AVANA Companies has been shortlisted as a finalist in the Banking Tech Awards USA 2022.
It has been recognised as a finalist for its partnership to facilitate cannabis lending with SHF, LLC Safe Harbor Financial and Partner Colorado Credit Union (PCCU) using AVANA Companies’ LendThrive™ loan funding programme.
Founder and CEO of AVANA Companies, Sundip Patel, commented: “We are honoured to be recognised as a finalist in this year’s awards. Our work with Safe Harbor and PCCU using our LendThrive loan funding programme allowed our partners to benefit financially as the cannabis industry continues to grow.
“This strategic partnership allowed PCCU members competitive low rates and improved retention through the stable financial investments in the growing cannabis industry.”
Over the past seven years the Company has processed more than USD$12bn in transactions, including approximately $3.6bn in 2021.
CEO of Safe Harbor, Sundie Seefried, said: “Our partnership with AVANA Companies and LendThrive has facilitated our ability to provide competitive rates for clients and their businesses.
“As we continue to expand Safe Harbor’s financial services and commercial lending platform, we look forward to building our relationship with AVANA Companies even further.”
LendThrive provides fixed-rate loans up to $150,000 that can be used for working capital and equipment needs for cannabis businesses.
Safe Harbor and PCCU are able to refine and broaden their lending options to the underserved cannabis industry. AVANA Companies and LendThrive support Safe Harbor’s clients with expanded loan opportunities. The innovation helps financial institutions retain and grow their membership in the cannabis sector.