To support equity businesses either looking to start a compliant cannabis business or transitioning from incubation to renting their own facility, the Special Activity Permits Division and Elevate Impact have launched a Rental Assistance Program to provide an additional source of funds focused on rental support. Specifically, the Rental Assistance Grant Program provides up to $15,000 in grant funds to any Verified Equity Applicants that can demonstrate that they have matching cash funds available for rent. If an applicant has $5,000 in matching cash funds, they may apply for $5,000 in a rental assistance grant. The rental program is intended for applicants that are paying rent to third-party landlords.
This Rental Assistance Grant Program is in addition to the Cannabis Equity Grant and Loan Programs that are available to all Verified Equity Applicants.
REQUIREMENTS FOR RENTAL ASSISTANCE $15K EQUITY GRANTS
1. Must meet the requirements of the City of Oakland Equity Grant Program, expect that a Business Plan is not required if the grant application is only for a Rental Assistance Grant.
2. Must demonstrate that the applicant has matching funds in cash equal to the amount of rental assistance grant funds for which they are applying
3. Must sign a written statement that the funds will be used to pay rent and/or security deposit.
4. Be enrolled in the business coaching program called the GRASS program, application found here.
5. Have a current City of Oakland business tax certificate.
6. Have a current lease or sublease or an exclusive letter of intent, which states the rental amount.
7. Have a City of Oakland cannabis permit inspection card for the site where the Applicant intends to operate their business
8. Have a City of Oakland Business Tax Certificate
9. Sign City of Oakland Grant Agreement.
10. If the applicant has an equity loan outstanding, they must be current and have made three consecutive on-time loan payments.
11. The minimum Rental Assistance grant amount is $5,000 and the maximum is $15,000. Grants will be disbursed in $5,000 increments.
12. Applicants cannot use City loan or grant funds to meet the Rental Assistance Program match requirement.
13. If an equity applicant owns a property or has any interest in an entity that owns a property, they are not eligible for this program for rental costs of the property they own or co-own.