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Urban Main Street Loan Initiative (UMSLI)

Amount:

$60,000.00

Type of Program:

Grants & Loan


Description:

The Urban Main Street Loan Initiative (UMSLI) provides two loans that are to be used to finance the everyday operations of a business such as sales and marketing, product development, wages and other activities for businesses such as retail shops, restaurants, corner stores, etc., and businesses of strategic importance to the community.

Comments on Funding:

Funding takes the form of two loans: an initial loan of $40,000 and a supplemental loan of up to $20,000. One must first receive the full $40,000 Initial Loan before submitting an application for a Supplemental Loan. In the case of the initial loan, 25% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back by December 31, 2022.

In the case of the Supplemental Loan, 50% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back by December 31, 2022; 


When It Ends:

Ongoing

Deadline:

March 31

Eligibility:

​The applicant must:

  • have attempted to access other federal relief measures under Canada’s COVID-19 Economic Response Plan and was either ineligible or rejected, or accessed COVID-19 relief measures and continues to experience liquidity issues,
  • attest that they applied for other federal benefits and were approved, rejected or deemed ineligible,
  • have been established before March 01, 2020,
  • have been adversely impacted because of the COVID-19,
  • be located within the Greater Charlottetown area,
  • be a sole proprietorship, partnership, incorporated company and cooperative,
  • be the majority shareholder of the business and have the authority to bind the business.

Application Steps:

1

Applicants must submit an online application.

Other Things to Note:

CBDC Central PEI is a provider of the Atlantic Canada Opportunities Agency (ACOA) Regional Relief and Recovery Fund (RRRF) for “Main Street Businesses” called The Urban Main Street Loan Initiative.

Program Contact:

Urban Main Street Loan Initiative (UMSLI)/ Initiative des prêts pour les entreprises urbaines de rue principale

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