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
Visit the Community Development Linked Deposit page to view the applicable impact investment deposit rates for Community Invest – Cannabis Banking Services.
Should you have any questions, please contact Invest In Illinois team at (866) 458-7327 or email InvestInIllinois@illinoistreasurer.gov.