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Where to Find Cannabis Business Loans in 2021

Getting a loan for your cannabis business isn’t quite as easy as it is in other industries. Since marijuana is still federally illegal in the United States, banks usually flat out refuse to give business loans to cannabis businesses. However, there are still alternative sources of funding and you can find cannabis business loans if […]

Where to Find Cannabis Business Loans in 2021

Getting a loan for your cannabis business isn’t quite as easy as it is in other industries. Since marijuana is still federally illegal in the United States, banks usually flat out refuse to give business loans to cannabis businesses. However, there are still alternative sources of funding and you can find cannabis business loans if you know where to look.

Starting a cannabis business or expanding an existing business requires a lot of funding. And while you won’t be able to get a loan from a major bank, cannabis business loans are still available from venture capital firms and private lenders. You’ll want to weigh up your options depending on your funding needs and requirements, but you still have various options to choose from. Here’s a guide on where to find cannabis business loans in 2021.

GUD Capital

GUD Capital isn’t an individual lender, but rather offers a whole network of traditional and alternative lenders to help businesses with their funding needs. Not only can you find private lenders, but you can also take advantage of options such as equipment leasing, real estate loans, and cash advances, making it a great resource for any burgeoning cannabis business.

Their network helps connect businesses with over 12,000 loans and other lending options, so you should have no problem finding the funding you need for your business. They can also help you decide which kind of funding suits your business the best. You’ll have to pay a 1-2% referral fee after you find a loan, but this is a small price to pay.

Diamond Business Loans

Diamond Business Loans is a nationally-recognized financing company that offers direct lending to cannabis businesses. Whether you need funding for your dispensary, cultivating business, or any other kind of cannabis business, this company is another one of the options available to you.

They offer various financing options, including loans for working capital, equipment leasing and financing, real estate financing, easy pay cash advance, and more. As such, you should have no problem getting the funds you need for your business as long as you meet their generous requirements. You can apply for an inquiry online to find out how it can help your business.

United Capital Source

United Capital Source

United Capital Source is a highly-rated company that offers small business loans to companies in high-risk industries. If you’re having a hard time getting funding for your dispensary or growing operation, United Capital Source can help as they regularly help businesses in the cannabis industry with funding.

Although you’ll still need to meet certain requirements, United Capital Source is much more lenient than other lenders when it comes to factors such as your credit score. Various types of funding are available so, as well as business loans, you can also look into options such as equipment financing and merchant cash advances.

Green Leaf Money

Green Leaf Money aims to make it easier for entrepreneurs to get the capital they need to start or grow their business. They connect various types of businesses with alternative lenders, including cannabis businesses that often have a hard time finding funding elsewhere. As such, this is a good resource if you’re looking for a cannabis business loan.

You’ll need to have a good credit score, but you can find attractive loans with low rates. Green Leaf Money can also help hook your cannabis business up with equipment leasing, merchant cash advances, and cannabis real estate loans. While their website doesn’t offer much information, you can reach out to them to get the process started and get the funding your business needs.

Dynamic Alternative Finance

Dynamic Alternative Finance is an alternative lending company that’s tailored toward cannabis and CBD businesses. With 30 years of experience and over a hundred companies funded, this is another top service for finding cannabis business loans in 2021 as well as other sources of funding.

Like many other services on this list, Dynamic Alternative Finance will help connect your business with lenders that are willing to give you the funding you need. They provide generous working capital loans as well as real estate loans, equipment leasing, real estate loans, and short-term bridge loans.

Small Business Funding

Small Business Funding

Small Business Funding is another service that focuses on making funding easy for high-risk businesses, including those in the cannabis sector. They offer multiple small business funding options, including working capital advances, term loans, equipment financing, and more. What’s more, businesses can get funding in as little as 2-3 days.

One of the perks of Small Business Financing is that, as well as helping businesses in high-risk industries, it also has lending options for those with bad credit. As such, if you have a hard time finding funding elsewhere for your cannabis or CBD business, you should benefit from this service. 

GoKapital

GoKapital is another one of the best places to find cannabis business loans in 2021. GoKapital focuses on speed and efficiency and promises to help businesses get the funding they need swiftly. The service is available for businesses in all 50 U.S. states and even has options for borrowers with bad credit scores.

You’ll need $30,000 a month to apply for a business loan via GoKapital, but you don’t need a high credit score and it’s one of the most efficient options as long as you meet the requirements. You can also apply for real estate loans with quick closing if you’re investing in commercial property for your business.

Conclusion

Whether you need a loan to start your cannabis business or you need funding to expand your operations, these are some of the best places to find cannabis business loans in 2021. You can also consider other options such as reaching out to investors, venture capital firms, or even crowdfunding.

The type and amount of funding you need largely depends on the needs of your business. While you’ll most likely need funding for things such as licensing and your business property, there are many areas where you can cut costs. For example, Cannabis Promotions can help you with affordable yet effective ways to promote your cannabis business.