Portland Cannabis Loan Program
Application Window open: April 1 - April 30, 2024
NuProject launched mission-based funding in 2018 to support the growth of diverse-owned, Portland, Oregon cannabis businesses. NuProject provides funding and financial technical assistance to licensed cannabis or hemp businesses headquartered in or making sales in Portland, OR.
City of Portland cannabis taxes fund this support as directed by a ballot initiative to invest cannabis tax revenue into the communities disproportionately harmed in Oregon by cannabis criminalization – Black, Indigenous and Latina/o/x. Our work supporting historically-excluded cannabis founders revealed the primary equity gap for diverse-owned cannabis businesses is startup and working capital, particularly non-dilutive funding. NuProject launched a zero- and low-interest loan program for cannabis businesses 51% owned by founders from historically-excluded groups.
Here's what you need to know
Loan Details
- Loans available ranging from $15,000 to $100,000.
- 6% interest for all loans.
- Loan terms are flexible and are based on business’ projected ability to repay.
- Loan assessment process requires providing financial documents, including balance sheet, profit & loss statement, future projections and prior year tax returns. (NuProject capital counselors can help you create required documents.)
Qualifications
Apply for this loan if your business is:
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- THC or CBD business with either OLCC marijuana license or ODA hemp license. OR your business is an ancillary (or non-plant-touching) business that serves the cannabis industry with a product or service.
- Active business license with City of Portland (OR).
- 50% owned by racial or ethnic minorities or women.
- Revenue-generating business with a minimum of 18-months of sales (sales do not need to be consecutive).
- Able to show how the business will use loan funds to directly increase revenue within 12 months of funding.
- What we don’t check is your credit history or require a cash match or down payment.
How to apply
Complete the pre-application via the link above. NuProject will contact pre-applicants to proceed to the next step of the application process.
Capital counselors are available year-round to support you in building your financial technical acumen or helping you prepare for future funding.
CAPITAL COUNSELORS & NETWORK SUPPORT
During the application process, we work closely with each applicant to fine-tune assumptions and refine projections to get the most return on investment from a capital infusion. We also work with business owners in the pre-application phase to determine if a business loan is right for your business at this time. Our capital counselors also help you understand your business’s financial performance through the development of monthly balance sheets and quarterly profit and loss statements. Our primary aim is supporting the growth of your business and helping you use your business’s 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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