Type of Program:
The Government of Prince Edward Island has made funds available to the CBDCs to provide Small Business Emergency Working Capital to help provide relief for the impacts the communities are encountering as a result of the COVID-19 crisis.
Comments on Funding:
Funding takes the form of working capital loans up to $100,000. Interest will apply at a rate of 4%, compounded annually, from the date of the first disbursement. No principal or interest payments are required in the first 12-month period from the date of the first disbursement. The term of the emergency working capital loan shall be six (6) years.
When It Ends:
The applicant must:
Applicants must submit an application and supporting documentation by email to Finance PEI at firstname.lastname@example.org.
Applicants must submit the following:
- 1financial statements for the most recent year end,
- 2interim financial statements for the current year to date,
- 3detailed listing of what the loan proceeds will be used for and when funding will be needed,
- 4statement of Personal Financial Affairs,
- 5eligible working capital expense worksheet