CO LOAN FUND
Colorado Loan Fund for
Social Equity Licensees
Colorado Loan Fund for Social Equity Licensees
Low-interest loans are available to Colorado Social Equity Licensees.
2023 application window for low-interest loan funding for cannabis businesses based in Colorado and 51% or more owned by Social Equity Licensees.
Complete Pre-Application between August 21, 2023 and October 31, 2023 at 11:59pm Mountain.
Here's what you need to know
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.
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.
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.
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 profit and loss statement? Wondering if a loan is smart for your business?
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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