The growing popularity in marijuana decriminalization and legalization for medical and recreational uses is creating an amazing opportunity for new businesses in an industry that has massive growth potential. A Cannabis Business Loan can help you start a new cannabis-related business or help you boost profits and grow your current business.
Timing can be extremely important for the success of your business, so securing financing can help you develop and establish your marijuana business. However, due to the nature of the cannabis industry, it can be difficult to secure a loan and the necessary financing needed from a traditional bank or credit union.
Fortunately, through Opportunity Business Loans, you can still get the funding you need for your business, even if other lenders won’t help.
The federal government still considers that sale, purchase, and use of cannabis products to be illegal. This makes it difficult to obtain a loan because federal banking laws consider banks that offer Dispensary Loans to be open to prosecution.
FDIC-insured banks will most likely deny all marijuana-related business loans, even if you are only looking to open a business checking account. Despite the medical benefits of marijuana, it remains federally classified as a Schedule 1 drug, which is the same as cocaine and heroin.
Thankfully, there are alternative financing options for businesses in this industry. If you need help securing funding for your dispensary or other cannabis-based business, convenient and affordable financing is available through innovative business lenders like Opportunity Business Loans.
Starting a cannabis business can be difficult. A Cannabis Business Loan will help you secure future success and maximize growth and profits. When starting your business, it is important follow the steps below. These steps will ensure you minimize legal risk and maximize business success.
The cannabis industry is growing quickly with increased support for legalization. The support of legal marijuana is at an all time high at 68% and the U.S. cannabis industry is currently worth $61 Billion.
Around 20% of people ages 18-29 have used CBD products and nearly 22% of Americans aged 18-25 have used marijuana in the past. If cannabis production and distribution is legal in your state, now is the perfect time to start your marijuana business.
Opportunity Business Loans offers a variety of financing options for cannabis-based businesses. Apply today and we can help you determine which one fits your business needs best.
A Business Cash Advance will provide your marijuana business with a lump sum of money with a discounted purchase price. This type of loan is repaid by taking a fixed percentage of future credit card sales.
This option is great for business owners who do not qualify for traditional business loans and there is no limitation on how the loan proceeds can be used.
Merchant Cash Advances are similar to Business Cash Advances except that they provide a lump sum for exchange of a slice of future sales. This option offers fast access to cash, flexible repayment terms, and a strong credit score is not required.
Your approval and the amount of your cash advance will depend on the volume of your credit card receipts. This is the perfect financing option for cannabis business owners who need fast cash but might have a poor credit score. Another huge benefit is that collateral is not required on Merchant Cash Advances!
Having reliable equipment is essential to running a successful cannabis business. Cannabis Equipment Financing helps finance new or used equipment that your business needs.
Applying for an equipment loan is typically one of the fastest and easiest ways to finance the purchase of any type of cannabis equipment, including HVAC units, marijuana lighting equipment, security equipment, CO2 extractors, processing equipment, trimming equipment, shredding equipment, farming equipment, and tractors.
With the cannabis industry growing, there are going to be more and more businesses wanting startup funding. Luckily, if you are looking to start your own cannabis business, you can get a Startup Business Loan today!
Entrepreneurs might find it difficult to get funding for their startup through a traditional bank. This is because banks want an already established company that is making large profits. Our goal is to get you to that point, which is why we offer an industry-leading startup funding program.
It might seem odd, but the Small Business Administration actually guarantees loan amounts on SBA 7(a) Loans for businesses operating in the cannabis industry. This is the most affordable financing option for small businesses and offers flexible terms and low-interest rates.
The SBA doesn’t directly lend money to businesses, but instead sets guidelines and provides guarantees to partnering lenders like Opportunity Business Loans. These guarantees help minimize risks for lenders, which translates to lower, more convenient payments for borrowers.
This is the most affordable, convenient, and popular small business financing option. However, funding times are a bit longer because the SBA reviews all SBA Loan applications.
A Business Line of Credit works just like a credit care, in that is offers revolving credit. This financing option is helpful to business owners how have ongoing expenses. These expenses could be upkeep for cannabis equipment or marketing costs.
Since LOCs do not have to go towards a specific purchase, you can use this extra cash flow to help cover any business costs. Due to this being a continual financing tool, your business’s required revenue will be based on a monthly schedule instead of yearly.
There are so many different kinds of businesses that can operate in the cannabis industry. Below are the most common cannabis-based businesses that we have helped grow and succeed.
To receive the funding your business needs, follow our simple 3-step application and approval process. We have redefined how businesses get loans by expediting the underwriting and approval process. This means that your business will get the funding it needs as quickly as possible with the possibility to get funded in under 24 hours!
Opportunity Business Loans offers funding that provides capital in amounts ranging from $50,000 to $5,000,000. We offer low interest rates and convenient loan terms so that you can get the funding you need through a Cannabis Business Loan that is convenient and affordable for you. Our team of financial advisors will work with you to ensure you get the loan that makes the most sense for your business. We have expedited the loan application and approval process to get your business the funding it needs as quickly as possible.
Opportunity Business Loans offers funding that provides capital to businesses in all industries as quickly as possible. These loans are not originated by an FDIC-insured bank, which means we can serve cannabis businesses. Whether you are selling CBD products or medical marijuana, we are here to help. When you choose to partner with Opportunity Business Loans, you will receive the following benefits.
We offer some of the simplest and minimal loan requirements in the cannabis industry. We do not make you jump through hoops like a traditional bank might.
Our team of financial advisors are experienced in the cannabis industry and can give you experienced guidance on how to take your business to the next level by using your new cannabis business loan.
We have a 95% approval rate across our entire range of financing options. This is one of the highest approval rates in the nation and will help you secure the funding you need, quickly and hassle-free.
With locations in every city, you'll have no problem finding the right loan.
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