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Potato Financing Program

by Maurice | February 17, 2022

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

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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