§ 4.1-1502 — Selection of CDFI; Program requirements; guidelines for management of the Fund

Virginia § 4.1-1502

• Jurisdiction: Virginia
• Title 4.1: Alcoholic Beverage and Cannabis Control
• Subtitle II: Cannabis Control Act
• Ch. 15: Virginia Cannabis Equity Business Loan Program and Fund

Text

A. The Authority shall establish a Program to provide loans to qualified social equity cannabis licensees for the purpose of promoting business ownership and economic growth by communities that have been disproportionately impacted by the prohibition of cannabis. The Authority shall select and work in collaboration with a CDFI to assist in administering the Program and carrying out the purposes of the Fund. The CDFI selected by the Authority shall have (i) a statewide presence in Virginia, (ii) experience in business lending, (iii) a proven track record of working with disadvantaged communities, and (iv) the capability to dedicate sufficient staff to manage the Program. Working with the selected CDFI, the Authority shall establish monitoring and accountability mechanisms for businesses receiving funding and shall report annually the number of businesses funded; the geographic distribution of the businesses; the costs of the Program; and the outcomes, including the number and types of jobs created.

B. The Program shall:

1. Identify social equity qualified cannabis licensees who are in need of capital for the start-up of a cannabis business properly licensed pursuant to the provisions of this subtitle;

2. Provide loans for the purposes described in subsection A;

3. Provide technical assistance; and

4. Bring together community partners to sustain the Program.

Legislative History

2021, Sp. Sess. I, cc. 550, 551.