Rosen urges giving legal cannabis businesses access to SBA loans

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Sen. Jacky Rosen, D-Nev., on Friday sent a letter asking the appropriations committee to give legal, licensed cannabis businesses access to Small Business Administration loans.

They are currently prohibited from getting SBA loans because pot is still illegal under federal law.

She requested language in the appropriations legislation that would prohibit SBA from denying a loan application simply because the legal and licensed business was in the cannabis industry.

“Consequently, small businesses in states with some form of legal cannabis must choose between remaining eligible for SBA financing and support and participating in or doing business with a rapidly-growing legal industry,” she said.

The letter came as Rosen joined with two dozen other Senators in calling on appropriations members to allow non-profit child care centers access to the same SBA products and support that for-profit child care operators have. That letter requests a total of $40 million for the childcare loan program.

“Increasing access to capital for non-profit child care providers is an important piece of the puzzle to expand the availability of high quality child car for working families,” she said.


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