Code of Massachusetts Regulations
400 CMR - EXECUTIVE OFFICE OF ECONOMIC DEVELOPMENT
Title 400 CMR 8.00 - Cannabis Social Equity Trust Fund
Section 8.05 - Awards of Financial Assistance

Universal Citation: 400 MA Code of Regs 400.8

Current through Register 1531, September 27, 2024

(1) Review and selection process. EOED will publish the evaluation and selection criteria in Program Guidelines or in one or more Request for Proposals. EOED may consider the following criteria, in addition to any other criteria established in Program Guidelines or a Request for Proposals:

(a) The type of License held, or type of license being applied for, by the person or entity applying for Financial Assistance.

(b) Whether the person or entity applying for Financial Assistance has demonstrated the need for Financial Assistance.

(c) Whether the person or entity applying for Financial Assistance faces barriers to obtaining sufficient working capital to obtain or maintain a License and operate a successful Marijuana Establishment or Medical Marijuana Treatment Center.

(d) Demonstrated readiness to deploy the Financial Assistance requested.

(e) The viability of the Marijuana Establishment or Medical Marijuana Treatment Center as evidenced by other sources of debt or equity financing.

(2) Types of Financial Assistance. EOED shall determine if Financial Assistance shall be provided in the form of grants or loans, which may include direct grants, recoverable grants, low-interest loans, forgivable loans, loan guarantees or other credit enhancements, or other forms of direct or indirect financial support. The types of Financial Assistance available shall be described by EOED in program guidelines or in a request for proposals.

(3) Contracts. All persons or entities awarded Financial Assistance shall enter into a grant agreement, loan agreement, or other contract with EOED. Such Contract will set forth the (i) permitted uses of the Financial Assistance; (ii) repayment terms of any loan, forgivable loan or recoverable grant; (iii) remedies and penalties resulting from a breach of the Contract; (iv) recordkeeping and reporting requirements; (v) restrictions on the sale, conveyance, transfer or pledge of Restricted Assets; and (vi) such other terms and conditions that EOED deems appropriate to ensure the Financial Assistance is used for its intended purpose and in compliance with applicable law. Contracts may also provide for the grant of security interests to EOED to secure performance of the contract by the entity receiving financial assistance.

(4) Administrative support. EOED may procure the assistance of a quasi-public authority or third party to assist with the administration of the Fund.

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