Colorado Launches Loan Program for Cannabis Social Equity Businesses

Colorado Launches Loan Program for Cannabis Social Equity Businesses


Colorado Governor Jared Polis on Monday announced the launch of a new state-funded loan program for cannabis social equity businesses.

The new program is designed to provide financing to licensed social equity cannabis businesses, which typically face difficulties raising the capital needed to launch and grow their enterprises. The initiative will be administered by the state Cannabis Business Office (CBO) within the Colorado Office of Economic Development & International Trade (OEDIT) in partnership with NuProject, a Portland, Oregon-based organization working “to build generational wealth via the legal cannabis industry for the Black and Brown communities disproportionately harmed by the War on Drugs,” according to the group’s website.

“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,” Polis said in a statement from the governor’s office on Monday afternoon. “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. Thank you to NuProject for partnering with Colorado on this exciting milestone and working to support innovation in Colorado’s cannabis industry.”

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