Business Banking
We recommend QNB, so even if they may not be the best bank for your business’s location, watch how they satify their customers.
When you can start off banking in the correct way, it always makes the other financials less of a headache.
Business financials
Banks and Credit Unions
Von Liebenstein Enterprises is located in the eastern part of Pennsylvania, in the Lehigh Valley.
For us we have found working with a local bank has less red tape and requirements than some of the larger banks require. When Heidi von Liebenstein first got her EIN number and wanted to open her first Business Checking account, it was quick and easy. This is why she recommends this local bank, and why she also has open many other business accounts here.
Quakertown National Bank
They offer free business banking to help you get your business started. Feel free to link your PayPal, Venmo, or Website Credit Card information to your business banking account for no extra charges.
Payroll, bill pay and a few other services can also be added as your business grows. Those extra’s start with a $10/month fee. Note, their fees may change.
Heidi opened her first account with $100.00.
Her account had no fees (and still does not).
Local banks in your area may have a few different options, yet they are always a great place to start when you need to open your business account.
First Commonwealth Federal Credit Union
Many times Credit Unions are restricted to areas and their members need to either work or live in those areas. They can at times have better rates when lending money, yet each state and area may have different local regulations.
When you are out shopping around it is always best to know what your options are.
Although things may be different, when Heidi went to start a business account years ago. They had a requirement of needing to have a business for 2 years, and a personal credit score of at least 620.
If you have employees, there can be some benefits that you can offer to your employees when you have a business account with First Commonwealth Federal Credit Union. We all know employees love getting as many benefits they thing they can get, which is why a business account with them could be a win-win for your business.
Business financials
Banks and Credit Unions
Wait ...
what if
What if your business does not have an EIN number yet?
REMEMBER …
YOUR DREAMS + YOUR IDEAS = YOUR BUSINESS
If you are not yet ready to get an EIN, (which is equivalent to your SSN, but it is for your business). Do not forget the information above when you want to either go to a bank or to a credit union to open your business checking and savings accounts.
If you are not sure what to name your business then try to get one that you will be able to get a dot com website for. (Click here to learn how to do pick your business’s name – a must do, but first continue.)
When filing for your business’s EIN, you can get one online. Personally, Heidi von Liebenstein always had her accountants get them for her to make sure it was legal.
Or you can also go online and file one there as well.
BUSINESS FINANCIALS
Banks
Federal guidelines differ between credit unions and banks. Also smaller banks also do not need to have as much red-tape compliance as banks who are located in multiple states.
Credit
Sometimes your personal credit scored are needed as you build your business credit. Credit repair for both your personal & Business is so critical to keeps your money in your pocket.
Grants
Government Grants can also help fund your business and or your non-profit. You do not need to be a grant writer. You need to find ways to help your community grow and prosper.
