Community Invest – Cannabis Banking Services Program is a community development program that offers qualified banks and credit unions access to state impact investment capital at a lower rate, in the form of time deposits. This gives banks and local credit unions additional financial resources to support the implementation or expansion of basic banking services to cannabis-related businesses in Illinois. In turn, this allows cannabis-related businesses, their employees and the ancillary businesses that support them to: (1) make deposits; (2) write checks; (3) enable payroll; (4) permit electronic payments; (5) conduct other related banking services to facilitate cash deposits and the payment of taxes, fees/charges; and (6) execute a number of banking activities promptly and accurately. Furthermore, this also promotes fraud deterrence, anti-money laundering efforts, and crime prevention posed by the possession of significant amounts of cash on business premises.
Through this program, the Treasurer's Office partners with approved financial institutions to provide banking services to a cannabis-related business that would not otherwise have access or limited access to banking services due to federal government statutes.
- Provides financial institutions a 2-year term deposit with variable monthly rates based on Federal Overnight Excess Funds
- Supports financial institutions so they will provide cannabis-related businesses with reasonable banking fees
- Enables cannabis-related businesses access to banking services that helps build operational capacity and better serve their communities
- Promotes the transition of an all-cash cannabis market to a fully banked, regulated, and transparent market
Click here to download and share the Cannabis Banking Services Program Flyer.
Cannabis-Related Businesses, Ancillary Businesses, and Their Employees:
Through this program, the Treasurer's Office partners with approved financial institutions to provide banking services to a cannabis-related business that would not otherwise have access or limited access to banking services due to federal government statutes.
To find a participating financial institutions in the Community Invest - Cannabis Banking Services Program, please contact us at InvestinIllinois@illinoistreasurer.gov.
Financial Institutions:
How to Apply
Step 1: Become an Approved Program Depository
To participate in Community Invest – Cannabis Banking Services Program, financial institutions must be or apply to become an approved depository with the Treasurer's Office. For more information and request forms to become an approved depository, please visit:
• Become an Approved Program Depository
Step 2: Review Eligibility and Submit Application
Approved depositories (see Step 1) seeking to determine their eligibility and apply for funds under the Community Invest – Cannabis Banking Services Program must review the terms and conditions and submit the following application with their funds request:
- Community Invest – Cannabis Banking Services Program Application, click here.
Step 3: Required Metrics Form
Funds in support of this effort must be used for the community's benefit to promote and facilitate banking services to cannabis-related businesses. Financial institutions must use the form in the link below to substantiate their progress on these objectives.
- Community Invest - Cannabis Banking Services Economic Development Metrics Form, click here
- (Optional) Community Invest - Cannabis Banking Services Economic Development Metrics Spreadsheet, click here
Daily Rates
Visit the Community Development Linked Deposit page to view the applicable impact investment deposit rates for Community Invest – Cannabis Banking Services Program.
Contact Us
Should you have any questions, please contact the Invest in Illinois team at (217) 558-6217 or email InvestinIllinois@illinoistreasurer.gov.