The New Mexico Finance Authority Oversight Committee on Tuesday approved a new, $5-million loan program aimed at helping licensed cannabis microbusinesses—specifically those operated by members of communities disproportionately impacted by previous cannabis law enforcement or located in rural communities—succeed. “Through the Cannabis Microbusiness Loan Program, NMFA looks forward to providing access to capital to help even more New Mexicans benefit from the economic opportunities created by the legalization of adult-use cannabis,” said Marquita Russel, Chief Executive Officer of the New Mexico Finance Authority. “This program will give New Mexico small businesses, particularly in rural and economically-disadvantaged communities, a tool to make this industry more accessible and help get their businesses off the ground.” The Cannabis Microbusiness Loan Program will offer affordable loans to licensed cannabis establishments that demonstrate the technical and managerial capacity to operate but are unable to fund start-up costs due to their size, socio-economic or demographic characteristics. With $5 million dedicated to the program overall, individual loans will be up to $250,000 with an expected average loan size of $100,000.
AZ Marijuana, 12/13/2021 02:05:00