equity fund
B3 Equity Fund
Thank you Ben Cohen for being a critical, early funding source and showing how to create a better industry one action at a time. Thanks to your legacy of giving and change, NuProject has funded 5 loans to Black and brown cannabis business owners already – and there’s more to come.
Grants are available to Vermont cannabis businesses. (operational and non-operational)
It’s open:
2023 application window funding for cannabis businesses based in Vermont.
Apply between April 24th, 2023 and June
30, 2023 at midnight Mountain time.
Here's what you need to know
In partnership with NuProject, Ben’s Best Blndz (B3) will promote economic justice and social benefit by providing funding to Black founders in the cannabis industry, a principle initiative towards advancing equity and inclusion in the space.
New to loans? Not sure if a loan is right for your business?
Our capital counselors are ready to coach you through the process.
1
Loan Details
Loans are available ranging from $50,000 to $150,000.
6% interest for all loans.
Loan terms will range from 36 months to longer depending on business’ projected ability to repay.
We expect to fund 2 to 3 loans in Fall 2023.
Loan process includes providing financial documents, including balance sheet, profit & loss statement, 2021 and/or 2022 tax returns, and projected financials for business after funding. (We can help you in create required documents) There will be subsequent funding rounds for this program before April 2024. Next funding round will open Late Summer or Early Fall 2023.
Loan terms will range from 36 months to longer depending on business’ projected ability to repay.
We expect to fund 2 to 3 loans in Fall 2023.
Loan process includes providing financial documents, including balance sheet, profit & loss statement, 2021 and/or 2022 tax returns, and projected financials for business after funding. (We can help you in create required documents) There will be subsequent funding rounds for this program before April 2024. Next funding round will open Late Summer or Early Fall 2023.
We encourage you to complete the pre-application early as the sooner we establish a relationship the sooner we can support your business on a path to funding for growth.
2
Qualifications
Apply for this loan if your business is:
51% owned by Colorado Social Equity
Licensees.Marijuana Enforcement Division defines
licenses that qualify under this program as:
- Accelerator Cultivator
- Accelerator Manufacturer
- Accelerator Store
- Accelerator Marijuana Transporter
- Accelerator Marijuana Transporter – No Premises
Revenue-generating business with a minimum of 18-
months of sales (sales do not need to be consecutive).
Able to show how the business will use loan funds to
directly increase revenue within 12 months of funding.
What we don’t check is your credit history or require a
cash match or down payment.
3
How to apply
Interested applicants first complete a shorter pre-application as step 1. Our lending team will select 3 to 4 clients to proceed with the full loan application process and potential funding.
Our lending model is different. We assess loan fit based on owner character, market conditions, and business’ projected cashflow after funding. The lending application process is centered in our value to support your business’ success.
In step 2, we’ll ask you to complete a full application, submit additional financial documents, including a balance sheet for each of the prior 12 months and cash flow projections for 24 months following funding. We’ll meet with you over several meetings to dive into market assumptions use of funds, and your businesses prior financial history.
Need help completing a 2022 Profit and Loss statement? Have questions about the loan? Meet with us.
Want to ask a quick question? Email loans@nuproject.org
Faith Anderson
VP of Finance & Operations
Faith has more than 20 years of finance and accounting experience with non-cannabis and cannabis, companies.
Her cannabis finance experience includes accounting lead for a handful of companies and five years as head of finance for a vertically-integrated cannabis company in Maryland. Faith knows cannabis finance inside and out and has a passion for helping new business owners understand their financials. Faith believes all cannabis businesses should protect themselves by having rigorous and compliant accounting. She also wants to help our clients heal from their money trauma. Schedule a meeting with Faith.
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