Cannabis banking experts
Our team of dedicated community bankers have a strong understanding of the additional due diligence, compliance and requirements that cannabis-related businesses face. Our goal is to help your business succeed by providing a high level of service that supports the unique needs of the industry. Our team members will work with you to collect and analyze your business's license application information and recommend the best solutions for your unique business.
Get connected with one of our bankers today!
Mike Dietsch
Business Banker / Lending
Phone: 507.599.6357
Email Mike
Katie Nosbush
Business Banker / Lending
Phone: 507.233.3355
Email Katie
Justin Day
Business Banker / Lending
Phone: 507.386.4870
Email Justin
Valerie Wolford
Relationship Manager / Lending
Phone: 507.295.3331
Email Valerie
Jessica Williams
Retail Manager
Phone: 507.295.3330
Email Jessica
Kerry Johnson
Market President
Phone: 320.796.4803
Email Kerry
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frequently asked questions:
What is the difference between direct and indirect cannabis-related businesses?
An “indirect marijuana business” is one that derives any of its gross revenue from sales to Direct Marijuana Businesses of products or services that could reasonably be determined to support the use, growth, enhancement, or other development of marijuana. A “direct marijuana business” is one that grows, produces, processes, distributes, or sells marijuana or marijuana products, edibles, or derivatives, regardless of the amount of the activity.
Why are the fees higher on Cannabis Banking accounts and services versus regular business accounts?
Banks that choose to offer cannabis banking take on additional regulatory requirements, reporting and risk management practices, and due diligence in order to offer and maintain a well-managed program. These extra measures mean the bank must attain additional monitoring tools, staff training and support which causes significant extra expense.
How can my CRB qualify for banking services?
Your cannabis-related business (CRB) must be properly licensed through the state of operation and be compliant with all state reporting and regulatory requirements.
Where can I find information about licensing my CRB in Minnesota?
The State of Minnesota Office of Cannabis Management website provides information about licensing, applications and grants. https://mn.gov/ocm/businesses/
how can i find resources to support my business?
We have a list of great partners who can assist you with things like consulting for your new business, transporting cash, providing an ATM, learning and advocacy for the cannabis industry and more. Click here to view the partner list.
What united prairie bank finance?
- Commercial Building Purchase: We will finance the lessor of the purchase price or the appraised value up to 75% of the purchase of a commercial building that is approved for the purpose of a cannabis business.
- Commercial Building Construction: We will finance up to 75% of the cost of a commercial building construction costs or appraised value (whichever is less) with cannabis business purpose approval with the requirement of utilizing an approved Commercial General Contractor, including a sworn construction statement.
- Equipment Financing: We will finance up to 20% of the value of the purchase of cannabis-related equipment.
- Operating Line of Credit: We will finance your cannabis business line of credit with cash flow requirement.
- ALL Cannabis Business loans are required to be 100% collateralized.
what does united prairie bank need for financing?
- Previous 3 years of Personal Tax Returns from ALL individuals with 10% or greater ownership in the business
- Personal Financial Statement in current year from ALL individuals with 10% or greater ownership in the business with detail included on term debt payments (payment amounts & interest rate)
- Previous 3 years of Business Tax Returns (including K1s) from any related businesses of the owners and Year-to-Date Financial Statements dated within 120 days of submission. Include a detailed Debt Schedule for all term debt of these businesses
- Copy of your Business Plan with 3 years of Profit & Loss projections
- For Construction Loans, provide Construction Plans and a Sworn Construction Statement
- Detailed listing of Machinery & Equipment being financed, if applicable
- Entity documentation including:
- Articles of Organization
- Operating Agreement (signed by ALL owners)
- IRS - SS-4 Form for EIN
- Submit ALL the required information as listed above at one time by sending via Secure File Transfer.
