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 enterprise licenses in Illinois in hopes of obtaining a lot more minorities into the business.
Fantastic Tree Capital founder Seke Ballard – who currently is in the enterprise of handing out loans to cannabis startups – pledged to loan the $two,500 application filing costs to 100 social equity applicants to support them get began on the path to enterprise licensure, according to the Chicago Sun-Occasions.
To qualify, applicants must file their details with Fantastic 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.
Fantastic Tree, which is primarily based in Seattle, is now focusing pretty much totally on the Illinois licensing approach, Ballard told the Sun-Occasions. Ballard has even relocated to the Chicago neighborhood of Bronzeville.
Ballard produced the choice to back social equity applicants soon after discovering that quite a few of them are nonetheless underinformed about state sources that could support them get began in the marijuana business, such as a enterprise-improvement fund that delivers financing and technical help.
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