Partner Colorado Credit Union Launches Cannabis Business Lending Program
Partner Colorado Credit Union today announced they will offer commercial real estate loans to their cannabis banking clients. Sundie Seefried, CEO of Partner Colorado CU and a trailblazer in U.S. cannabis banking, explained, “Now in our sixth year of cannabis banking, we have the experience and knowledge required to evaluate risk."
Long term client Stan Zislis of Silver Stem, a medical and recreational cannabis company, is pleased to be one of the first private banking clients selected to participate in the lending program. “Lending means jobs to us,” explained Zislis. “Real estate lending is one small step toward full-service banking, but it is a very important first step.”
Partner Colorado CU President Doug Fagan described cannabis banking as, “A highly specialized and labor-intensive process. The credit union stepped up to offer cannabis businesses legal banking services at a time when many cannabis companies were trying to operate as cash businesses. Partner Colorado CU created remarkably detailed processes and procedures to meet the tough legal requirements of cannabis banking. Then we trained private bankers to become experts capable of determining if cash generated in a cannabis business is legitimate. We now have the systems, expertise and the right team in place to begin expanding our banking services into lending.”
David Michel, partner and general counsel in IGadi, a vertically integrated cannabis grow and retail operation, is a long-term Partner Colorado CU private banking client. Michel says, “There is a high level of scrutiny, cannabis firms must account for each dollar. Finding an experienced banker who fully understands the industry is critical to success.” He sees the Partner Colorado CU lending program as a welcome step toward a wider portfolio of cannabis business lending products. “The real estate loans will help us eliminate leases, which in turn helps us build wealth over the long term.”
About Partner Colorado Credit Union
Partner Colorado Credit Union was founded in 1931 as Denver Postal Credit Union. Today they are a member-owned, not-for-profit cooperative with assets over $500 million and more than 35,000 members. In 2014 the credit union established Safe Harbor Private Banking to serve the cannabis industry.
About Safe Harbor Private Banking
Safe Harbor Private Banking is a compliance-based banking program for the cannabis industry, and a division of Partner Colorado Credit Union. Safe Harbor Private Banking processes allow legal cannabis businesses to bank cash. Each dollar is validated, transparent and accountable for legitimate licensed entities. Safe Harbor pioneered the turnkey program to help keep communities safer and stay true to the credit union philosophy of “serving the underserved.”
Release Doug Fagan, President
Partner Colorado CU
303-422-6221 ext. 9069