CHICAGO, IL (Chambana Today) — JB Pritzker and the Illinois Department of Commerce and Economic Opportunity announced the distribution of $31.8 million in forgivable loans to 95 licensed social equity cannabis businesses as part of the third round of the state’s Cannabis Social Equity Loan Program.
The funding, issued through Direct Forgivable Loans, supports a range of cannabis license holders, including craft growers, dispensaries, infusers and transporters. State officials said recipients were selected based on social equity status, financial need, available resources and progress toward becoming operational.
Lt. Gov. Juliana Stratton said the program is designed to expand access to capital while promoting long-term economic opportunity. “This investment is about building generational wealth, strengthening communities and ensuring equity remains central to Illinois’ cannabis industry,” Stratton said.
The latest round follows approximately $23.3 million distributed in the program’s first two phases, including funding targeted toward craft growers, infusers, transporters and dispensaries. Round III expanded eligibility to include all license types regulated by the Illinois Department of Agriculture and the Illinois Department of Financial and Professional Regulation.
According to DCEO Director Kristin Richards, the program reflects the state’s broader effort to promote inclusive economic development within the cannabis sector.
Under the loan structure, recipients receive an initial 18-month grace period with no payments and zero percent interest. After that period, loans carry a 4% interest rate, though businesses may qualify for up to 100% loan forgiveness by documenting eligible expenses.
State leaders said continued investment in the program is helping position Illinois as a national leader in building a more equitable cannabis marketplace while supporting new businesses and job creation statewide.