The administration of Colorado Gov. Jared Polis (D) is partnering with NuProject to launch a statewide Cannabis Business Loan Program. The project is a collaboration between the mission-based lender and the Cannabis Business Office (CBO).
In a statement, Polis said the program “will create and retain 239 good-paying jobs and promote equity in the cannabis industry by providing growing businesses access to funding.”
The program will provide loans between $50,000 and $150,000 for renovations or expansions, the purchase of equipment, real estate or use as working capital, the governor’s office said in a press release. Loans will have favorable and manageable terms based on borrower needs.
NuProject and the CBO will manage the program as a revolving loan fund: as loans are repaid, the interest generated will be reinvested into the fund to support future borrowers. The initial $1 million investment is expected to lend $2.9 million over the next 10 years.
In a statement, Jeannette Ward Horton, NuProject CEO, said “When cannabis business owners have access to financial support and the know-how to put that funding to work, they can run better businesses and have the opportunity to build generational wealth through the cannabis industry.”
“NuProject is committed to redirecting the typical flow of financing so that small business owners in the cannabis industry, especially those who’ve been historically excluded from access to capital, can access the resources they need to grow their businesses.” — Ward Horton in a statement
The program is the third CBO funding source available for the state’s social equity cannabis businesses, the governor’s office said, noting that its Cannabis Business Grant, launched in 2021, provides $25,000 Foundational Grants to help early-stage cannabis businesses with their startup needs and $50,000 Growth Grants to support existing cannabis businesses as they grow or refine their operations. The Cannabis Business Loan Program is designed to support larger, more established cannabis businesses as they continue to grow
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