These 5 Banks Offer No Doc Business Loans | No Proof Of Income For New LLC

Here's where to get approved for no-doc business loans. The top five banks that I'm going to share with you. And at the end of this video, I'm going to show you how to find many, many more opportunities. That way you never run out of banks that you can get funding from. Before you apply, you should boost up your business credit score. There's a few different methods that you can do this, but the quickest way is to get a NAV Prime account. NAV is a company that monitors, but also boosts up your business credit score, including Dun & Bradstreet, Experian, and Equifax. This is super important because you don't always know which bureau each bank is going to pull. So make sure you spend a few minutes to boost up your business credit score before you apply. All right, up first is PNC Bank. Similar to many banks, PNC offers business lines of credit and term loans. They also offer their own business credit card, which is great. If you're looking to get the no-doc business line of credit or loan, they'll lend up to $100,000 as no-doc. No-doc meaning you don't have to show any tax returns. However, I do see the sweet spot for approvals anywhere from between $50,000 and $75,000. All right, next up is Truist. Very small business friendly. They're on the rise because they recently took over BBT and another bank as well. And before you apply for the no-doc business loan with Truist, make sure you open a business checking account with them. Get your account set up, establish some rapport because Truist is very relationship-based. Once you have your business checking account set up, you can apply for a no-doc loan for up to $50,000. All right, next up is M&T Bank. I really like M&T Bank a lot. They have actually given me $100,000 business line of credit plus a $35,000 business credit card. I have another business and that additional business was able to get another business line of credit and another business credit card. I couldn't go for a third, but also I didn't need to. And I would highly recommend you meet with their small business specialist. Sometimes that position's called the vice president of business lending. The reason it's important to meet with them first is you can actually develop rapport with someone that has some influence over your application. You don't wanna just apply out of the cold. Next up is TD Bank. Now, TD Bank is unique because if you're a startup company, meaning you're less than two years in business, you can actually apply for a no-doc business line of credit up to $25,000 as a startup. TD Bank has paperwork that you can fill out that allows you to fill out a business plan. Inside of the business plan, of course, would be your projections, what the business is going to do, what the projected revenue is, and the whole story. So TD Bank really does try to give startups a chance with getting the funding they need to launch their business. Now, if you've been in business for more than two years, you can apply for up to $100,000 business line of credit with TD Bank. Now, TD Bank, as of the time of recording this video, is a little more strict than some of the other lenders when it comes to business qualifications. If you wanna download my free report that goes through the seven steps of building your business credit properly so that you are ready before you apply, you can grab it for free. I'll include a link to that inside of the description. Now, one of the things that most other business gurus are not going to tell you is that TD Bank is gonna check something called your SBSS score, Small Business Score and Service. Your SBSS score can be seen on NAV, underneath the NAV Prime plan, and you have to actually pay a little extra to see this SBSS score. Now, this is very crucial because most banks will lend to you if your SBSS score, which is actually a blended score between your business credit on experience and your personal credit on experience, so it's a different score, it's a blended score, and that score usually needs to be 165 or higher. Now, as I mentioned, TD Bank requires a little bit more than some of the other banks, although I did actually get approved with them. I got a $100,000 business line of credit, but my SBSS score was 200, so I would recommend that your SBSS score is 200 or higher before you apply for TD Bank. If you're liking this video so far, hit the thumbs up button, and make sure you subscribe, tap that notification bell so that you'll be notified when the next video comes out. All right, last up is KeyBank. KeyBank is a great bank. They are relationship-based, and they are also a regional bank. What you wanna do is open a business checking account with KeyBank before you apply. What is unique about KeyBank, though, is that they are actually doing no-doc business credit cards and lines of credit on a soft pull. That means there's no impact on your credit report. That's why they're one of my favorites, and that's why I saved them for last. A lot of these banks I mentioned are regional. That means they're only located in certain areas. A lot of the national banks actually do not offer no-doc business loans and business lines of credit, so you really gotta get good at what I call backyard banking. One of the quickest methods that I could share with you is go to the top SBA lenders in your state, and you can sort them by most popular, lend the most to lend the least. I'm gonna click on Download PDF to take a look at the New Jersey lender list, and as you can see, there's a handful of the banks that I actually mentioned in this video are on this report because this is one of the best ways to find local community banks and credit unions that do no-doc loans.