A Social Equity Partner is a business entity at least 65 percent owned and controlled by an individual or individuals, or the applicant is an individual, who:
- Had an average household income of less than 300 percent of, or three times, the state median household income over the last 3 tax years
- Was a resident of a disproportionately impacted area for at least 5 of the past 10 years; OR
- Was a resident of a disproportionately impacted area for at least 9 years before the age of 18.
Expanding producers have the option of entering into an agreement with a Social Equity Partner to provide them grow space, mentorship, and overhead costs, in exchange for a reduction in the cost of the expansion process. For more information, please see Section 26 of PA 21-1 of the June 2021 Special Session.