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Watch this timely regulatory update and look into the various Small Business Administration (SBA) programs available for cannabis and hemp businesses in the wake of the COVID-19 crisis featuring attorneys from Vicente Sederberg and Burns & Levinson.
At a time of great uncertainty for the cannabis industry, Vicente Sederberg’s attorneys and cannabis industry specialists are communicating regularly with regulators and industry leaders, and closely monitoring the COVID-19 situation.
[Webinar] Coronavirus and Cannabis: SBA Loans and Lending for Hemp and CBD Businesses
Stay up-to-date on the latest state and national COVID-19 updates affecting marijuana and hemp businesses on our Coronavirus and Cannabis: Monitoring the Impact page.
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Finally, don’t cut corners on quality. Focus your operations of strict accordance with governmental regulations and producing high-quality products that provide real value for your customers.
What do I need to apply for CBD lending?
In a nutshell, undoubtedly, the odds of securing CBD business loans or credit lines from a bank or credit union are not good.
When traditional loans with banks are not an option, we will find you alternative lending sources for the CBD business and cannabis financing you need!
The bottom line on CBD Business Loans, Hemp Equipment Financing, Cannabis Lending and Cannabis Business Loans
Having access to sufficient working capital is a key to maintaining smooth operations in any business. That includes working capital for overhead expenses, payroll, and other expenses. You can utilize merchant cash advances, pre-approved credit lines, and both short- and long-term loans.
Most CBD businesses are start-ups, which is another risk factor that any type of lender will consider. Obviously, new businesses in all industries have a high chance of failure. It’s just the stats.
On the legal side of things, a new CBD business can fall into a grey area of law that many lenders consider too high-risk to bet on. Also, because cannabis laws are not uniform between states in the USA, major banks and credit unions could lose their FDIC insurance for issuing a CBD business loan for cannabis and marijuana businesses.
Which type ofCBD business loan is best for my company?
This type of financing is often referred to as a “working capital” loan. Typically, a fixed fee is added to the principal, which is based on a percentage of your monthly gross sales.
Don’t lose hope though! Cannabis Startup Loans is an alternative lender that specializes in getting ganjapreneurs the funding they need to launch, operate, and grow their CBD, hemp, marijuana, and other GREEN businesses.