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Entrepreneur Loan Program

by Maurice | February 6, 2023

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 issued when Finance PEI receives invoices/receipts, minus refundable taxes. Repayment terms are up to a maximum of 7 years at a floating interest rate of TD Bank Prime + 3%.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a new or existing entrepreneur,
  • be a resident of Prince Edward Island, be 18 years of age or older, and be owner/operator of the business. If the business is a partnership, each partner must be a co-applicant. For a corporation, each shareholder must be a co-applicant.
  • have 10% of the total loan available in equity.

Application Steps:

The applicant must:

1

complete the Entrepreneur Loan application, the Business Plan form and Cash Flow Forecast form - with a minimum of two to three years' cash flow projections,

2

submit the completed application to an Account Manager with Finance PEI. The Account Manager will conduct an interview with the applicant(s) to discuss the business proposal and the next steps required to determine eligibility.

Documentation Needed: 

The applicant must submit:

  • the Entrepreneur Loan application, 
  • the Business Plan form,
  • Cash Flow Forecast form - with a minimum of two to three years' cash flow projections,

Other Things to Note:

No other details available.

Program Contact:

Entrepreneur Loan Program

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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