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Production Loan Program

by Maurice | February 4, 2023

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 of $60 for members and $70 for non members that will be deducted from the approved amount of loan (ie. if repayment is over a two year period, fee would be $120 for members and $140 for non members).

Repayment period is up to 12-24 months of loan date. Payment in the form of post dated cheques will be required before any funds will be released.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be craft producers (artisans, small producers, but not only, and/or just starting out in the craft sector) on Prince Edward Island,
  • make products that should meet a standard of quality similar to that spelled out in the PEI Crafts Council Standards Guidelines.
  • in need of money to purchase raw materials.

Application Steps:

1

Applicants must submit the completed application form.

Documentation Needed:

Applicants must submit:

  1. 1
    the application form;
  2. 2
    cash flow statement for the 12 month period in which they expect to use the requested loan.

Program Contact:

Join Us - PEI Crafts Council

Loan Application Form.doc

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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