.png)
How to get your license and acces to start-up capital (Cannabis industry for social equity applicants).
IL Cannabis Licensing & Social Equity, Technical assistance for craft growers, infusers and transportation. Hosted by
Social Applicants Craft Growers, Infuser, and Transport.
IL Cannabis Regulation and Tax Act
Well, the Cannabis industry is rolling in the millions on the first day of January in 2020. The social equity applicants were not apart of the first wave. The cost to start a business can be a barrier to social equity applicants. So there have been some laws and underwriting to help the social equity applicants overcome those financial barriers with loans.
Investment Licensing costs for new entrants to the market
Craft growers • Non-refundable application fee $5,000 • License fee $40,000 Processors • Non-refundable application fee $5,000 • License fee $40,000 Transporting organizations • Non-refundable application fee $5,000 • License fee $10,000
Department of Agriculture o July 1, 2020: The agency awards up to 40 licenses for processors, up to 40 licenses for craft growers, and licenses for transporting organizations.
How to do business in IL....watch video here in my Facebook group: Women Social Equity & Cannabis of Chicago
What qualifies as a social equity applicant?
key points:
- IL resident (must provide proof).
- lived in the disproportionately impacted area in the last 5-10 years.
- 51% of the applicant has arrested or convicted(possession and delivery).
- Family members arrested or convicted.
- 10 fulltime employees and at least 51% fall into the social equity qualifications
The application fee costs $5000 and the fee is 50% off at $2500 as a social equity applicant. The licensing fees can range up to $40,000. The fees alone can be very frustrating and intimidating along with registering as a business in the State of Il. Depending on where you want to start in this industry, you have to be ready for the financial commitment.
The good thing you can apply for a loan and grants, get investors to help you get started with your business. You can get financed through the Department of Commerce, Credit Union One, and Accion.
DCEO has Cannabis 24.3 million fund
$250k dispensary
$500k craft growers
$50k transporters
5 key things.
1.Pre-approval letter *(Conditional Commitment Letter) and bonafide social equity applicant.
2. Loan disperse after the license is awarded form IDFPR
Underwriting component (what will impact you the most to keep you from building your business)
Access to Capital Barriers
3. Don't look at your credit history or bankruptcy
4.Five years tax return
5. No income(must have zero Affividant)
What will the loan cover in your business plan? * CCL
- Rent
- Payroll
- Purchase of equipment
- training
- legal expenses
- professional services
- utilities
Another company that helps small businesses is Accion. You can borrow $500-$5000 and they have grant opportunities.
For more information, you can contact:
- CEO.AdultUseCannabis@illinois.gov
- Text 42828
- State Senator Kimberly Lightford's sign up form
Illinois releases applications for Cannabis Infuser, Transporter and Craft Grower Licenses. The Connect Illinois Broadband Grant Program is currently accepting applications. https://tinyurl.com/tvcefy8
Stay connected on Facebook Illinois Department of Commerce & Economic Opportunity
#DECO #SenatorKimberlyLightford #Cannabis #SocialEquity #SmallBusiness #SocialNetwork #IDFPR
#Accion
Audrey Woodley, The Brand Therapist & Certified Dispensary Agent (https://twitter.com/alwoodleyCEO)
0 comments: