Loan Applications Open for Licensed Social Equity Cannabis Dispensaries

Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity on Friday announced that applications for Round II of the Cannabis Social Equity Loan Program are open. Through the program, $12 million is available through Direct Forgivable Loans fully financed by the State. Loan amounts, up to $240,000, will be provided to qualified, licensed social equity dispensaries. “In Illinois, equity is front and center in our work to expand the legal cannabis industry,” said Governor JB Pritzker. “Thanks to my administration’s Cannabis Social Equity Loan Program, a new wave of entrepreneurs impacted by the failed war on drugs will be able to access forgivable, low interest loans to start their business.” “Social equity has been at the core of our work in expanding access to capital in the cannabis industry,” said Lt. Governor Juliana Stratton. “As Chair of the Restore, Reinvest and Renew (R3) Program board, I’m thrilled communities that have suffered decades of disinvestment will have more opportunities in this space. There is no justice without equity.” After providing approximately $22 million through Round I of the Cannabis Social Equity Loan Program to infusers, transporters and craft growers, DCEO is opening Round II for dispensaries. Eligible applicants...