Legalized marijuana sales are on the rise, and this is a great time to hop into the industry. While the sales are great, and the business earnings are great, it can be tough to break into the business. Even in areas where the legalization has been accepted, there are still issues with opening a legalized marijuana shop. While your local and state government is an obstacle, finding business funding is another elephant.
Marijuana business funding is a pain. It is tough to fund your own business, and it can be even tougher to find a bank or loan provider to provide you with a loan. A loan is a bad idea for any new or struggling business, but it is often the first place merchants go when they are in need of extra money. With a business loan, the payback process starts almost immediately, and the loan provider does not care if your business is succeeding. All they care about is getting their loan repaid, which will not happen if your business is still struggling. Because of this, many merchants are worse off than before they took out a loan.
To avoid this hassle, merchants should search for business funding. Business funding is different from a loan, because, well, it is not a loan. The application process is simple, as this is not a loan process. All you need to apply is a copy of your driver’s license, a copy of a voided check, a copy of your lease or landlord contract, and 3 months’ worth of business bank statements and plastic card processing statements. That is all that you need – and everything is more than likely in your office right now. Along with the seamless application process comes a quick acceptance, many times within 5-7 business days.
Most businesses need funding to get started, or to come out of a slump. Legalized marijuana businesses have the hardest time finding funding for the businesses, due to its “high risk” labeling in the banking and processing industry. Before applying or accepting any type of business funding, be sure to ask questions, and do not feel obligated to sign up for something that you feel is not right for you or your company.
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