                                 CODE OF VIRGINIA

SELECTION OF CDFI; PROGRAM REQUIREMENTS; GUIDELINES FOR MANAGEMENT OF THE FUND
(§ 4.1-1502)

A. 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.

B. The Program shall:

   1. 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;

   2. Provide loans for the purposes described in subsection A;

   3. Provide technical assistance; and

   4. Bring together community partners to sustain the Program.

HISTORY: 2021, Sp. Sess. I, cc. 550, 551.