Loans Available to Prince Edward Island Businesses
Affordable Housing Development Program
Amount: $55,000 Type of Program: Loan Description: The Affordable Housing Development Program (AHDP) supports the construction of affordable residential units to increase the availability of rental units for those in core housing need. Comments on Funding: Funding is in the form of forgivable loans of $55,000 per unit.Loan forgiveness period will be negotiated upon approval
Cattle Loan Program
Amount: $100,000 Type of Program: Loan Description: The Cattle Loan Program helps Island farmers by financially supporting the breeding and raising of animals destined for the Atlantic Beef Products plant. Comments on Funding: Funding is up to a maximum of $100,000 per individual applicant and is available under two options: 1loan available for feeder animals
Energy Efficiency Loan Program – Solar Photovoltaic Equipment (EELP-SERP)
Amount: No Fixed Amount Type of Program: Loan Description: The Energy Efficiency Loan Program for Solar Photovoltaic Equipment (EELP-SERP) will provide financing to qualifying Prince Edward Island home-owners, farms and businesses that are approved applicants under efficiency PEI’s Solar Electric Rebate Program. This will assist with the up-front costs associated with the purchase and installation
Entrepreneur Loan Program
Amount: $100,000 Type of Program: Loan Description: The Entrepreneur Loan Program provides entrepreneurs with up to $100,000 for use as an investment in new and existing Prince Edward Island businesses. Comments on Funding: Funding is up to a maximum of $100,000. Working capital financing will not exceed $35,000. Funding for capital costs will only be
Farmland Financing
Amount: No Fixed Amount Type of Program: Loan Description: The Farmland Financing provides term loans to new and expanding farms or to those involved in farmland succession within PEI. Finance PEI will provide two financing streams of which a farmer is eligible to apply under only one. Comments on Funding: Funding is: up to 90%
Information Technology Financing Assistance
Amount: No Fixed Amount Type of Program: Loan Description: The Information Technology Financing Assistance provides term financing for purchasing capital assets and operating capital for the business’s accounts receivable and inventory. The assistance can take the form of: 1intermediate term loans for purchasing capital assets, 2operating lines of credit for purchasing inventory (based mainly on
Manufacturing and Processing Assistance
Amount: No Fixed Amount Type of Program: Loan Description: The Manufacturing and Processing Assistance provides financial support to manufacturing and processing businesses in Prince Edward Island to buy land and buildings, specialized equipment, and in some cases, production inventory. The assistance can take the form of: capital loans for the purchase and/or refurbishment of capital
Micro-Loan Program
Amount: $15,000.00 Type of Program: Loan Description: The Micro-Loan Program supports Prince Edward Island new and existing entrepreneurs with financing and working capital requirements. Comments on Funding: Funding is up to a maximum of $15,000 per applicant.Repayment terms are up to a maximum of 5 years at an interest rate of TD Bank Prime +
Multi-Unit Residential Loan Program
Amount: No Fixed Amount Type of Program: Loan Description: The Multi-Unit Residential Loan Program provides loans to property developers which will assist in the construction of multi-unit residential developments on PEI. A multi-unit development consists of 2 or more units. Comments on Funding: Funding will be up to a maximum of $4M, with up to
Small Business Assistance
Amount: No Fixed Amount Type of Program: Loan Description: The Small Business Assistance is designed to meet the special needs of Prince Edward Island’s small business community and entrepreneurs for the following purposes: purchase and/or acquisition of business, expansion, debt consolidation, and new construction. It does not provide working capital for the small business sector.
Tourism Financing Assistance
Amount: No Fixed Amount Type of Program: Loan Description: The Tourism Financing Assistance is designed to meet the particular needs of Prince Edward Island tourism operators for the following purposes: purchase of business, expansion, debt consolidation, new construction, and repair or updating of fixed assets. These loans may be used for the purchase of machinery,
Fishers Low-Interest Loan
Amount: $500,000.00 Type of Program: Loan Description: The Fishers Low Interest Loan assists Prince Edward Island fishers experiencing financial difficulties due to the uncertainty surrounding the global markets for this product. Comments on Funding: Funding is a loan with a 4 per cent interest rate for a 5 year term, amortized over a 15
Production Loan Program
Amount: $3,000 Type of Program: Loan Description: Production Loan Program offers interest-free loans to help craftspeople purchase materials (and in some cases equipment and building supplies) in the off season, when income is limited. Comments on Funding: Funding is in the form of an interest-free loan up to $3,000. There is a yearly administration fee
Impact Atlantic Program
Amount: $25,000 Type of Program: Loans Description: The Impact Atlantic Program offers the Impact Loan that helps foster small and medium-sized businesses in Prince Edward Island’s Charlottetown, Cornwall, Stratford cities. Comments on Funding: Funding is a loan of up to $25,000, with flexible repayment terms and no penalty for early repayment of the principal. When
Emergency Working Capital Financing
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
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:
Small Business Emergency Working Capital Loan Program
Amount: $100,000.00 Type of Program: Loan Description: 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
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