The majority of the businesses focus on marijuana delivery and hospitality.
To be eligible, applicants had to be able to match the grant amounts with their own funding and already have a social equity marijuana business license in Colorado, which requires one of the following: They or their families were arrested on certain drug charges, they earn less than 50 percent of the state median income, or they come from a community designated as a low-economic opportunity zone.
The size of the grants is based on business maturity, according to OEDIT, with smaller businesses still in their foundational phases eligible for up to $25,000, and established businesses looking to grow eligible for up to $50,000; grant amounts weren't shared by OEDIT. Under the terms of the program, recipients must submit six-month and one-year progress reports on how their funding was applied.
While more grants and loans will be issued, the next round of applications is not yet open, according to OEDIT., it has been defined as the free, independent voice of Denver, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism.
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