New York City has launched a low-interest loan program designed to provide affordable capital to licensed cannabis social equity retailers.
A total of $2 million is available in the first phase of the Cannabis NYC Loan Fund, which might have one or more application cycles, depending on how many businesses apply.
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Three-year loans of up to $100,000 at 9.5% interest are available for each eligible Conditional Adult Use Retail Dispensary (CAURD) license holder in the city, according to Green Market Report.
Eligible businesses may apply for the loans through the city’s Department of Small Business Services as well as the Economic Development Corp.
New York City-based cannabis equity firm Tuatara Capital will administer the fund.
Licensees can use the money for whatever
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