Business
Safe Harbor Financial Announces New Small Business Line of Credit Program with the Origination of Three New Lines of Credit
Originates Lines of Credit Totaling $550,000 for Colorado Cannabis Operators GOLDEN, Colo., June 05, 2024 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe
About this update from Shf Holdings, Inc.
[{"type":"text","content":"Originates Lines of Credit Totaling $550,000 for Colorado Cannabis Operators\nGOLDEN, Colo., June 05, 2024 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today the formal launch of its new small business line of credit program with the origination of new loans to three Colorado-based operators which are long-standing clients of Safe Harbor. “We’re pleased to be able to offer our longstanding clients access to lines of credit at reasonable terms, an opportunity that is often not readily available to cannabis businesses,” said Sundie Seefried, Chief Executive Officer of Safe Harbor Financial. “Over the past two years, we have recognized increasing demand from small and mid-sized cannabis businesses as they are largely ignored by traditional financial institutions – even those that are currently lending to larger cannabis operators. The launch of our Small Business Line of Credit Program underscores our commitment to supporting the capital needs of the entire cannabis ecosystem and further expands the suite of offerings available on our lending platform.” The three new lines of credit were issued at normalized, non-predatory rates, without real estate collateral, utilizing instead a flexible set of underwriting standards -- a key differentiator from many other available sources of cannabis industry financing. All three Colorado operators receiving funding are current clients of Safe Harbor. About Safe Harbor Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past nine years, Safe Harbor has facilitated more than $21 billion in deposit transactions for businesses with operations spanning over 41 states and US territo...