Connecticut has launched a new loan program to help qualifying marijuana social equity applicants as well as municipalities and nonprofits “rehabilitate, renovate, or develop unused or underused real property for use as a cannabis establishment.”
The program was announced this week by Connecticut’s Social Equity Council (SEC), which leads social equity initiatives within Connecticut’s adult-use marijuana market.
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The Canna-Business Revolving Loan Fund program offers fixed-rate loans at prime plus 3%, with a 1.5% discount on the interest rate “for applicants that enroll and complete the SEC accelerator program,” according to a news release.
According to details posted online, the loans require a minimum equity investment of 20%.
Loan amortizations will be “over the life of the asset or the borrower’s ability to repay, with a maturity note of not more than 10 years.”
Working capital loans will have a two-year period, and lines of credit
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