"Top 10 Banks for New Businesses with Bad Credit: Find the Best Fit"

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Navigate Business Funding: Choosing the Right Bank

As an entrepreneur starting out, selecting the right bank is crucial for securing funding. Houston McMiller, a Credit Specialist, recommends having a tiered approach:

Tier 1 Banks:

• Chase Bank, Citibank, and Capital One are top choices as they use the FICO 8 scoring model.

Tier 2 Banks:

• Wells Fargo uses the Experian FICO 9 model, making it easier to get funding.
• U.S. Bank and Elan Financial also use FICO 9 and offer convenient features like checks to liquidate funds.
• PNC Bank and Minority-focused banks are other Tier 2 options to consider.

Tier 3 Banks:

• Credit Unions, such as Navy Federal and Baxter Credit Union, can be excellent alternatives as they use Experian FICO 9 or Vantage scoring systems.
• Connector is a Community Development Financial Institution (CDFI) that may be more flexible for small and minority-owned businesses.

The key is to start with business credit cards and lines of credit, as these institutions may be more accommodating than traditional banks, especially in the early stages of your entrepreneurial journey.

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