Senator Urges Colleagues To Give Marijuana Businesses Access To Federal SBA Loans And Services

Senator Urges Colleagues To Give Marijuana Businesses Access To Federal SBA Loans And Services
MJ moment

A senator is asking colleagues on the powerful Appropriations Committee to include provisions in an upcoming spending bill to give small marijuana businesses fair access to federal Small Business Administration (SBA) loan programs and entrepreneurial development resources that are available to companies in any other industry. Sen. Jacky Rosen (D-NY) has been a longstanding advocate pushing for reform at the SBA to treat the cannabis industry no differently than other traditional markets. The senator’s office promoted her letter to Senate Appropriations Committee leadership on marijuana issues, as well as other SBA-related letters, in a press release on Friday. The letter requests that language be added to the Fiscal Year 2023 Financial Services and General Government Related Agencies Appropriations Bill to prevent SBA “from denying loan applications for the 7(a) Loan Guarantee Program, Disaster Assistance Program, Microloan Program, and 504/Certified Development Company Loan Program to legally operating cannabis small businesses in states that have legalized cannabis sale and use.” “We likewise request that you include bill language prohibiting SBA from excluding such state-legal cannabis businesses from participating in or benefiting from SBA’s entrepreneurial development programs,” the letter, dated May 12, continues. The senator cited the growing number of states that have moved to legalize marijuana for medical or recreational use, which are seeing billions of dollars of sales—a trend that “is expected to grow as more states legalize cannabis this year.” NV's cannabis industry continues to create new businesses & jobs, bringing millions in revenue, which is why I’m calling for @SBAgov to give legal, licensed cannabis businesses equal access to SBA loans so they can receive the financial support they need.https://t.co/WAkH113mSv — Senator Jacky Rosen (@SenJackyRosen) June 6, 2022 “However, SBA’s current policy excludes from its loan and entrepreneurial development programs all small businesses with ‘direct’ or ‘indirect’ products or…

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Source : Senator Urges Colleagues To Give Marijuana Businesses Access To Federal SBA Loans And Services

reposted by Cannabis News World

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