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Emergency Working Capital Financing

Amount:

$100,000.00

Type of Program:

Loan


Description:

The Emergency Working Capital Financing provides emergency working capital financing to assist PEI’s small business during this unprecedented economic disruption to business, caused by the Covid-19 pandemic. This loan program is to assist qualifying companies maintain normal business operations during these difficult times.  

Comments on Funding:

Funding is up to $100,000 with a fixed interest rate of 4% per annum to be used to assist with fixed operating costs (including payroll, rent, utilities etc) with principal & interest payments deferred for a minimum of 12 months.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be an existing small businesses (startups not eligible) located and operating in the Province of PEI, and have been generating revenue on PEI,
  • be registered to conduct business within the Province of PEI,
  • have a satisfactory credit rating,
  • not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry. 

Application Steps:

1

must submit an application and supporting documentation to Finance PEI, 

2

will be issued a Letter of Offer outlining the complete terms and conditions of the loan, if successful.

Documentation Needed: 

​Applicants must submit:

  1. 1
    financial statements for the most recent year end,
  2. 2
    interim financial statements for the current year to date,
  3. 3
    detailed listing of what the loan proceeds will be used for and when funding will be needed,
  4. 4
    statement of personal financial affairs (personal net worth statement) from all applicable shareholders,
  5. 5
    eligible working capital expense worksheet.

Ongoing financial reporting will be required. 

Program Contact:

Emergency Working Capital Financing

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