Access Cannabis NYC Loan Fund for CAURD Licenses
by Roger Tower on October 21, 2024
The New York City Department of Small Business Services (SBS), NYC Economic Development Corporation (NYCEDC), and Cannabis NYC have launched the Cannabis NYC Loan Fund, offering $2 million in funding to Conditional Adult-Use Retail Dispensary (CAURD) licensees.
Managed by Tuatara Capital, this fund provides early-stage cannabis businesses with affordable, flexible loans of up to $100,000 for startup and operational costs. If you are looking for banking support, we recommend you learn more about WeCann’s Cannabis Business Banking Services.
With loan terms up to three years and interest rates capped at 9.5%, the fund aims to reduce financial barriers for retailers and speed up their path to opening. Applications are now open via the Loan Fund’s website, with the first phase closing on November 4, 2024.
Access to affordable funding is a critical hurdle for many cannabis entrepreneurs, especially those with justice-involved backgrounds. By providing flexible financing, the Cannabis NYC Loan Fund will help more CAURD licensees turn their business plans into operational dispensaries, increasing the number of legal retailers and accelerating the growth of the city’s cannabis market.
This initiative complements other city efforts, including “Operation Padlock,” which has shut down over 1,200 illegal dispensaries, and programs like NYC LEASE, which connects licensed retailers to commercial spaces.
Additionally, the Cannabis Reentry Employment Assistance and Training Experience (CREATE) and FastTrac® for Cannabis Entrepreneurs offer workforce development and education, further enabling retailers to get up and running efficiently.
Flexible capital for cannabis entrepreneurs
NYCEDC President Andrew Kimball and SBS Commissioner Dynishal Gross pointed out that this fund provides the flexible capital cannabis entrepreneurs need to overcome the major challenge of accessing start-up funding. As more retailers secure financing, the Cannabis NYC Loan Fund will help catalyze the opening of dispensaries across the five boroughs, creating a more vibrant and equitable cannabis retail landscape.
The fund’s second phase, expected in 2025, will expand with at least $6 million in additional capital, offering broader support to more cannabis businesses across all license types. This will further strengthen New York City’s cannabis ecosystem and help more retailers establish themselves in the competitive market.
If you’re seeking expert guidance to navigate the complex cannabis licensing process or need general consulting, we’re here to support you every step of the way. With a proven track record of working with hundreds of operators, we have the experience to help you overcome entitlement challenges and successfully become operational. Whether you’re just starting out or looking to sell your business or license, our team offers personalized solutions to meet your unique needs.
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Reach out to us today, and let’s work together to ensure your cannabis venture thrives from launch to exit.
