The loans range from $50,000 to $150,000 and are intended for established cannabis businesses.
Despite being the first state in the nation to allow recreational pot sales, Colorado has been criticized for not having social equity programs in place for communities impacted by the drug war as marijuana was commercialized.Colorado is launching a state-funded loan program for marijuana business owners, one of the first of its kind in the country, according to Governor Jared Polis.
“This landmark loan program will create and retain good-paying jobs and promote equity in the cannabis industry by providing growing businesses access to funding. I am committed to saving small businesses money and ensuring our state remains a great place to start and run a business in every industry. Thank you to NuProject for partnering with Colorado on this exciting milestone and working to support innovation in Colorado’s cannabis industry,” Polis says in a statement.
Despite being the first state in the nation to allow recreational pot sales, Colorado has been criticized for not having social equity programs in place earlier for individuals and communities impacted by the drug war. Because the plant is still federally prohibited, small-business owners often struggle to secure lines of credit, loans and other financial services from banks and credit unions.
Cannabis Business Office has about $1 million allocated for grants and $2.5 million for low-interest micro-loansThe Cannabis Business Office has distributed two rounds of $25,000 and $50,000 grants to new and aspiring marijuana business owners since last July, with over forty businesses as the beneficiaries. The new loans are meant to support"larger, more established businesses," according to the Cannabis Business Loan Program announcement.
To qualify for either program, business owners must have a Colorado social equity marijuana business license, which requires one of the following: They or their families were arrested on certain drug charges, they earn less than 50 percent of the state median income, or they come from a community designated as a low-economic opportunity zone. Applicants must also complete a state-approved technical assistance program and submit a business proposal as part of the process.
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