Small marijuana businesses would be eligible for a wide range of federal economic services under three congressional bills that were filed on Thursday.
Following a House Small Business Committee hearing on opportunities and challenges for small cannabis companies earlier this month, the chair and two other members of the panel filed legislation aimed at resolving some of the issues that were raised.
One bill, from Chairwoman Nydia Velázquez (D-NY), would allow marijuana businesses to access resources from the federal Small Business Administration (SBA). Those resources include microloans, disaster assistance and the loan guaranty program. The congresswoman said her proposal, which is titled the Ensuring Safe Capital Access for All Small Businesses Act, is meant to support social equity in the cannabis industry.
“As our society continues to move the needle on this issue, we must recognize that legal cannabis businesses are often small businesses that fuel local economies and create new jobs,” Velázquez said in a press release.
“That is why I am pleased to introduce legislation to extend affordable lending options to small businesses that operate in the cannabis space, while simultaneously recognizing the structural disadvantages facing entrepreneurs from communities of color,” she said.
Rep. Jared Golden (D-ME) introduced legislation, called the Ensuring Access to Counseling and Training for All Small Businesses Act, that would prohibit SBA partners that provide guidance and training services from denying help to businesses solely because a firm involves cannabis. Small Business Development Centers, Women’s Business Centers and the Veterans Business Outreach Center were named as examples of such training providers that would be impacted.
“Starting a small business is never easy, so we need to ensure entrepreneurs have access to the resources necessary to succeed, no matter the industry,” Golden said.
“Continuing to turn some Maine small business owners away from crucial SBA programs and resources holds our economy back and keeps those businesses from creating jobs,” he said. “My bill would address this problem by helping small business owners directly or indirectly associated with the cannabis industry get their small businesses off the ground and grow.” Read more