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CORE CAPITAL LOAN PROGRAM

IMPORTANT NOTICE:  The state grant funds have been expended and loans will now be funded by the revolving loan fund, which is dependent upon loan repayment to have funds for future loans.  We anticipate funds for one to two loans per month.  Applications submitted will be placed in the queue based on the date the complete application and all required documents are received.

 

SUMMARY

CORE Capital, is a 6-year interest-free loan program for cannabis businesses made available through grant funds from the Governor's Office of Business and Economic Development (Go-Biz) Cannabis Equity Grants Program for Local Jurisdictions. Loan repayment funds will be allocated back to the loan program for continuous loan opportunities for CORE participants.

LoAn Amount

Individuals who meet CORE classifications 1 and 2 and businesses who meet classification 3, 4 and 5 can qualify for an initial and follow-on loans in increments up to $50,000 in accordance with the following:

Initial Loan:

The largest amount available for an initial, or first-time, loan is $50,000 if an applicant has a signed business lease for a location/premise or owns a location. A Verified CORE individual can apply for $50,000 per leased or owned location.

Without a leased or owned location the most an applicant can apply for is $25,000.  Loan funds should be used to secure a location, lease, rent, and/or deposits.  Inventory is not an allowable expense under this category of loan.  

Follow-on Loan:

Loan Applicants may apply for additional loans (“Follow-on Loans”) in increments of up to $50,000, without fully re-paying their prior loan(s), as long as they:

  1. Provide receipts showing they have spent 70% of their previous loan on eligible expenses. Receipts must be dated after the effective date of the loan and correlate to expenses submitted on their loan budget;

  2. Are not delinquent and have made loan payment(s) on time;

  3. Have a signed business lease or owned location;

  4. Are compliant with required licenses, permits, and taxes;

  5. Maintain verified CORE status

Questions may be directed to CORE Capital Loan Program