Type of Program:
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 up to $100,000 with a fixed interest rate of 4% per annum to be used to assist with fixed operating costs (including payroll, rent, utilities etc) with principal & interest payments deferred for a minimum of 12 months.
When It Ends:
The applicant must:
must submit an application and supporting documentation to Finance PEI,
will be issued a Letter of Offer outlining the complete terms and conditions of the loan, if successful.
Applicants must submit:
- 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 (personal net worth statement) from all applicable shareholders,
- 5eligible working capital expense worksheet.
Ongoing financial reporting will be required.