New York City officials have announced they’re seeking lenders to support a marijuana equity fund that will promote participation in the industry by people who’ve been disproportionately impacted by criminalization.
The New York City Economic Development Corporation (NYCEDC) posted a request for proposal (RFP) on Tuesday, soliciting lenders and an administrator for its Cannabis NYC Loan Fund, which will provide low-cost financing to social equity applicants looking to enter the marijuana market.
Officials are aiming to raise $20-30 million for the fund, which was developed in partnership with the NYC Department of Small Business Services (SBS). That includes an initial infusion of $8 million from the city. The total will depend on private lenders’ response to the RFP.
“To create a more equitable economy, we need to make investments that help achieve this important goal for every industry we are growing in the city,” Deputy Mayor for Housing, Economic Development and Workforce Maria Torres-Springer said in a press release. “With the Cannabis NYC Loan Fund, that is exactly what the City of New York is doing, and we are excited to partner with others who want to join us in investing in an equitable cannabis industry that creates jobs, grows
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