Community Invest Cannabis Banking Services

Home / Invest in Illinois / Community Invest / Community Invest Cannabis Banking Services

Community Invest – Cannabis Banking Services is a community development program which offers qualified financial institutions access to state impact investment capital at a lower rate, in the form of a time deposit. This gives community banks and local credit unions additional financial resources to support the expansion of basic banking services to cannabis-related businesses. In turn, (1) the ability to write checks, (2) make direct deposits, and (3) make electronic payments allows cannabis-related businesses the ability to pay taxes, fees, and execute payroll promptly and accurately.

 

  • Provides financial institutions a 2-year term deposit with variable monthly rates based on Federal Overnight Excess Funds
  • Supports financial institutions in providing cannabis-related businesses with reasonable banking fees
  • Enables cannabis related businesses to build capacity and better serve their communities
  • Promotes the transition of an all-cash cannabis market to a fully banked, regulated, and transparent market

 

How to Apply

Step 1:  Become an Approved Program Depository

To participate in Community Invest – Cannabis Banking Services, financial institutions must be or apply to become an approved program depository with the Treasurer's Office. For more information, please visit:

 

           •  Become an Approved Program Depository

           •  View the current List of Approved Program Depositories

 

Step 2:  Review Eligibility and Submit Application

Approved depositories seeking to determine their eligibility and apply for Community Invest – Cannabis Banking Services must review and submit the following document:

 

Community Invest – Cannabis Banking Services Application

 

 

Daily Rates

Visit the Community Development Linked Deposit page to view the applicable impact investment deposit rates for Community Invest – Cannabis Banking Services.

 

Contact Us

Should you have any questions, please contact Invest In Illinois team at (866) 458-7327 or email InvestInIllinois@illinoistreasurer.gov.