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:

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

Documentation Needed:

Applicants must submit:

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