Is it impossible to get financing for your medical marijuana business?
Even though there was groundbreaking news that came from the Feds two weeks ago, more than likely it’ll be quite a long time before you see banks willing to lend in this industry. Last Friday the U.S. Treasury stated it would be legal for banks to provide financial services to marijuana-related businesses. However this is not the end of the banking issue, there needs to be clarity for the banks. Banks still feel there are a lot of risks, and not enough protection. Last I checked the banks are still regulated by the feds, and the laws still state it is illegal to use or sale marijuana. I can understand the concern from the banks, the recently released guidelines is still too vague and too risky for the banks to conduct any type of business that is related to marijuana.
While the banks and the feds play catch-up and chase their own tails, there are still other solutions that will help your marijuana related business getting the funding it needs. We understand banks still aren’t lending to any business that is related or tied to the marijuana industry. What if your business is booming and you’re looking to expand the existing location or maybe even add multiple locations, but if you don’t have the capital who else will lend you the capital?
There are some alternative ways to fund your medical marijuana business:
Private Equity Investors
Non-Traditional Lending Institutions
We fall into the 3rd option; First Capital Business Finance has the ability to provide the capital that maybe your business has been seeking. We understand there’s a lack of lending services for this industry, and we’ve stepped up to the plate and are here to help you grow the business with the capital that is needed. We can review your application within 48 hours or less and you’ll know if you’ve been approved for the capital you’ve been seeking. The process is as simple as can be; we have a short application that’ll take about 5 minutes to complete. Most of the time we only want to see some bank statements, so if you’re concerned about your tax returns don’t worry we might not even need them. Concerned about having less than perfect credit? Again, we’re not like thank banks. We don’t require perfect credit, so if you have some blemishes on your credit doesn’t let that stop you. Best of all, there’s absolutely NO UPFRONT COST for us to review your application. No admin fees, no processing fees, no application fees, no appraisal fees, NO UPFRONT FEEs at all!