Portland, OR Cannabis Revolving Loan Fund
Application deadline: DECEMBER 13, 2024
NuProject launched mission-based funding in 2018 to support the growth of diverse-owned, Portland, Oregon cannabis businesses. City of Portland cannabis taxes fund this support as directed by a 2017 ballot vote to invest cannabis tax revenue into the communities disproportionately harmed by cannabis criminalization – Black, Indigenous and Latino. The Portland Cannabis Business Revolving Loan Fund provides a pool of growing funds available via low-interest, affordable loans for Portland, OR-headquartered cannabis businesses with majority diverse ownership. Read below to learn more.
Portland Cannabis Loans: What you need to know
NuProject’s lending model is different. Loans are designed to support your business’ success with flexible terms, interest rates below prime, and generous payback periods. We assess loan fit based on character, market conditions, and business’ projected cashflow after funding. No credit score, cash match, or collateral required. Complete the short pre-application today. No obligation to proceed. Loan decisions will be made in Feb/March 2025.
New to loans? Not sure if a loan is right for you? NuProject staff can coach you.
Cannabis Loan Details
- Loans available ranging from $15,000 to $50,000.
- 6.5% interest for all loans.
- Loan terms are flexible and based on business’ projected ability to repay.
- Loan assessment process requires providing financial documents, including recent balance sheet, profit & loss statement, future projections and prior year tax returns. (Don’t have those documents? NuProject coaches can provide resources and guidance.)
Qualifications
Apply for this cannabis loan if your business is:
- THC or CBD business with either OLCC marijuana license or ODA hemp license. Or your business primarily serves the cannabis industry with a product or service.
- Active business license with City of Portland (OR).
- At least 51% owned by racial or ethnic minorities, women, and/or people convicted of cannabis offenses.
- At least 18-months of sales, filed tax return, and basic business financial statements.
- Able to show how business will use loan funds to increase revenue within 6 months of funding.
- What we don’t factor is your credit score.
- No cash match or down payment required.
How to apply
Complete the short pre-application via the link above. NuProject will contact pre-applicants with next steps in the process.
Capital coaches are available to support you in preparing your loan application. Don’t have basic financial documents? Join NuProject’s 6-month Cannabis Financial Cohort: Funding Growth, and get your business ready for a loan with free services and support from cannabis financial experts.
CAPITAL COACHES & NETWORK SUPPORT
During the application process, we work closely with each applicant to fine-tune assumptions and refine projections to help owners make the most from a capital infusion. We also work with business owners in the pre-application phase to determine if a cannabis business loan is right for your business at this time. Our primary aim is supporting the growth of your business and helping you use your business cash flow as a powerful tool for growth.
Our support for Portland cannabis businesses also includes resources and classes from Prosper Portand’s Inclusive Business Resources Network, which connects diverse entrepreneurs to a broader range of services, including digital marketing, food science and production education, and other technical assistance services.
Need help completing a profit and loss statement?
Wondering if a loan is smart for your business?
Meet with us.
Want to ask a quick question? Email loans@nuproject.org
Faith Anderson
VP of Finance & Operations
Faith has more than 20 years of finance and accounting experience with non-cannabis and cannabis companies. Her cannabis finance experience includes accounting lead for a handful of companies and five years as head of finance for a vertically-integrated cannabis company in Maryland. Faith knows cannabis finance inside and out and has a passion for helping new business owners understand their financials. Faith believes all cannabis businesses should protect themselves by having rigorous and compliant accounting. She also wants to help our clients heal from their money trauma. Schedule a meeting with Faith.
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