Supporting Entrepreneurs.
Driving Equity and Opportunity.
The Cannabis NYC Loan Fund will help to cement New York City as a trailblazer in equitable cannabis industry investments. This fund is committed to boosting an emerging industry while also uplifting those New Yorkers who were most impacted by past prohibition and expand access to the legal industry. We look forward to working alongside our partners in the public and private sector to continue creating a vibrant, inclusive, and globally competitive economy for all New Yorkers.
The application window for the Cannabis NYC Loan Fund has closed. Submitted applications are currently under review. Please check back for future program updates.
Financing Terms and Eligibility Requirements
The application window for the Cannabis NYC Loan Fund Phase 2 has closed. Submitted applications are currently under review. Please check back for future program updates.
Eligibility Criteria
Phase 2 builds on the initial phase of the Cannabis NYC Loan Fund, which was exclusively for Conditional Adult-Use Retail Dispensary (CAURD) licensees . Phase 2 expands eligibility to include New York City–based businesses holding an Adult-Use license issued by the New York State Office of Cannabis Management (OCM), including Adult-Use Retail Dispensaries, Processors, Cultivators, Distributors, and Microbusinesses. Applications from CAURD licensees will be prioritized. Both early-stage and more mature businesses are welcome to apply.
Applications will be evaluated based on consistent eligibility criteria, with a focus on the proven ability to repay the loan.
For additional details, visit the Frequently Asked Questions.
To get started and prepare for your submission, we encourage you to connect with a Cannabis Account Manager. These professionals, provided through the NYC Department of Small Business Services, offer free one-on-one business support, including loan application assistance, financial preparation, and business planning.
To apply, visit cannabisnycloanfund.com/apply.
Who can Apply?
Phase 2 applicants must be New York City–based adult-use cannabis businesses licensed by the New York State Office of Cannabis Management (OCM). Eligible license types include Adult-Use Retail Dispensaries, Processors, Cultivators, Distributors, and Microbusinesses. Applications will be evaluated based on eligibility criteria, with a focus on demonstrated ability to repay the loan. CAURD licenses will be prioritized.Application Dates
The Cannabis NYC Loan Fund will accept applications during the designated submission window. Applications received within that window will be reviewed once the submission period closes. After the submission window closes, applications will be reviewed on a first-come, first-serve basis as funds remain available. CAURD applications will be prioritized throughout the review process.Loan Amount
Pre-operational/ Newly launched businesses are eligible for loans up to $100,000
Operational/Mature businesses are eligible for loans up to $500,000.
To qualify for loans over $100,000, the applying business entity must demonstrate at least 12 months of operating revenue.
Loan size will be determined based on applicant’s business stage and loan request, as well as the demonstrated ability to repay.
Interest Rate
Fixed at 9.5%
Fees
No application fee but minimal closing costs may be deducted from the loan amount to cover certain closing costs such as credit and background checks. Applicants approved for a loan will pay a 1.5% fee upon closing.
Repayment Term
Up to 36 months
First 6 months – interest only repayments
Use of Proceeds
Loan proceeds are flexible and may be used for eligible business purposes, including but not limited to:
Startup expenses
Working capital
Equipment procurement
Commercial tenant improvements
Refinancing
Prepayment
Borrowers may prepay the loan at any time without penaltyCredit Requirements
There is no minimum credit score requirement, but applicants will need to provide documentation that they or their business will be able to repay the loan
Required Documents for Application
Applicants to the Cannabis NYC Loan Fund will be asked to submit the application-related documents including, but not limited to, the below list of items. Please note that new businesses may be asked to submit personal tax documents in place of business tax documents. Please indicate on your application if you would like free application support to be connected with staff at one of SBS’s NYC Business Solutions Centers. If you choose this option, a member of the NYC Business Solutions team will reach out via email.
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Personal and Business Tax Returns
Profit and Loss Statements
Balance Sheet
Cash Flow Statement
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Proof of residential and business address
Verification of business bank account - current statement
Articles of Incorporation/Organization
Bylaws
EIN Certificate
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Business plan - Written and presentation
6 months bank account statements
12-Month Cash Flow Projections
Sources and Uses of Funds
Resume
Government Issued Identification
Frequently Asked Questions
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New York City Economic Development Corporation (NYCEDC) and the Department of Small Business Services (SBS) launched the Cannabis NYC Loan Fund to provide affordable and flexible capital to early-stage cannabis businesses to promote the development of an equitable cannabis industry in New York City. Building on the initial phase of the Cannabis NYC Loan Fund, which lent only to Conditional Adult-Use Retail Dispensary (CAURD) licensees, Phase 2 expands eligibility to multiple license types to continue to support New York City–based cannabis businesses as they launch, stabilize, and grow.
