Illinois Cannabis Business Loans

Bespoke Financial helps address the funding needs for Cannabis businesses in Illinois with financing services specifically tailored to their needs. Grow your Cannabis businesses in Illinois with Bespoke Financial.
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Ready to get started with your Illinois cannabis business loan? We’ve made it easy to apply, and you’ll receive an answer within 7 days.

FAQ’s

number one

How can I obtain financing for my cannabis business in Illinois ?

The first option would be with us at Bespoke!

Beyond that, the options are slim. You can try your luck with a hard money lender or try to find an investor. Even if you find an investor that you work well with, you’ll still be required to give up a chunk of valuable equity.

Commercial lenders like Bespoke Financial can help you obtain cannabis business financing in Illinois. Bespoke Financial was the first commercial lender working exclusively with cannabis businesses, so you’ll never have to worry about whether or not your loan and your business are in compliance with state and federal regulations surrounding your money.

Number two

What should I watch out for when it comes to financing in Illinois?

Because cannabis businesses don’t have a lot of options when it comes to obtaining financing, many predatory lenders have unfortunately seized on the opportunity. Some cannabis business owners report being charged interest rates of 40 to 50 percent on their loans, while others regularly receive emails attempting to persuade them that the company will allow the business to utilize credit card sales.

This is the exact opposite experience from what you will experience with Bespoke Financial.

To get the best rate for your cannabis business loan in Illinois, make sure to have all of the appropriate documentation prepared prior to applying for a loan from Bespoke, including your financial records (balance sheets, income statements, and bank statements), your credit risk profile, and capital needs.

number three

How do I get licensed for a cannabis business in Illinois?

Currently, the Illinois state licensing program is going through some growing pains. A process that started right before Coronavirus lockdown, the state has only approved 21 out of the 75 retail licenses they committed to issuing. In addition to retail dispensaries there are 4 other business types that are available for licenses. Craft Growers, Infusers, Transporters, and Cultivation center.

The nonrefundable state license application fee for all license types is $5,000. There may also be a fee due to the local municipality of up to $5,000. After the applications are approved there is an initial licensure fee that ranges up to $30,000 per year. Illinois is scheduled to accepted applications for all license types in 2021. Licenses will not be approved prior to securing a building, appropriate security, and other measures. In order to get all of those things in place, you’re going to need financing

Number four

Can I borrow from a bank in Illinois?

It’s highly unlikely that your cannabis business will be able to borrow money from a bank in Illinois. While the sale of cannabis may be legal at the state level in Illinois, the substance is still classified as a Schedule I controlled substance by the FDA, making it illegal on the federal level. That means that most financial institutions, including banks, credit unions, and credit card companies, can’t work with you on either lending or banking services.

That’s where Bespoke Financial comes in

number Five

What do I need to know about running my business in Illinois?

Besides the difficulties in obtaining financing when running a cannabis business in Illinois , one thing to keep in mind is that your customers will not be able to use credit or debit cards to pay for your products due to the federal regulations applied to banks regarding handling funds connected to cannabis. Your customers will need to pay in cash or use one of the other emerging options, such as paying through phone apps designed for this purpose, so it’s important to make sure that you provide your customers with a way to get cash if they arrive unprepared, such as by installing an ATM. Additionally, cannabis businesses must be prepared to securely handle, transport, and store large amounts of cash since most financial institutions will not accept cash deposits.

Looking for Cannabis Funding in Illinois?

Apply to work with our team for your cannabis lending needs in the Illinois market. We’ll be in touch within 7 business days.

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