As you research appropriate lending sources for the nature and stage of your business, here are a few additional alternative financing options to consider.
Top Alternative Financing Sources for Pre-Revenue Companies
1.Credit cards
2.Peer-to-peer lending
3.Home equity line of credit
4.Crowd funding
Top Alternative Financing Sources for Revenue-Generating Companies
For all cannabis companies:
1.Cash advance-working capital loan
2.Equipment leasing
3.Sale-leaseback of an asset
For non-plant touching companies:
1.Business lines of credit
2.Inventory financing
3.Factoring accounts receivable
Once you have identified the appropriate financing source(s), it’s time to prepare for your meetings. In my experience, there are a few key components to a successful presentation to a potential financing source: answer questions directly, provide follow-up information quickly when requested and ask thoughtful questions to help you understand the process and requirements. A full list of top financing sources and details on using credit cards as low interest financing are available by request.
We’ve unlocked a few keys for securing the money to start or grow your marijuana business. With this information, you can adequately plan, prepare and present your way to a successful financing solution tailored to your business venture.
Scott Jordan is Director of Business Development for Dynamic Alternative Finance. He has arranged over $27 million in loans and equipment leases for cannabis business owners in the past two years. Scott is a commercial finance expert known throughout the marijuana industry. He has been interviewed by local TV and radio stations, authored articles and been a featured speaker at national conferences. Reach him at 303.754.2050 or [email protected].
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