DENVER — Colorado on Monday launched the Cannabis Business Loan Program for social equity-licensed marijuana businesses.
The Cannabis Business Office (CBO) within the Colorado Office of Economic Development and International Trade (OEDIT) 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 loan terms will be based on the borrower's needs, the state said.
The program will be managed as a revolving loan fund, meaning the generated interest will go back into the fund as loans are repaid. The state estimates that the initial $1 million investment will lend $2.9 million over the next 10 years.
“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.