Cannabis-hemp Unsecured loans are loans that are approved without the need for collateral.
Instead of pledging assets, borrowers qualify based on their credit history and income.
You may need a cannabis-hemp loan to cover soft costs like salaries, leases, marketing, licenses, inventory and more.
Because working capital is unsecured, few lenders offer this option due to the risk however we have a program that can help you.
We can sometimes offer these unsecured loans based on credit, (minimum 680+, preferrably 700+) and income history personally or professionally.
The lower the risk you and your company present and can document personally and with your business, the greater the chance you have of receiving a loan.
Factors to obtaining an unsecured cannabis loan
Do you have enough income to support the loan payments?
Since many cannabis-hemp businesses are start ups these days, often are not showing income on their current business yet.
These borrowers often assume that a lender will
lend based on their income.
Cannabis-hemp lenders will certainly want to see that you have income projections (proforma financials) however they are more interested in your current income related to your ability to make the loan payments now.
If you are a start up, most lenders will consider income from the businesses or jobs that you and your partners (if you have partners with ownership interest in your business)have.
This is called cross-collateralizationof income.
Obviously, the more income you can document via tax returns and or bank statements, the less risk your loan request poses.
In lieu of income, cannabis-hemp debt lenders will consider your bank balance for cash to establish your abaility to make loan payments.
This may come from your own savings personally or from your businesses.
It can also come from capital raises you have completed with cash in the bank.
Having sufficient amount of cash in the bank assures the lender that you will be able to carry your business and make the loan payments.
A cannabis-hemp lender will want to see that you have enough other income or cash on hand to sustain your business for 6 months of operation
prior to income being generated for your business.
Maryjane's Funding has successfully funded marijuana businesses such as; CO2 Extractors, Cannabis Producers, Cannabis Processors, Cannabis Retailers, Licensed Distributors, Edibles Sellers, Beauty Products, Concentrate Producer, Accessory Maker, Delivery Service, Packaging, App Developer, Software Developer, Security Service, and Dispensary Loans.
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