Cannabis FInancing FAQ

These FAQs cover many of the common questions small business owners ask about Upwise Capital’s financing programs.

Whether you need capital for operating expenses, inventory, or a major purchase, we aim to make the application and funding process as simple and straightforward as possible. If you have an additional question that is not addressed here, please contact us.

We’re here to help you access the funds to grow your business.

What types of financing programs do you offer?

We offer a suite of business loan options including: business lines of credit, term loans and revenue-based financing for small businesses. As well as more traditional options such as real estate financing and SBA loans. Please see all our business loan options here.

What are the basic qualifications to qualify for a loan or revenue advance?

Your business must be in operation for at least 6 months, have a minimum of $15,000 in monthly revenue, and be a legally organized business entity.

What is your maximum loan amount for small business loans?

Our maximum loan amount is $20 million.

How much working capital can a business qualify for?

Businesses typically qualify for financing of 75-125% of average monthly revenue over the past 6 months.

How long does the approval process typically take?

The approval process usually takes 1-3 business days once a completed application and required documents are received. However, depending on the product you’re applying for, this can take longer.

Can I get funding if I already currently have a loan with another company?

As long as your existing loan is in good standing, we can consider taking it over or providing additional funding for your business needs.

Can I get financing even if I have bad credit?

Poor personal credit will not automatically disqualify you – we look at your business financials and ability to repay as the primary factors.

Are there any restrictions on what I can utilize the funds for?

You are free to use the funds for any business operating expenses or investments. There are no restrictions on use of proceeds.

If I own more than one business, can you underwrite them all?

Yes, we can underwrite and potentially provide financing to multiple businesses that you own, provided each meets our standard qualification criteria. You may also choose to cross collateralize multiple businesses into one offer.

What information do you need to apply?

Business name, address, website/social media
Business structure and tax ID
Your personal information (name, SSN, address)
Last 3 months of bank statements
Year-to-date profit/loss statement

What is involved in the application process?

Fill out our online or paper application
Upload required documents
We’ll review, may follow up with questions
Decision usually 1-3 business days

How do credit checks affect the application?

We do a soft pull that won’t impact your score
Hard pull only done if approved and you accept terms

When will I know if I'm approved?

We aim to notify you within 1-3 days of receiving completed application
You’ll also hear from us if any additional info is needed

What fees are involved in the funding process?

One-time origination fee of 1-3% of loan amount
No prepayment penalties
No fees for early payments that reduce total interest

How can I view my loan details and payment history?

You can contact us directly for a payment history or log into your online account portal to view your current balance, payment due dates, payment history and other loan details.

How do I make payments?

You have two payment options – automatic payments via ACH from your business bank account, or one-time online payments made directly from your account.

How do I get access to my payment history?

Your complete payment history is available to view and download within the “payment activity” or “account history” section of your online account portal.

How can I request payoff information?

Please contact our customer support team and they can provide your exact payoff amount as of a requested date.

What do I do if I'm having trouble making payments?

How can I pay an existing balance off?

You can pay off your loan balance in full at any time without penalty by contacting us for the payoff amount and submitting payment. The lender will accept payments by wire, ACH, debit or mail.

What are the requirements for additional funding?

You must have made at least 6 on-time payments and be in good standing on your existing loan. We’ll also review updated business financials.

How will additional funding requests be evaluated?

Our underwriters will assess your payment history with us, current financial performance, cash flow projections, and funding needs before determining terms.

What documents do you need to request more capital?

You’ll need to provide your 3 most recent months of business bank statements. Depending on the product, we may request an updated profit/loss statement for your year-to-date financials.

Can I work with the same representative for additional loans?

Yes, your assigned representative will be familiar with your business and handle any additional funding requests after your initial funding.

How long do I need to wait to request more funding?

You don’t need to wait. Generally, we want to see you making payments on time and at least 25-50% paid-in. But you can inquire earlier – our goal is a quick review if your business needs more help growing.

Can I change my payment date or amount?

Yes, as long as the change still aligns with your original payment schedule and term. Contact us to discuss options.

What if I need to change my bank account information?

Please contact us right away so we can update our records. You may need to provide a voided check from the new account.

Is it possible to prepay my loan balance?

Yes, you are welcome to prepay loans at any time without penalty. In fact, you may receive a discount for early payoff. Contact us for the exact payoff amount.