Bank of America SBA business loan up to $5 million approval guide

Welcome to the energy club in this video I'll show you guys how you can get a SBA loan through Bank of America So one of the best ways to get approved through Bank of America is to have a bank account with them For at least I would say two to three years the longer You bank with them the better so the most they can get you is up to five million dollars and And the flexibility rate is 25 years and this is For the SBA 7a loan program it can be used for financing working capital business acquisition partnership buyout equipment, etc So again, you can't just have an LLC With business credit that's lacking you would need to have tax returns You will need to have a good amount of business history. You try and get five million dollars. You're gonna have to add a 10 year age court minimum, okay Also your age also plays a factor if you're just a if you turn 18 years old And you add an age court that's gonna be a red flag if you guys are 25 to 30, especially if you're 40 or 50 years old, it's gonna be way better in your favor, especially if you bank Through Bank of America for way over five to ten years Then most likely they'll get you approved through this program And if you guys already have a mortgage with Bank of America open up a lot of credit cards They're gonna work with you they're gonna give you a lot of funding for your business since you already done business with them You're gonna get you know what you ask for, you know depending on how good your business credit is and your personal credit your personal credit is almost as important as your business credit because They look at your personal Just to see if you can you know pay the loan and if you have a bad credit history Then they will give you less than what you asked for. So adding Having some business lines on your credit is crucial when you open up your LOC You automatically have to open up some credit cards or off the bat build it over time You can they have some credit builders for business credit as well But especially the age corpse age corp is what gets you the big funding There are plenty of websites that sell age corpse Wyoming age corp they got shelf corpse Dotnet or something or age corp net, but I'll leave a website in the description for you guys to check out and feel free to watch my other videos, but if you guys add something like Ten years of history or at least five years history And most age corpse they will provide you with tax returns once you submit the tax returns over to Bank of America It's pretty much cut, you know, like you're gonna get what you asked for based on tax returns. So Age corpse are a little bit on the pricey side So I recommend you guys You know save up or take out a loan maybe or just you know Invest in something and use that to fund your business. Okay business lines are really expensive as well You can't really get cheap business lines for you know, three to five hundred bucks Most of the time they're around the three to five thousand dollar ballpark, you know So I'm gonna give you guys an example right here Let me go to Yes, I'm on age corp dotnet so if you want a $500 500k funding The business line with age corp costs minimum $5,000. Okay You want something? That's five million dollars. For example, you got it. You're gonna have to pay $25,000 Just to obtain the tax returns with the age corp and business trade lines Okay, so that's pretty much how it's done So once you guys add these on your business you will get funding through Bank of America within the same day Make sure you have your business bank account They will deposit that through your business bank account and you can you can use these funds for your business venture. Okay So that's pretty much it guys. Thanks for watching. I'll see you another video