In the spring of 2017, the Oakland City Council enacted landmark cannabis legislation. Along with prioritized permitting, exemption from application and permit fees, and technical assistance, the Council determined that a loan program was needed to assist historically-marginalized cannabis operators, given the lack of personal wealth in low-income communities and federal restrictions on bank lending.
The Equity Loan Program re-invests cannabis tax revenue into economic opportunities for those most impacted by the War on Drugs. Through the program, the City of Oakland seeks to reduce the costly fallout that results from economic marginalization and to contribute to a more prosperous and resilient City of Oakland for all residents. To download a detailed description of the no-interest loan program, click here.
The City of Oakland’s Cannabis Equity Grant Program utilizes funding from the State of California’s Bureau of Cannabis Control to provide grants to Oakland’s cannabis equity entrepreneurs. To receive grant funds, Equity Applicants must complete a grant application and undergo a business verification process. Grant amounts will be disbursed in four tiers that are designed to help Equity Applicants build successful sustainable businesses. To download details on the Grant Program click here.
To help Oakland’s Equity Loan and Grant recipients build long-term sustainable and successful businesses, the City of Oakland has established the Gaining Resources to Achieve Sustainable Success (“GRASS”) program. GRASS is a business coaching program modeled after programs implemented by other capital providers such as micro-lenders and equity investors who seek to ensure growth and success is achieved by the entrepreneurs they fund. Click here for a detailed overview of the GRASS Program.