CO: Cannabis Business Loan
Track This Opportunity
Create an account to track opportunities.
About This Opportunity
Cannabis Business Loan | Colorado Office of Economic Development and International Trade Skip to main content Search Search 0 Cannabis Business Loan Program Summary The Cannabis Business Loan Fund is an opportunity for social equity licensed cannabis businesses to receive lending capital to build and improve their current business operations. The Cannabis Business Office has partnered with mission-based lender, NuProject, to provide lending capital that is not otherwise available through traditional lenders. This is a low-interest, revolving loan fund, meaning that the dollars will be used to continue supporting future cannabis businesses as loans are repaid. Using an initial investment of $1,000,000, NuProject will provide loans between $50,000 and $150,000 to social equity licensed cannabis business owners. Loans will have favorable and manageable terms based on borrower needs, and interest generated will be reinvested into the revolving loan fund for use with future borrowers. NuProject is uniquely qualified to manage this loan fund due to their history of mission-based lending practices within the cannabis industry. These mission-based lending practices allow businesses to access loans, even if they would typically be excluded from lending opportunities due to lack of collateralization, limited cash flow, participation in the cannabis industry, or various other reasons. The Cannabis Business Loan Fund: Is for operational social equity licensed cannabis businesses Offers low-interest loans between $50,000 and $150,000 Partners with NuProject to provide expert character-based lending practices Overview Type: Loans For: Social Equity Licensed Cannabis Businesses Amount: Loans between $50,000 and $150,000 Application period : The next application period will open 8/15/2023 OEDIT division: Cannabis Business Office Eligibility Applicants must meet all of the following criteria: Possess an active social equity license (aka Finding of Suitability) in Colorado from the Marijuana Enforcement Division, and own at least 51% of the business Be an operational and licensed cannabis business Have completed a Technical Assistance program Agree to participate in Technical Assistance offered by NuProject Meet the lending requirements set forth by NuProject Examples of eligible loans: Loans between $50,000 and $150,000 Interest rates capped at 6.25% Loans for working capital, location renovations or expansions, equipment, etc. How to apply Please visit the NuProject website for more information. Frequently Asked Questions Question: Where do I apply? Answer: Please navigate to the NuProject website to learn more and begin your application. Question: Do I need to possess a social equity license (example: Finding of Suitability)? Answer: Yes. The business must be at least 51% owned by individuals that possess a social equity license. This can be one or more individuals to combine for at least 51% ownership
Links & Resources
View all opportunities from Colorado Office of Economic Development