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Emergency Working Capital Financing

by Maurice | February 17, 2022

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

Related posts:

Starting a Business in PEI: Step-by-Step Guide for Prince Edward Island Entrepreneurs
Prince Edward Island Small Business: Complete Guide for Entrepreneurs
Incorporating a Business in Prince Edward Island: Step-by-Step Guide for New Entrepreneurs
Registering a Business in PEI: Step-by-Step Guide for Prince Edward Island Entrepreneurs

About Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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