Bill in US House could give cannabis industry access to small business loans

Bill in US House could give cannabis industry access to small business loans

The chair of the US House Small Business Committee, Nydia Velázquez, has introduced a bill that would allow cannabis-based businesses to apply for federal Small Business Administration loans. The bill, called the Ensuring Safe Capital Access for All Small Business Act of 2019, would let businesses with cannabis connections apply for the Small Business Administration’s assistance programs, including microloans and other funding assistance.

Right now, with cannabis illegal at the federal government level, growing cannabis businesses can’t have access to this kind of help, but the bill (if it passes, first in the House and then the Republican-controlled Senate), would keep the SBA from withholding help just because a business is related to cannabis. The bill is one of three pieces of pending legislation, all designed to ensure that cannabis-related businesses can get help with funding and licensing.

It certainly sounds like the House is doing a lot to push legalization forward, step by step. Most Americans definitely support legalization on the federal level, and while these bills, while helpful, might seem like half measures, every bill introduced just continues the conversation toward a bill that legalizes the drug across the board.

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