Connecticut allocates $50M in low-interest loans to social equity Cannabis business
Connecticut Pioneers $50 Million Bond Initiative to Empower Social Equity Cannabis Businesses.
Social equity cannabis businesses regularly contend with the burden of structural inequality, lack of intergenerational wealth, and funding, high taxation and real estate prices, and, stringent compliance standards.
The weight of these challenges has frequently pushed many enterprises to the brink of bankruptcy. With the Federal Reserve raising interest rates amidst inflationary pressures, the significance of low-interest loans becomes paramount for the survival of these businesses.
$50 Million In Bonds For Cannabis Entrepreneurs
Connecticut is pioneering direct state financial assistance through a canna-business revolving loan fund, that aims to bolst the social equity cannabis supply chain's prosperity.
Connecticut's Social Equity Council and the Department of Economic and Community Development are launching a canna-business revolving loan fund to aid social equity applicants in transforming properties into cannabis establishments.
The fund covers property rehabilitation, equipment acquisition, machinery installation, technological infrastructure, and more, cementing the success and stability of the social equity cannabis supply chain.
The initiative, approved by the General Assembly and the governor, allocates up to $50 million in bonds for low-interest loans to social equity applicants, municipalities, or nonprofits.
