How to get a loan to fund your IL dispensary license application fee

Posted by Good Tree Capital on 11/16/19 7:58 AM

As you know, the applications for adult-use cannabis dispensary licenses are due to the state on January 1, 2020. Good Tree Capital is going going to provide loans for up to 100 social equity applicants to finance the non-refundable $2,500 application fee.

Here’s what you need to know about applying for a loan with us:

But first, if you haven't done so, fill out the form

  1. When is the loan application due? The online loan application will be available via our website on December 1st. We will send out a direct link to everyone as soon as the application is live. 
  2. What information is required for the application? When you apply online, you will need to provide us with some information about your business and yourself, namely
    1. A PDF of your application for the Illinois Adult-use Cannabis Dispensary license. We want to see your progress to-date.
    2. Details on the collateral you will provide to secure your loan
    3. Income details that illustrate your ability to repay the loan
  3. will people be notified of approval/rejection?  When you complete your online loan application, you will be notified immediately with a “rejection” or “conditional approval.” The loan applications that are “conditionally approved” will be validated before we give final approval and release funds.
  4. How many borrowers will receive loans? Up to 100 loans will be granted to approved applicants on a first come-first served basis. Those people who meet the criteria but do not receive a loan will be placed on a waiting list should more funds become available. 
  5. Approved borrowers will receive a letter of credit. Approved borrowers will receive a “Letter of Credit” from Good Tree Capital in the amount of $250,000 which can be exercised in the event that the borrower obtains a provisional dispensary license from the state. Borrowers may use this document in their dispensary license application as proof of financing should they wish to do so.

More questions? Please email us: support@goodtree.capital

Questions about the state’s application? Please direct these to the IDFPR, the agency in charge of the process. 

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Topics: Cannabis, Borrower, FAQ, Application

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