Launch of Grant, Loan Modification, and Business Coaching Programs

Date Posted: May 22nd, 2020 @ 9:02 AM
Last Updated: May 22nd, 2020 @ 9:10 AM

1. Grant Program: Equity applicants can now apply for grants to support their businesses' start-up and ongoing costs. More information about the grant program can be found here. Please note, our office anticipates increasing the grant amounts this summer after the City Council approves receipt of the $6.5 million Go-Biz grant. It is important to note that Equity Loan recipients that are delinquent are not eligible for a grant unless they enter into an Equity Loan Modification Agreement, which is described below. If an Equity Loan recipient has entered into a Loan Modification Agreement, they are eligible to apply for 50% of the amount available for the grant tiers that they qualify for.

2. Business Coaching Program - Gaining Resources to Achieve Sustainable Success ("GRASS"): Our office is also launching a business coaching program for all Equity loan and grant recipients designed to support the growth and sustainability of their businesses. The "GRASS" program is required for all Equity loan and grant recipients. For more information, please visit Elevate Impact Oakland.

3. Loan Modification Program: Loan applicants who have fallen behind on their Equity loan payments can avoid the penalties outlined in their Equity loan agreement by both entering into a Loan Modification Agreement and being in compliance with the GRASS program described above. The goal of the Loan Modification Program is to acknowledge the financial challenges involved in starting a cannabis business and to ensure that ongoing loan funding is available to new Equity applicants through Equity loan repayments. Loan Modification Agreements still require loan applicants to repay their loans, however, the Loan Modification Program allows for a good faith deposit, extension of total loan term by 12 months, and reduced initial repayments as Equity entrepreneurs get their businesses back on track. For more information please visit Elevate Impact Oakland for details.