Eleven Senators Push To Let Marijuana Businesses Access Federal Loan Programs

Eleven Senators Push To Let Marijuana Businesses Access Federal Loan Programs

Eleven senators sent a letter to leadership in a key committee asking that they add a provision allowing marijuana businesses to access federal loan services in an upcoming annual spending bill. In the letter, led by Sen. Jacky Rosen (D-NV), the lawmakers told the Appropriations Committee that it should “include report language prohibiting the Small Business Administration (SBA) from denying loan applications” to cannabis firms as part of the fiscal year 2021 spending bill for Financial Services and General Government and Related Agencies. “Over the last decade, there has been a clear shift in public opinion toward supporting the legalization of cannabis in the United States,” the letter, which was shared with Marijuana Moment, states. While the number of legal marijuana states continues to grow, and those jurisdictions continue to collect millions of dollars in tax revenue, SBA policy prohibits participation in their programs by companies that directly or indirectly “aid the use, growth, enhancement, or other development of cannabis” by providing marijuana products or services. “Consequently, small businesses in states with some form of legal cannabis must choose between remaining eligible for SBA loan programs, or doing business with a rapidly-growing and legal industry,” the senators wrote. “The SBA’s loan programs provide financial assistance in the form of loans and loan guarantees to small businesses who cannot easily access capital, which disproportionally impacts minority entrepreneurs.” SBA services that marijuana companies should be eligible for include the Loan Guarantee Program, Disaster Assistance Program and Microloan Program, the group said. The…

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Source : MJ moment
Link to original : Eleven Senators Push To Let Marijuana Businesses Access Federal Loan Programs
reposted by Cannabis News World

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