3 Tips for Cannabis Business Funding
At Cannabis Startup Loans, we cater to entrepreneurs who need startup capital for marijuana dispensaries, cannabis extraction equipment financing, medical marijuana small business loans, and other types of “weed loans” for the cannabis business industry. Consider the following tips when you apply for a cannabis business loan:
Tip #1: Have a Polished Pitch for your Cannabis Business Startup.
Be confident and clear about your goals for the funds you are requesting, Have a detailed startup business plan with a solid exit strategy. Make the lender understand that you have done your research and are realistic about what you are getting into. Show knowledge, enthusiasm, intelligence, and business savvy!
Tip #2: Have Your Marijuana Business Financials in Order.
Be able to show proof of any relevant financials, especially any pertaining to investments you have profited from in the past. Most people who decide to invest in the cannabis industry boom have some previous investing experience. Of course, that is not a prerequisite for getting a startup cannabis business loan; it just shows the lender that you know your stuff.
Tip #3: Credit Score
In many cases, a cannabis business seeking funding doesn’t necessarily have to have a long history of operations, demonstrable profitability, or even a certain annual revenue. However, the principals of the business need to high excellent credit ratings of 700 or above. If your business credit score is less than 700, you will do well to explore ways to raise it before applying for a weed loan of any type.
Cannabis businesses seeking funding to launch or expand operations are becoming common as legalization in the United States draws nearer. This increases the demand for companies that finance marijuana businesses of all types. Increased demand results in the more aggressive vetting of startup cannabis businesses that are trying to obtain financing.
Cannabis Startup Loans offers various financing options for borrowers with excellent credit scores. Contact us today here to discuss the loan structures we can offer to meet your unique needs. Our attentive team of financing professionals is waiting to serve you.