Entrepreneur gives $250,000 in loans for Illinois social equity marijuana applications

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An African-American entrepreneur is supplying $250,000 in loans with either zero or a low interest price to 100 social equity applicants for marijuana small business licenses in Illinois in hopes of having additional minorities into the sector.

Superior Tree Capital founder Seke Ballard – who currently is in the small business of handing out loans to cannabis startups – pledged to loan the $two,500 application filing charges to 100 social equity applicants to aid them get began on the path to small business licensure, according to the Chicago Sun-Instances.

To qualify, applicants must file their details with Superior 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 May well 1.

Superior Tree, which is primarily based in Seattle, is now focusing practically completely on the Illinois licensing method, Ballard told the Sun-Instances. Ballard has even relocated to the Chicago neighborhood of Bronzeville.

Ballard produced the selection to back social equity applicants just after discovering that quite a few of them are nevertheless underinformed about state sources that could aid them get began in the marijuana sector, such as a small business-improvement fund that gives financing and technical help.

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