CHICAGO, Aug. 11, 2021 /PRNewswire/ — Financial services company Abaca announces its social equity grant for Illinois cannabis business license-holders.
Under Abaca’s Social Equity Grant Program, social equity applicants who have received Illinois cannabis business licenses can qualify for a grant of up to $12,000, which effectively eliminates monthly service fees for cannabis banking services for their first two years.
“For far too long, the cannabis industry has struggled with diversity, but many within the industry are working hard to turn the corner,” says Abaca’s CEO Dan Roda. “State social equity programs, while not perfect, go a long way toward improving minority ownership and participation in the industry. Abaca wants to help these businesses succeed, which is why we are proud to launch our Social Equity Grant Program in Illinois.”
“Abaca is happy to be in a position to make a meaningful contribution to the success of social equity licensees,” said Dom Marella, financial solutions consultant at Abaca. “The Social Equity Grant Program means businesses can redirect that startup capital toward ensuring the success of their ventures while still gaining access to the financial services they need, right from the start. I look forward to working with this new group of entrepreneurs.”
The announcement comes as Abaca opens its Illinois office in downtown Chicago, from which Marella is offering free financial consultation sessions to new licensees.
Abaca connects cannabis and hemp businesses with bank accounts, lending, electronic payments, and treasury management services through its financial technology-powered cannabis banking platform. Deposit banking services are offered in partnership with chartered banks, Members FDIC. Leveraging advanced regulatory technology, Abaca is able to deliver modern financial services to this high-compliance, rapidly-emerging vertical.
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