An African-American entrepreneur is supplying $250,000 in loans with either zero or a low interest price to 100 social equity applicants for marijuana small business licenses in Illinois in hopes of acquiring extra minorities into the business.
Very good Tree Capital founder Seke Ballard – who currently is in the small business of handing out loans to cannabis startups – pledged to loan the $two,500 application filing charges to 100 social equity applicants to assistance them get began on the path to small business licensure, according to the Chicago Sun-Occasions.
To qualify, applicants must file their information and facts with Very good Tree by Nov. 15.
The Illinois social equity system application window will then be open from Dec. 10 to Jan. two.
Adult-use MJ sales will begin in Illinois on Jan. 1. Up to 75 social equity MJ retail licenses will be awarded by May possibly 1.
Very good Tree, which is primarily based in Seattle, is now focusing just about completely on the Illinois licensing procedure, Ballard told the Sun-Occasions. Ballard has even relocated to the Chicago neighborhood of Bronzeville.
Ballard created the selection to back social equity applicants following discovering that lots of of them are nonetheless underinformed about state sources that could assistance them get began in the marijuana business, such as a small business-improvement fund that presents financing and technical help.
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