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Founded in 2014, Tuatara Capital, L.P. is a NYC-based private investment firm focused on strategically investing in the growth of companies within the emerging cannabis industry. Tuatara will manage the fund, running day-to-day operations, originating loans, and managing the overall performance of the portfolio.
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No. Phase 1 of the Cannabis NYC Loan Fund was limited to Conditional Adult-Use Retail Dispensary (CAURD) licensees. Phase 2 expands eligibility to additional adult-use cannabis license types, while prioritizing CAURD licensees.
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Applicants must hold an active New York State Office of Cannabis Management (OCM) adult-use cannabis license to be eligible for Phase 2 of the Cannabis NYC Loan Fund. Eligible license types include Adult-Use Retail Dispensaries, Processors, Cultivators, Distributors, and Microbusinesses. Conditional Adult-Use Retail Dispensary (CAURD) licenses will be prioritized.
For more information on adult-use cannabis license types regulated by OCM, visit:
https://cannabis.ny.gov/licensing -
Processor Type 3 licensees operate under a white-label structure and are not required by OCM to maintain their own brick-and-mortar production facility in New York City. Because the Cannabis NYC Loan Fund is designed to support New York City–based operational infrastructure, a Processor Type 3 licensee may apply for a loan only if the majority of its production activity is conducted through and contracted with a New York City–based facility. Applicants must demonstrate that loan proceeds will primarily support qualifying NYC-based operations. Eligibility will be evaluated as part of the loan review process.
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In Phase 2, pre-operational and newly launched businesses may apply for loans of up to $100,000. Operational and more mature businesses may apply for loans of up to $500,000.
Loan size will be determined based on the applicant’s loan request, business stage, and demonstrated ability to repay the loan. To qualify for loans over $100,000, the applying business entity must demonstrate at least 12 months of operating revenue.
Not sure how much to apply for? Meet with an SBS Cannabis Account Manager to learn more about how to determine the right loan amount for your business.
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The interest rate is fixed at 9.5%.
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The Cannabis NYC Loan Fund is designed to provide flexible capital. Examples of acceptable loan purposes include:
· Startup expenses
· Working capital
· Equipment procurement
· Commercial tenant improvements
· Refinancing
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Yes. Businesses that applied in the previous phase may apply again in Phase 2. Returning applicants must submit a new application with updated documentation.
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Yes. Eligible businesses may apply during multiple phases of the Cannabis NYC Loan Fund to access larger loans as they grow.
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There is no waiting period to reapply. However, it is recommended to re-apply when there has been a material change to the operational progress and/or financial status of the business and/or the individual(s) applying.
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No. You should finish the application you started with updated financial documents uploaded. Meet with an SBS Cannabis Account Manager to get help on your application.
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Pre-operational or newly launched businesses are eligible for loans of up to $100,000. Operational or mature businesses may be eligible for loans of up to $500,000.
To qualify for loans above $100,000, the applying business entity must demonstrate at least 12 months of operating revenue.
Business stage is evaluated based on the operating history and financial performance of the applying business entity. An applicant opening a second location may be considered operational if the business entity has established revenue and operating history . Ultimately, the loan size will be determined during the loan application review process.
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Business owners can access free support and resources through the NYC Department of Small Business Services, including:
· NYC Business Solutions Centers (BSCs) – Provide free resources and services to support NYC businesses start and grow. You can sign up for services here.
· Cannabis NYC - Provides prospective entrepreneurs with guidance on starting, operating, and scaling a cannabis-focused business in New York’s emerging industry, with specialized support in regulatory and government navigation.
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NYC business owners can view financing options and make a free appointment with a Financing Account Manager on NYC Funds Finder.
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While the application form has character limits, we understand that some questions may require more detailed responses. If you need to provide additional information, you can create a PDF document and upload it using the "Upload Additional Documents" function. This will allow you to submit all necessary details and answer questions with care.
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If you are submitting Guarantor information, you will need to input their name and email. Then, your guarantor will receive an email to fill out and upload their own documents directly into the Loanwell platform. Please note that you cannot submit documents on their behalf, and they will need to upload the documents via the link in their email.
Supporting Entrepreneurs. Strengthening Communities.
The NYC Cannabis Loan Fund has the potential to not only stimulate economic growth but also foster social empowerment, creating a positive ripple effect throughout our communities. Together, we can build a thriving cannabis industry that reflects the diversity and resilience of New York City.