2021 Session

Budget Amendments - SB1100 (Member Request)

Chief Patron: Ebbin
Co-Patron(s): Lucas
Virginia Cannabis Equity Business Loan Fund

Item 394.10 #1s

Item 394.10 #1s

First Year - FY2021 Second Year - FY2022
Public Safety and Homeland Security
Virginia Alcoholic Beverage Control Authority FY2021 $0 FY2022 $15,000,000 GF
FY2021 0.00 FY2022 1.00 FTE

Page 472, after line 23, insert:

"394.10 Regulated Businesses Support Services $0$15,000,000
Fund Sources:  General $0 $15,000,000 "


(This amendment establishes a special nonreverting fund for the sole purpose of providing low-interest and zero-interest loans to social equity qualified cannabis licensees in order to foster business ownership and economic growth within communities who have been the most disproportionately impacted by the former prohibition of cannabis in accordance with SB 1406. It is the intent that Alcoholic Beverage Control Authority shall contract with a community development financial institution to administer the loans.)