Title 4.1. Alcoholic Beverage and Cannabis Control
Chapter 15. Virginia Cannabis Equity Business Loan Program and Fund
§ 4.1-1502. Program requirements; guidelines for management of the Fund; selection of CDFI.
A. The Authority shall establish a Program to provide loans, grants, and other supports and services to impact licensees for the purpose of promoting business ownership and economic growth by communities that have been disproportionately impacted by the prohibition of cannabis. For the purposes of issuing loans, the Authority may select and work in collaboration with a CDFI. If the Authority utilizes a CDFI for issuing loans, the CDFI selected by the Authority shall have (i) a statewide presence in Virginia, (ii) experience in business lending, (iii) a proven track record of working with disadvantaged communities, and (iv) the capability to dedicate sufficient staff to manage the Program. The Authority shall establish monitoring and accountability mechanisms for impact licensees receiving funding and shall report annually the number of businesses funded; the geographic distribution of the businesses; the costs of the Program; and the outcomes, including the number and types of jobs created.
B. The Program shall:
1. Identify impact licensees who are in need of capital for the start-up of a cannabis business properly licensed pursuant to the provisions of this subtitle;
2. Provide loans, grants, and other supports and services for the purposes described in subsection A and § 4.1-1501;
3. Provide technical assistance; and
4. Bring together community partners to sustain the Program.
