Chicago entrepreneur Seke Ballard is offering $2,500 low or no-cost loans to up to 100 social equity applicants wanting to enter Illinois’ recreational marijuana industry. The loans will be offered to individuals and companies to help cover the cost of thelicense application fee.
The funding will be available during the first round of licensing, according to the Chicago Sun Times. Applications for assistance must be received by Good Tree Capital by Nov 15 and can be completed online. Individual applications that have lived in the area for 5 – 10 years will have a slight edge when it comes to selecting who gets the assistance.
Ballard, of Good Tree Capital, said, “We’re not going to wait on the state [and] we’re not going to wait on the city. We are going to make sure that at least 100 social equity applicants have the support and knowledge they need to submit complete, compelling applications.”
The state also has a fee waiver program in place.
Regarding the loans, Ballard said, “We’re going to provide you with the capital. We expect to be paid back, but we’re not trying to make a profit off of you. We just want to make sure you’ve got the resources you need.”