Connecticut takes steps on low-interest cannabis loan program
The Connecticut Social Equity Council met on Monday to discuss a number of topics including the state’s low-interest cannabis loan program. A number of published reports say that $50 million dollars in funding approved by the legislature is becoming available for social equity applicants to start their cannabis businesses. During Monday’s meeting the board voted to approve an interest rate for these loans that will range between six and nine percent depending on the applicant. The Social Equity Council is also working with Oaksterdam University to establish an accelerator program. The goal of the accelerator is to help individuals learn the business of cannabis, craft a viable business plan, and find funding opportunities. Equity applicants that participate in the upcoming accelerator program can also qualify for a 1.5% reduction on the interest rate for their loans.