate it and what I think is I think
they're going to determine that it's
going to vary right they're really going
to start determining that on what you
put as far as the documentation for the
business credit cards is how strong your
credit score is because I know for a
fact there's a bank that I'm not going
to say that bank there is a there are
banks that do basic signs of credit no
documentation if you have a strong
credit score all right up to 100,000
streamline process there's several Banks
out there very uh far in between but
there are banks out there that give you
business signs of credit no
documentation if you have a really
strong profile it's a streamline
application strictly off your credit
score um I'm not going to say what those
banks are but if you're looking to get
oneon-one help I do offer funding
services for people who are interested
in getting funding and getting access to
business business relationship managers
that's how you can get these large lines
of credit and you can get streamline
applications and highest approvals on
the business credit cards and business
signs of credit the link is in the
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Rosario peace
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