The use of cannabis is still largely restricted to specific uses like, purely medicinal and/or recreational. It has just recently been recognized as a legitimate product that can be sold in the open market. There is a lot of scope of growth for the different by-products of cannabis such as cannabidiol (CBD) oil and the different forms of marijuana. It is still restricted to specific medicinal use or for CBD oil in about half the states of America and is allowed for multipurpose uses including for recreational uses in about half the states. This is what makes it difficult to get cannabis funding from mainstream lenders. The other reason is that most cannabis businesses are small and it is well-known that mainstream lenders don’t fund small businesses.
Use of cannabis-based ingredients in nutraceuticals
The use of CBD oil for medicinal purposes is growing substantially. If you are into the formulation of health supplements that use this key ingredient, you might find it difficult to get business capital loans from banks and other mainstream lenders. If that is giving you sleepless nights, take it easy. There are reliable lenders to fund your business without the usual hassles.
You now have the option of getting alternative business loans from reliable and efficient lenders who specialize in funding small businesses including those that deal in cannabis ingredients. They understand the specific needs of small businesses especially those dealing in cannabis ingredients like CBD oil.
Struggling to meet payroll and other commitments?
It is normal for businesses of all sizes to fall short of working capital and not just small businesses. You could face difficulties in meeting payroll commitments or it could be some other issue like equipment servicing cost. Such requirements arise on short notice and also need to be addressed in quick time.
When you seek working capital funding from alternative sources you start with an advantage right away. Their terms of lending are quite flexible and are designed to make it as easy for you as possible. They understand that small businesses face cash flow disruptions quite regularly and have designed their funding solutions to meet such situations.
Need funds for expansion of your business?
Another critical challenge for small businesses is growing fast and acquiring scale. If you fail to do that, it could become difficult for you to survive because competition is very intense at the lower end of the market. When opportunities come, it is mostly when you are least prepared for them. Alternative business funding allows you to grab an opportunity whenever it comes.
Along with taking advantage of opportunities you must also increase your capacity to handle opportunities when they come. That means capital expenditure on larger or more equipment and higher storage capacity. Business funding solutions from alternative lenders will provide you hassle-free unsecured loans wherein they don’t even check your credit history.
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The level of confidence that alternative lending companies show on the borrowers’ ability to repay their loans is what ensures their long-lasting relationships with fast-growing businesses. It is the fast approval methods of the alternative lenders that make it a hassle-free process. They just check the viability of your business from your cash flow over the last 2-3 years and decide to approve your loan.