Springfield considers cannabis tax revenue for small business grants

SPRINGFIELD, Ill. (WAND) – For some people, starting a business comes with challenges. One of the biggest hurdles is funding.

Now, the City of Springfield is considering using a portion of cannabis tax revenue for small business grants.

“Eight businesses are going to get up to $100,000 to invest in their businesses and live out their dreams,” said Alderman Shawn Gregory.

The impact goes far beyond the eight grant recipients.

“It not only helps the city in building businesses and tax revenue and things like that and development of the neighborhood, but also for the people — the people who’ve been driven to running their own businesses, not knowing where to go or now not being able to access funding,” Gregory said.

Gregory explains the program initially began when cannabis became legal in Illinois. Funds were primarily directed to the East Side community, but now the program is expanding.

“We’ve done all we can to remove all barriers to get the community that has been affected by the war on drugs,” Gregory said.

Gregory said this funding will not only pour into small businesses but also help improve the community.

The ordinance will be discussed at the next Committee of the Whole meeting.