HARTFORD, Conn — Connecticut's Social Equity Council and the Department of Economic and Community Development are launching a new loan program for cannabis businesses.
The canna-business revolving loan fund will help social equity applicants rehabilitate, renovate or develop properties for use as a cannabis establishment.
The money can be used to buy equipment, install machinery, technological infrastructure and more.
“Connecticut is among the first states to offer direct state financial assistance to 'budding' cannabis entrepreneurs,” said Ginne-Rae Clay, SEC Executive Director. "Access to capital means one less thing our cannabis supply chain must think about. We are excited to announce this loan fund as we continue to provide support and technical assistance that will ensure the success and stability of the social equity cannabis supply chain.”
Officials said loan funding can be used for equipment purchases, purchase and installation of machinery, leasehold improvements or expansions, working capital and lines of credit, vehicles for use in conducting official cannabis business, technology infrastructure, loan closing costs, environmental studies or soft costs related to new construction/renovations.
Funding was approved by the General Assembly and signed by the governor that authorized up to $50 million in bonds for DECD and the SEC to jointly use for purposes such as low-interest loans to social equity applicants, municipalities, or nonprofits.
For more information and to apply, visit SEC’s website: Canna-Business Revolving Loan Fund (ct.gov).
Doug Stewart is a Senior Digital Content Producer at FOX61 News. He can be reached at dstewart@fox61.com.
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