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Our Illinois Cannabis License Loan FAQs

November 22, 2019

Are you a social equity applicant interested in applying for a loan to finance your cannabis business? You can apply online here.

We have put together this FAQ to help you understand the loan application requirements.

Q: If I already filled out your online form, do I also have to apply for the loan?

A: Yes. In order for us to understand whether you meet our credit standards, you must complete our full online loan application. It takes minutes!

Q: How long will it take to receive an answer?

A: You will receive a rejection or provisional approval immediately upon submitting your application. After that point, your application will need to be manually validated, a process that typically takes 1-2 weeks. If you are approved, you will receive the loan and letter of credit after we have validated your information.

Q: When is that loan application due?

A: We are accepting applications for financing on a rolling basis and will extend financing to those who meet our requirements on a first-come, first-served basis. We anticipate financing both dispensary and non-dispensary license applicants, as funds permit. 

Q: Can we apply for more than one loan if we are applying for more than one license (e.g., dispensary AND infuser)

A: Yes you can. However you will need to use a different email address for each loan application you submit to us. 

Q: We do not need assistance with the fee. Can we still fill out an application for a loan in case we are approved for a license?

A: Everyone has to complete an application to be considered for the application fee and/or letter of credit. If you do not need the application fee financing, we are happy to evaluate you for a letter of credit only.

Q: What is acceptable collateral?

A: Residential or commercial real estate, your bank accounts (e.g. savings account or certificate of deposit) or investment accounts, equipment & machinery.

Q: Should we include personal income details for all members of our LLC? What other financial information should we provide for the dispensary?

A: Only one member of your organization will be able to apply on behalf of your organization. The applying member must be a majority owner or officer with the authority to apply for financing on behalf of the entity. We recognize that this is not ideal. We are working hard to add functionality in the future that allows for multiple members to apply for the loan. We will communicate the documentation needed once you are provisionally approved for financing.

Q: Should we include credit score and history for all members of our LLC?

A: Same as above.

Q: How do we know the information the information we submit to Good Tree Capital is secure?

A: In order for us to make a fair and unbiased assessment of your loan application, we have to gather important details about your and your business' financial profile. The details of your application is for our loan evaluation purposes only. We are committed to your privacy and will not disclose your application to any unaffiliated 3rd parties.  

Topics: Cannabis, Borrower, FAQ, Application

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