Cannabis Business Funding
Updated: Oct 14, 2019
There is no question about it, the cannabis industry is THRIVING! With over 30 states legalizing marijuana, entrepreneurs and connoisseurs are scrambling to capitalize in this booming marketplace. Though this an exciting time, it does present a fair amount of challenges for industry business owners.
Things as small as opening (and maintaining) a business bank account can be a challenge for many in this heavily restricted industry. Until recently many cannabis companies were getting denied or shut down quickly after approval. Luckily, this has improved and businesses are finally becoming more accepted by major banks. Not only is this a huge step for the industry in general, but it opens doors many business owners are unaware of.
Another major problem business owners are facing is securing capital to grow their businesses. Just because major banks are accepting cannabis companies, this does not mean they are giving small business loans. Every business owner understand the importance of working capital and up until now cannabis businesses were left to their own resources. With businesses now having checking accounts they can now qualify for a Merchant Cash Advance.
A merchant cash advance is purchase of future receivables and gives business owners alternative financing options when the bank says no. A cash advance is quick, merchants can expect funding within 4- 12 hours. Unlike the bank the approval process is quick and easy. Underwriting teams evaluate merchants bank statements and determines how much money they can handle. Generally, business can expect to be approved for 10–20% of annual revenue.
If you’re interested in funding for your business visit us at Riverstrongcapital.com and learn more about this unique financing option. We are happy to announce we are now funding all cannabis businesses. Call or apply online for a free quote to see what you and your business qualify for.