An African-American entrepreneur is providing $250,000 in loans with either zero or a low interest price to 100 social equity applicants for marijuana business enterprise licenses in Illinois in hopes of acquiring much more minorities into the sector.
Great Tree Capital founder Seke Ballard – who currently is in the business enterprise of handing out loans to cannabis startups – pledged to loan the $two,500 application filing charges to 100 social equity applicants to aid them get began on the path to business enterprise licensure, according to the Chicago Sun-Occasions.
To qualify, applicants must file their data with Great 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 perhaps 1.
Great Tree, which is primarily based in Seattle, is now focusing virtually totally on the Illinois licensing procedure, Ballard told the Sun-Occasions. Ballard has even relocated to the Chicago neighborhood of Bronzeville.
Ballard produced the choice to back social equity applicants just after discovering that quite a few of them are nonetheless underinformed about state sources that could aid them get began in the marijuana sector, such as a business enterprise-improvement fund that provides financing and technical help.
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