The state's Cannabis Business Office has partnered with lender NuProject to provide loans ranging from $50,000 to $150,000 to help businesses grow via equipment purchases, renovations or expansions, real estate and working capital, according to the state.
DENVER — Colorado on Monday launched the Cannabis Business Loan Program for social equity-licensed marijuana businesses.
The Cannabis Business Office within the Colorado Office of Economic Development and International Trade has partnered with lender NuProject to provide loans ranging from $50,000 to $150,000 to help businesses grow via equipment purchases, renovations or expansions, real estate and working capital, according to the state.The program will be managed as a revolving loan fund, meaning the generated interest will go back into the fund as loans are repaid.
“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," Governor Jared Polis said in a statement."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."
This program is only for businesses that have been awarded a social equity license through the Marijuana Enforcement Division. The Follow UpWhat do you want Denver7 to follow up on? Is there a story, topic or issue you want us to revisit? Let us know with the contact form below.
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