Getting a Business Banking Account

Opening a Business Bank Account is Critical to Obtaining Funding for Your Business

If you do not have a business bank account, SMBscore recommends opening up a business bank account today. There are many reasons to open up a bank account for your business, but among the most important is that banks and other financial institutions ALWAYS ask for your business bank statements from the last three months (and very often will ask for the last 6 or 12 months in both PDF and excel format). If you do not have a business bank account, your chances of getting funding are close to zero.

What are the steps for getting a business bank account?

If you have a good relationship with the bank in which you have your personal account, it is probably easiest to start there. If your business receives substantial cash payments, you will want the bank to have a physical location near you. Other considerations when deciding on a bank include introductory offers, transaction fees, and minimum account balance fees.

Required Documents

Once you have picked a bank, simply go to the local bank or online to begin the process. Commonly, banks will ask for your Federal Employer Identification Number (EIN) (or a Social Security number if you are a sole proprietorship), your business formation documents, ownership agreements, and a business license.

Once you have opened your business account, please come back to SMBscore and we can find you the best Lender for your needs.