Connecticut officials are rolling out a new loan program aimed at supporting social equity marijuana businesses, providing financial assistance to help people who’ve been disproportionately impacted by prohibition expand operations in the legal industry.
As the state continues to see record high cannabis sales since the adult-use market launched in January, the Social Equity Council (SEC) and Department of Economic and Community Development (DECD) said that applications are now open for its Canna-Business Revolving Loan Fund (CBRLF).
The fund, made possible under the state’s legalization law, offers social equity licensees 3 percent fixed loans. Applicants who enroll in and complete SEC’s accelerator program will receive a 1.5 percent interest rate discount.
Loan recipients can use the money to buy equipment, improve and expand their businesses, access working capital and lines of credit, enhance technology infrastructure, cover loan closing costs and carry out environmental studies related to construction and renovation.
“Access to fair, safe and equitable funding for cannabis businesses is critical to standing up and building strong companies,” SEC Executive Director Ginne-Rae Clay said in a press release on Tuesday. “Connecticut is among the first states to offer direct state financial assistance to ‘budding’ cannabis entrepreneurs.”
“Access to capital means
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