DENVER – Colorado on Monday launched the Cannabis Business Loan Program for marijuana companies with a social equity license.
The Cannabis Business Office (CBO) within the Colorado Office of Economic Development and International Trade (OEDIT) has partnered with lender NuProject to provide loans ranging from $50,000 to $150,000 to help businesses grow through equipment purchases, renovations, or to support expansion, real estate and working capital, the state said.
The loan terms are based on the needs of the borrower, the state said.
The program is managed as a revolving loan fund, meaning the interest generated returns to the fund when the loans are repaid. The state estimates that the initial investment of $1 million will lend $2.9 million over the next 10 years.
“This landmark loan program will create and sustain 239 high-paying jobs and promote equity in the cannabis industry by providing growing businesses with access to finance,” Gov. Jared Polis said in a statement. “I am committed to saving small businesses money and making sure our state remains a great place to start and run a business in any industry.”
This program is only open to businesses that have received a social justice license from the Marijuana Enforcement Division.
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