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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 having a lot more minorities into the market.
Excellent 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 assist them get began on the path to enterprise licensure, according to the Chicago Sun-Instances.
To qualify, applicants must file their data with Excellent 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 Might 1.
Excellent Tree, which is primarily based in Seattle, is now focusing nearly completely on the Illinois licensing method, Ballard told the Sun-Instances. 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 nevertheless underinformed about state sources that could assist them get began in the marijuana market, such as a enterprise-improvement fund that presents financing and technical help.
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