Grow, Gift, Repair

Massachusetts Bill Seeks Cannabis Social Equity Fund & Loan Forgiveness

Massachusetts state Sen. Nick Collins (D) recently unveiled a new proposal for awarding business loans and loan forgiveness to social equity applicants.

Specifically, SD.2072 would establish a “Cannabis Social Equity Loan Trust Fund” that would make “no-interest loans, forgivable loans, or grants” for equity program participants in order to “encourage the full participation of entrepreneurs from communities … disproportionately impacted by … marijuana prohibition and enforcement.” The account would be funded by 25 percent of the state’s Cannabis Excise Tax revenue, as well as funds from private sources including gifts, grants, and donations. Additionally, regulators would be tasked with developing procedures “to forgive all or a portion of these loans subject to an analysis of anticipated revenues.”