Below is a list of the materials and documents required to apply for an Equity Loan. Make sure you collect all materials before you start the online application. Click on each document name to view and download a sample of the required document.
Click here to download a document checklist in PDF format >
PREREQUISITE SAMPLE DOCUMENTATION
- Contact information from the City of Oakland Cannabis Permit Application Click here for example.
- Equity status verification email from the Special Activity Permits Division. Click here for example.
- City of Oakland Cannabis Inspection Card for the site where the Loan Applicant intends to operate their business. Click here for example.
- Equity Qualified Individuals are enrolled in GRASS business coaching found here.
- Have a completion certificate from the Oaksterdam Financial Literacy Course found here.
- Verified Equity Individual legal identification (photo of Driver’s license, Passport, Government ID)
- For those who own more than 20% of the business, legal identification (photo of Driver’s license, Passport, Government ID)
- Bank statement first page with the name of the party that the check should be made payable to (either to Verified Equity Applicant as an individual or to a Business of which the Verified Equity Applicant owns 50% or more)
- Tax returns for the most recent past two years which demonstrate that Applicant had an annual income at or less than eighty (80) percent Oakland average median income (AMI) adjusted for household size.
- Number in household as declared on tax return
- Written explanation for how the funding will be used
- Budget equal to funding amount, also known as a Use of proceeds statement. Click here for sample budget. Click here for Use of Proceeds explanation.
- Business Plan. Click here for Business Plan Questions.
- Click here for Marketing and Sales Techniques
- Financial Projections. Click here for example.
- Budget Template. Click here for sample.
ASSESSMENT SAMPLE DOCUMENTATION
- Evidence of ownership percentage (%)
- Resume or answers to job experience questions from:
- Loan applicant
- Partner(s)/Owners(s)
- Reference form from:
- Current or future customer reference
- Current or future supplier reference
- Work reference
- Strategic or joint venture partner reference
- Personal reference
- Reference from someone that Loan Applicant borrowed and repaid at least $1,000.00
- Description of Prior Successful Project
TIER 1 SAMPLE DOCUMENTATION
(click in text in color to see examples)
- Lease, sublease or incubator agreement
- Personal Financial Statement
- Personal and Business tax returns from the most recent two-years
TIER 2 SAMPLE DOCUMENTATION
- Proof of trademark search and business name usability
- Organization documents for the business entity
- Operating agreement signed by the business partners
- Fictitious business name statement (or evidence of application). Click here for example.
- City of Oakland business Tax Certificate (or evidence of application). Click here for example.
- State of California seller’s permit (or evidence of application, if applicable). Click here for example.
- City of Oakland Certificate of Occupancy Number (not the actual certificate) and field inspection date. Click here for example.
TIER 3 SAMPLE DOCUMENTATION
- Temporary, provisional or annual state cannabis license
- Insurance with policy endorsement showing the City of Oakland,its council members, directors, officers, agents, employees and volunteers listed as an additional insured party (general liability and auto insurance are required; worker’s compensation is required if the business has employees). Click here for City of Oakland Insurance Requirements
- Evidence of compliance with Oakland’s Minimum Wage Ordinance, such as hourly payroll report or employee manual
- If Loan Applicant has employees, upload paycheck stub and required quarterly payroll reports that demonstrates the company is in compliance with Employment Development Department regulations (i.e. payroll tax, unemployment insurance, state disability insurance, etc.)
- Sample paycheck stub
- Sample payroll report
- Evidence of a bookkeeping system such as register with information and/or financial report from QuickBooks, Mint, Zero, Sage (or equivalent accounting system), or spreadsheet from Google Docs or Excel.
TIER 4 SAMPLE DOCUMENTATION
- (i) Copy of completed and signed inspection card. Click here for example; OR
- (ii) Copy of invoices (including Scope of Work) for costs associated with bringing the Applicant’s cannabis facility into compliance with building & fire code requirements in order to obtain a completed inspection card
TIER 5 SAMPLE DOCUMENTATION
- Completed and signed inspection card. Click here for example.
- Operating Agreement showing that business is 100% owned by individuals satisfying the City of Oakland equity criteria
- “Tier Match Form”. Click here for form.
TIER 6 SAMPLE DOCUMENTATION
- Operating Agreement showing that business is 100% owned by individuals satisfying the City of Oakland equity criteria
- “Tier Match Form”. Click here for form.