Virginia § 4.1-1502 - Selection of CDFI; Program requirements; guidelines for management of the Fund
Full text of Virginia Code of Virginia § 4.1-1502 — Selection of CDFI; Program requirements; guidelines for management of the Fund, with citation guidance and answers to common questions.
§ 4.1-1502. Selection of CDFI; Program requirements; guidelines for management of the Fund
A. The Authority shall establish a Program to provide loans to qualified social equity cannabis licensees for the purpose of promoting business ownership and economic growth by communities that have been disproportionately impacted by the prohibition of cannabis. The Authority shall select and work in collaboration with a CDFI to assist in administering the Program and carrying out the purposes of the Fund. The CDFI selected by the Authority shall have (i) a statewide presence in Virginia, (ii) experience in business lending, (iii) a proven track record of working with disadvantaged communities, and (iv) the capability to dedicate sufficient staff to manage the Program. Working with the selected CDFI, the Authority shall establish monitoring and accountability mechanisms for businesses receiving funding and shall report annually the number of businesses funded; the geographic distribution of the businesses; the costs of the Program; and the outcomes, including the number and types of jobs created.
B. The Program shall:
1. Identify social equity qualified cannabis licensees who are in need of capital for the start-up of a cannabis business properly licensed pursuant to the provisions of this subtitle;
2. Provide loans for the purposes described in subsection A;
3. Provide technical assistance; and
4. Bring together community partners to sustain the Program.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 4.1-1502
What does Code of Virginia § 4.1-1502 cover?
Section 4.1-1502 ("Selection of CDFI; Program requirements; guidelines for management of the Fund") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 4.1-1502?
A common citation format is "Code of Virginia § 4.1-1502" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 4.1-1502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.