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Potato Financing Program

Amount:

No Fixed Amount

Type of Program:

Loan


Description:

The Potato Financing Program provides assistance to eligible PEI Potato farmers impacted from the recent suspension of both seed and fresh table stock potatoes entering the United States through a joint partnership of Finance PEI and the Department of Agriculture and Land.  

Comments on Funding:

Funding is a loan that will have a 5-year term with a 4% interest rate, amortized over a maximum of 25 years. The maximum loan to any one group of related companies is $5M.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

  • have existing farming activities (startups are not eligible) located and operating in the Province of PEI,
  • have harvested a potato crop in the 2021 calendar year,
  • be registered to conduct business within the Province of PEI,
  • have a satisfactory credit rating and must not have any defaulted outstanding debt obligation on file in the Province's Central Default Registry.

Application Steps:

1

Applicants must submit the completed application and any other required supporting documentation to Finance PEI.

Documentation Needed: 

​Applicants must submit:

  1. 1
    the completed application form,
  2. 2
    most recent year-end financial statements,
  3. 3
    most recent listing of Accounts Payable,
  4. 4
    most recent property tax bill,
  5. 5
    the amount of ‘fresh’ potatoes in storage under contract for processing, table stock and seed in CWT.

Other Things to Note:

The program will be administered through Finance PEI and the Department of Agriculture and Land.  

Program Contact:

Potato Financing Program

potato_financing_program_application_form.pdf

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