While every type of business may someday find themselves in a situation where they need more capital to move forward, expand or get through a slow season, not every business can just pop on down to their local bank and apply for a loan. Bank services such as loans and equipment leasing are just not readily available to those in an industry teetering the legal tightrope the way the cannabis industry must. Because of the disparity between state and federal laws, business owners in the Cannabis Industry find themselves running into all kinds of challenges when it comes to banking and bank services. Many times they can’t even get a bank account let alone a business loan. They definitely can’t find a legal way to accept credit cards forcing cannabis business owners to operate in an all cash environment, where they have learned to save, save, save so that they are able to self fund any improvements they may need. This isn’t always the best way to be successful. Many business owners just get so used to not having access to the types of services afforded to other business owners they don’t even realize that they DO have options for gaining access to the working capital they need quickly and easily through alternative lending methods.
Are there loan options for a cannabis business?
If you are looking for a Cannabis business loan, cannabis equipment financing and/or leasing, or just looking for extra business capital there are options created specifically for cannabis business owners that won’t make you give up your first born.
We have partnered with lenders that are receptive to this specific industry to bring the most transparent choices available to cannabis business owners of all kinds. We can provide loans for real estate as well as funding for equipment such as HVAC, lighting, new machinery, security, and more! And while these types of loans are more involved, they are nothing like what is required from all of the poor SMBs that are applying for a traditional small business loan.
Whether you are a business owner who needs to buy land or a building, or just improve the one you already own, we have quick and painless options curated especially for this industry.
Apply for a merchant cash advance to use however you want. I don’t know why more merchants are not utilizing this under-appreciated business capital tool. A merchant cash advance allows business owners to not only obtain a loan based on revenues, but also pay it back through future revenues. But this is a totally different type of “loan”. This is quick money. Unlike the loans above for large real estate or land purchases or leasing of equipment, this type of loan is meant to give the merchant a quick influx of cash without any of the hassle that goes along with traditional lending.
Don’t let that make you think you can’t get very much money. These kinds of advances can furnish you with anything from as little as $2500 to as much as $500,000, making them a very flexible option for most business.
Benefits of alternative cannabis financing through merchant cash advance abound!
With a merchant cash advance you decide how you want to make the payments. Payments can be taken directly from pin debit transactions, your payments account or business bank account from combined sales.
No collateral required-because your advance is based on your monthly volume you won’t need to put up collateral to protect the loan.
Bad credit isn’t an issue- because they don’t approve loans based on your credit rating merchants don’t have to worry about being turned down.
No origination fees- unlike traditional loans you won’t be required to pay extravagant upfront fees for your loan.
No long waiting-Our quick approval process means that merchants can have cash in their hands within 24 hrs.
No excluded industries -Our options are available for all types of industries. Unlike traditional banks who spend time picking and choosing the business types that can and can’t be worked with, we are interested in the success of all business types.
Business owners love the flexibility that comes with a merchant cash advance that just can not be expected with a traditional business loan. Because of the way that a merchant cash advance works it allows the merchant to work with the ebb and flow of sales during different seasons or times of the year.
Payments are a usually based on a fixed percentage of your revenue and calculated either daily, weekly, or monthly. This allows for an extreme amount of flexibility for the financial health of the business. The business owner is never going to be saddled with a huge loan payment when sales are down and times or hard. Sales decrease… so do payments, this one benefit helps merchants manage the ebb of flow of the business’s cash flow more effectively.
Every business is unique. That is why we work specifically with each business owner to figure out the best solution for their particular needs.
Even though we’re operating in a realm that can be incredibly volatile, we have still been able to create partnerships with providers that are willing to work in and with the cannabis industry. Over the years we have put a lot of effort into supporting fair access to banking for businesses in the cannabis industry. Our ETA-Certified Payments Professionals hold themselves to a standard not easily found in this industry. When you work with us you can rest assured you are working with a company that will service you with “Credibility, Legitimacy, Transparency and World Class Support – No Exceptions, No Excuses.”
Skip all the red tape involved with the tradition lending industry and give Bankcard Brokers a call today and let us help you take it to the next level!