With all the talk about the next big business boom being in marijuana, it’s natural that many people are interested in startups. However, as with any type of business, one of the big elements that tends to slow people down is the funding. They have a great idea and the drive needed, but they do not have the capital needed.
Due to the nature of the business, it can still be somewhat tricky to find funding for a marijuana business. Even in the states where it is entirely legal, some banks and credit unions have decided they will not provide money to these businesses because marijuana is still illegal at the federal level. However, that’s not the case with all the banks and lenders out there. There are still some who are willing to take the risk.
Still, it tends to be easier for those who are looking for funding for a marijuana-based business to find other sources for their financial needs. Some people who believe in their business have decided to take out home equity loans or home equity lines of credit, for example. It does not have restrictions on how you can use the money, the interest rate is low, and it is generally easy to qualify. Others have used credit cards to get their businesses off the ground, and others have opted for personal loans or private investors instead.
In the future, the hope is that it will start to become easier for businesses to get the funding they need for their marijuana business.