Business
Safe Harbor Financial’s Social Equity Program Proudly Welcomes New Accounts
- Innovative program supports social equity licensees with a 20% discount off account application and monthly fees - - Envisioned by a Safe Harbor Financial
About this update from Shf Holdings, Inc.
[{"type":"text","content":"- Innovative program supports social equity licensees with a 20% discount off account application and monthly fees - - Envisioned by a Safe Harbor Financial employee and social justice activist, the program aims to support entrepreneurs disproportionately impacted by cannabis prohibition and enforcement - GOLDEN, Colo., May 23, 2023 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating banking, payments, and financial services to the regulated cannabis industry, today announced that it has opened 13 new accounts through its financial institution partners under its newly expanded Social Equity Program. Originating from new social equity operators across three states, the 13 new accounts have joined throughout 2023, with additional applicants currently in the program’s pipeline. Envisioned by Sophia Dennis, who has served as a Relationship Manager at the Company for the last four years, the program is designed to remove some of the barriers to entry experienced by social equity licensees. Its aim is to meet the needs of the growing cannabis industry while supporting those who have been negatively impacted by the inequitable enforcement of the War on Drugs. With the support of Safe Harbor, Ms. Dennis also facilitates a “Banking a Cannabis Business” class as part of The Color of Cannabis’ (“TCC”) 10-week social equity business registration course. The course provides training and mentorship from industry experts to help people of color to create sustainable cannabis businesses. As the result of her work, Safe Harbor received a TCC Ally award in 2022. “I’ve made it my mission to fight the inequity I observed and experienced as the daughter of an immigrant growing up in a poor, crime-ridden, and underserviced community,” said Ms. Dennis. “Reliable financial services are absolutely essential to growing businesses, but the cost to access those services is an obstacle for many social equity entrepreneurs. I was thrilled to find that my colleagues at Safe Harbor share my passion for empowering and facilitating minority participation in the cannabis industry.” Sundie Seefried, Chief Executive Officer at Safe Harbor, stated, “We applaud Sophia’s initiative and dedication, and we are very proud to offer reduced account fees to assist entrepreneurs who ha...