Cannabis Startup Funding

What Is StartUp Funding? 

startup fundingSo you're an excited entrepreneur looking to start a business within the Cannabis industry—you have ideas, you have goals, and you're ready to get going. Unfortunately drive, passion, and vision can only do so much to make your dream of owning a business in the cannabis industry a reality. In order to turn plans into profits, one of the first steps you need to take is to acquire startup funding for your new business. Simply put, start up funding is the money needed to start a new business. Whether you need to invest in real estate, equipment, and anything else you may need in order to begin or expand your operations. 

What Can You Expect?

In order to get you the capital you need to start, we help you navigate two avenues to acquiring the startup funding you need—term loans and lines of credit. Our objective is to obtain the maximum amount in freely spendable unsecured personal term loans and Business Credit Lines that you can use to start, build, and grow your business. These are personally guaranteed term loans and credit lines which require excellent personal credit. These term loans and credit lines are unsecured meaning there is no collateral or underlying asset attached to the credit line. This program is perfect for start-ups, early-stage growth companies, and seasoned businesses that need working capital. 

Qualifications for Startup Funding 

Each of these funding options have requirements for the business owner taking out these loans or lines of credit. 

Credit Options: Revolving Credit 

The revolving credit option is a series of revolving lines of credit with 0% for 12 to 18 months. As the borrower, you will personally guarantee the lines of credit needed for your business. However, no collateral or financials are required. 

The requirements you will need to meet in order to qualify for this option are the following: 

  • 700+ credit score
  • Lower debt utilization
  • Being a business owner

Credit Option Benefits: 

  • Many of the credit lines are under the name of the business and will not report to your personal credit report
  • Additionally, this will allow you to establish a business credit score with Dun and Bradstreet and Experian Business which are the 2 main business credit reporting agencies.
  • With a solid payment history, those credit line limits will increase rapidly

Cash Option: Term Loans

The term loans are a personal loan that you qualify for based on past personal tax returns as well as credit history. In order to qualify, a credit score of at least 680 is generally required with low utilization and ownership in a business entity. In order to apply, no collateral nor business financials are required to be provided. The rates for our term loan programs fall between 6.9% and 13.9% for up to 5-7 years. There is no prepayment penalty for the borrower

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    Working with CannaBusiness Financing 

    In order to begin the startup funding process with us, our team will request that you provide us with your consumer credit report as well as tax returns from the previous two years. Each applicant can qualify for up to $250,000 and receive a pre-qualification within 48 hours. We submit hundreds of applications to several different lenders each month, so our team is well versed in which lenders are the best fit for our clients. Our pre-qualification process ensures that our clients have the highest quality credit scores and credit profile before we submit any applications. On average, banks typically approve fewer than 10% of the applications they receive from small business owners. In comparison, the CannaBusiness Financing team has had a success rate of over 80%.  

    Are you ready to see if you're pre-approved?

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    "Lynnda and Alisza were a pleasure to work with. They helped me with funding my business and gave options and ideas that will stick with me many years. I can't say enough about the customer service they provided, the follow ups and interest they had in my business. I will always know who to turn too for any financial advise regarding loans and lines of credit."

    -CJ Genson

     

    "I wanted to start my own business but didn't have fantastic credit. Lynnda and the team worked with me and we systematically fixed some credit issues to get me to the point where I could qualify for a loan and line of credit to start my dream! Working with Lynnda has proven to be a positive life changing experience for me!"

    -William Darby

     

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