I got some insights on a common topic among us…
Finding a physical address for your business in your target bank's territory. Despite all the talk about virtual addresses and P.O. boxes, using them can sometimes lead to issues with your bank accounts. So, what are the alternatives, especially if your business is registered in a state different from where you reside? Here’s the lowdown on getting a physical business address and why it's crucial: 1. **Why Not Virtual?** First up, while virtual addresses are great for mailing, banks can be iffy about them. I’ve learned that some banks might even shut down accounts if they realize you’re using a virtual address. 2. **Physical Address with a Suite:** You can use your home address by adding a suite number. It’s simple and effective. I’ve done this by labeling my home office as Suite A, B, or even 1a depending on what makes sense. This can often satisfy the requirements without much hassle. 3. **Working with Realtors and Local Businesses:** I found a fantastic workaround by reaching out to real estate offices. Many have extra space and are willing to let you use their address for a small fee. I negotiated with a local realtor and had a deal for $150 a month just for mailbox use. 4. **Community Groups for Office Space:** Don’t underestimate the power of local Facebook (and soon Skool) or mom groups. These groups are treasure troves for finding shared office spaces or even landlords who are flexible with address use. It was through one of these groups that I found my current office space. 5. **Expanding Across State Lines:** If you’re looking at business credit opportunities in states like Colorado, Pennsylvania, Texas, or more, consider setting up as a foreign entity in those states. It makes dealing with local banks much smoother and opens up numerous funding opportunities. Whether it’s local community banks or national ones, establishing a strong relationship can help you navigate the complexities of business banking. I visit the banks in person to set a solid foundation for future transactions.

I've been on a financing spree lately, applying for no-doc Business Lines of Credit (BLOCs) for some owner media deals I've been preparing for. I've been networking with various regional and local banks, and here are my approvals so far: 1. Truist Bank: Offered up to $50K, and I got it approved. Note that Truist's no-doc offerings vary by state, so check with your local banker before diving in. 2. City National: These guys have a higher limit—up to $250K. I pushed the limit and got approved for a whopping $244K! 3. Umpqua Bank: Offers up to $100K, and yes, I snagged the full $100K. The process was smooth and definitely worth checking out. 4. PNC: Known for up to $100K, I walked away with $70K. Not bad, considering the straightforward process. 5. BMO: Offers up to $50K; I was approved for $35K. A bit more conservative, but their regional limitations play a part. 6. Key Bank: Also caps at $50K, and I got the maximum approval. Key Bank has been consistent and reliable. Insights from My Visits: East coast banks seem more generous with their BLOC offerings. Also, it's crucial to be in the "footprint" area of these banks for BLOCs, though this isn’t as strict for nationwide credit. I run a Wyoming LLC among others and have encountered some issues with no-doc loans due to not registering as a foreign entity in California—refusing to shell out $800 in default taxes there since I’m not active in CA anymore. My Advice: Always confirm with your banker about current no-doc loan programs as banks tend to change their offerings. Being informed and prepared can make a significant difference in your applications. Anyone else applying for BLOCs or have experiences with these or other banks on the east coast?