Because I had read about it her and just so I have more flexibility to overspend a bit on materials before the New Year for tax purposes, I decided to attempt a PNC Business LOC. I applied Wednesday evening and received an email and then a call Friday AM from a banker. I was approved for exactly what I asked for, $75k at a mid 3% rate. ($100k is the max for small business I think) It was easy - e-signed a couple of docs, no HP on personal reports etc. It is PG'ed but does not report to personal of course.
We are completely debt free aside from a 2019 Ford Extended Transit Van so the line was not needed but it will be nice to have sitting there backing up our PNC checking account. So far PNC has been very good. The USA based support, lenders etc. is excellent as compared to what we experienced in our very brief nightmare at chase.
EX 09: 828 or so
EX Biz: 97
Revs: $1.25 M
@bizcredit11 wrote:Congratulations @spiritcraft1! That is an awesome BLOC for your company.
Looks like you are prepared for 22. Excellent revenue and scores as well.
Is that a business checking or personal checking? I was just able to finally open a personal checking with PNC being in CA.
Happy Holidays!
bizcredit11
Thank you. It has been a long road getting to this point.
We opened a Business checking account there is September 2020. That has been excellent to date. We were with NFCU for years, then a short failed attempt to use Chase led to PNC. The impetus was check deposits after NFCU stopped allowing check scans on a desktop. The PNC little scanner deal is $35 per month but checks, no matter how large, are fully credited within hours. The $35 is a deal as it saves employees driving to the bank. We deposit cash once a month as most of our payments are either checks or CC charges. CC charges represent 75% at least...
The DW and I have a personal checking account with the $500 min in it to avoid any monthly charges. We have not really used that account much. Another DP to note: I burned PNC in 2014 on a $3k Visa that was originally a National City Lifesprings Visa. The forgave me apparently.
The BLOC was really a breeze. Though I am not a big "Bank Person", I highly reccoment PNC for business banking.
@spiritcraft1 I appreciate all the detail. I hope others can obtain this too.
Been trying to open a biz checking as well, but PNC wants me to go in branch. I'm in CA.
Your BLOC is a great advantage for your business and as @M_Smart007 says..."get it when you don't need it."
bizcredit11