The governor of Colorado announced on Monday that the state is launching a loan program to support social equity marijuana businesses.
Gov. Jared Polis (D) and the Cannabis Business Office (CBO) said the state will be providing funding through a new Cannabis Business Loan Program, in partnership with the lending company NuProject.
Because marijuana businesses are often ineligible for traditional loan programs, this state-run initiative is meant to help fill that gap and provide resources for small businesses as Colorado’s cannabis market continues to evolve.
“This landmark loan program will create and retain 239 good-paying jobs and promote equity in the cannabis industry by providing growing businesses access to funding,” Polis said in a press release on Monday. “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,” he said.
The loans, which will range from $50,000 to $150,000, are meant to fund renovations, expansions, equipment costs, real estate and “working capital.” The administration said that the loans will have “favorable and manageable terms
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