{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/4.1-1502.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/4.1-1502.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/4.1-1502.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/4.1-1502.html"}],"law_id":56323,"edition_id":1,"section_id":56323,"structure_id":14688,"section_number":"4.1-1502","catch_line":"Selection of CDFI; Program requirements; guidelines for management of the Fund","history":"2021, Sp. Sess. I, cc. 550, 551.","full_text":"A\n\nThe Authority shall establish a Program to provide loans to qualified social equity cannabis licensees for the purpose of promoting business ownership and economic growth by communities that have been disproportionately impacted by the prohibition of cannabis. The Authority shall select and work in collaboration with a CDFI to assist in administering the Program and carrying out the purposes of the Fund. 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. Working with the selected CDFI, the Authority shall establish monitoring and accountability mechanisms for businesses 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\n\nThe Program shall:1\n\nIdentify social equity qualified cannabis 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\n\nProvide loans for the purposes described in subsection A;3\n\nProvide technical assistance; and4\n\nBring together community partners to sustain the Program.","order_by":null,"text":{"0":{"id":206285,"text":"The Authority shall establish a Program to provide loans to qualified social equity cannabis licensees for the purpose of promoting business ownership and economic growth by communities that have been disproportionately impacted by the prohibition of cannabis. The Authority shall select and work in collaboration with a CDFI to assist in administering the Program and carrying out the purposes of the Fund. 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. Working with the selected CDFI, the Authority shall establish monitoring and accountability mechanisms for businesses 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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":206286,"text":"The Program shall:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":206287,"text":"Identify social equity qualified cannabis licensees who are in need of capital for the start-up of a cannabis business properly licensed pursuant to the provisions of this subtitle;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":206288,"text":"Provide loans for the purposes described in subsection A;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":206289,"text":"Provide technical assistance; and","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":206290,"text":"Bring together community partners to sustain the Program.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3"}},"ancestry":[{"id":14688,"edition_id":1,"name":"Virginia Cannabis Equity Business Loan Program and Fund","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":13297,"metadata":{},"date_created":"2026-06-26 03:49:21","date_modified":"2026-06-26 03:49:21","permalink":{"id":219523,"object_type":"structure","relational_id":14688,"identifier":"15","token":"4.1\/II\/15","url":"\/4.1\/II\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13297,"edition_id":1,"name":"Cannabis Control Act","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13129,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":219415,"object_type":"structure","relational_id":13297,"identifier":"II","token":"4.1\/II","url":"\/4.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13129,"edition_id":1,"name":"Alcoholic Beverage and Cannabis Control","identifier":"4.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:19","date_modified":"2026-06-26 03:44:19","permalink":{"id":218569,"object_type":"structure","relational_id":13129,"identifier":"4.1","token":"4.1","url":"\/4.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71485,"structure_id":14688,"section_number":"4.1-1500","catch_line":"Definitions","url":"\/4.1-1500\/","token":"4.1\/II\/15\/4.1-1500","metadata":false},{"id":68614,"structure_id":14688,"section_number":"4.1-1501","catch_line":"Virginia Cannabis Equity Business Loan Fund","url":"\/4.1-1501\/","token":"4.1\/II\/15\/4.1-1501","metadata":false},{"id":56323,"structure_id":14688,"section_number":"4.1-1502","catch_line":"Selection of CDFI; Program requirements; guidelines for management of the Fund","url":"\/4.1-1502\/","token":"4.1\/II\/15\/4.1-1502","metadata":false},{"id":86750,"structure_id":14688,"section_number":"4.1-1503","catch_line":"Annual reports","url":"\/4.1-1503\/","token":"4.1\/II\/15\/4.1-1503","metadata":false}],"previous_section":{"id":68614,"structure_id":14688,"section_number":"4.1-1501","catch_line":"Virginia Cannabis Equity Business Loan Fund","url":"\/4.1-1501\/","token":"4.1\/II\/15\/4.1-1501","metadata":false},"next_section":{"id":86750,"structure_id":14688,"section_number":"4.1-1503","catch_line":"Annual reports","url":"\/4.1-1503\/","token":"4.1\/II\/15\/4.1-1503","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/4.1-1502\/","history_text":false,"references":[{"id":71485,"section_number":"4.1-1500","catch_line":"Definitions","order_by":null,"url":"\/4.1-1500\/"}],"refers_to":false,"permalink":{"id":219533,"object_type":"law","relational_id":56323,"identifier":"4.1-1502","token":"4.1\/II\/15\/4.1-1502","url":"\/4.1-1502\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/4.1-1502\/","token":"4.1\/II\/15\/4.1-1502","dublin_core":{"Title":"Selection of CDFI; Program requirements; guidelines for management of the Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 4.1-1502","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> shall establish a Program<\/span> to provide loans to qualified social equity<\/span> cannabis licensees<\/span> for the purpose of promoting business ownership and economic growth by communities that have been disproportionately impacted by the prohibition of cannabis. The Authority<\/span> shall select and work in collaboration with a CDFI<\/span> to assist in administering the Program<\/span> and carrying out the purposes of the Fund<\/span>. The CDFI<\/span> selected by the Authority<\/span> 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<\/span>. Working with the selected CDFI<\/span>, the Authority<\/span> shall establish monitoring and accountability mechanisms for businesses receiving funding<\/span> and shall report annually the number of businesses funded; the geographic distribution of the businesses; the costs of the Program<\/span>; and the outcomes, including the number and types of jobs created. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Program<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Identify social equity qualified cannabis licensees<\/span> who are in need of capital for the start-up of a cannabis business properly licensed<\/span> pursuant to the provisions of this subtitle; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Provide loans for the purposes described in subsection A; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Provide technical assistance; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Bring together community partners to sustain<\/span> the Program<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSELECTION OF CDFI; PROGRAM REQUIREMENTS; GUIDELINES FOR MANAGEMENT OF THE FUND\n(\u00a7 4.1-1502)\n\nA. The Authority shall establish a Program to provide loans to qualified social\nequity cannabis licensees for the purpose of promoting business ownership and\neconomic growth by communities that have been disproportionately impacted by the\nprohibition of cannabis. The Authority shall select and work in collaboration\nwith a CDFI to assist in administering the Program and carrying out the purposes\nof the Fund. The CDFI selected by the Authority shall have (i) a statewide\npresence in Virginia, (ii) experience in business lending, (iii) a proven track\nrecord of working with disadvantaged communities, and (iv) the capability to\ndedicate sufficient staff to manage the Program. Working with the selected CDFI,\nthe Authority shall establish monitoring and accountability mechanisms for\nbusinesses receiving funding and shall report annually the number of businesses\nfunded; the geographic distribution of the businesses; the costs of the Program;\nand the outcomes, including the number and types of jobs created.\n\nB. The Program shall:\n\n 1. Identify social equity qualified cannabis licensees who are in need of\n capital for the start-up of a cannabis business properly licensed pursuant to\n the provisions of this subtitle;\n\n 2. Provide loans for the purposes described in subsection A;\n\n 3. Provide technical assistance; and\n\n 4. Bring together community partners to sustain the Program.\n\nHISTORY: 2021, Sp. Sess. I, cc. 550, 551.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}