Atlantic Canada Business Grants

Entrepreneurs

Entrepreneur Loan Program

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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

Information Technology Financing Assistance

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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:

  1. 1
    intermediate term loans for purchasing capital assets,
  2. 2
    operating lines of credit for purchasing inventory (based mainly on purchase orders and/or signed contracts/agreements) and for day-to-day operating costs such as marketing, travel, and human resource costs. Operating lines shall be repaid from sales and/or contract draws.

Comments on Funding:

Maximum financing generally is up to 80% of the purchase price or fair market value of the assets, whichever is less (intermediate term loans). The repayment terms are flexible and the maximum term for repayment is up to 10 years.

Up to 100% financing may be provided for inventory purchases and account receivables based on purchase orders and signed contracts/agreements (operating lines of credit).
There is an application fee of $250.00 or one-half (½) of one per cent of the amount of the loan proposed, whichever is greater. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant can be any person that :

  • carries on business, or intends to carry on business, in the province, 
  • operates a business that earns at least 60% of revenue from software publishing, computer systems design and related services, the provision of on-line information services, or the manufacture of computer and peripheral equipment or related electronic components.

Application Steps:

No specific steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

No other details available.
Published date: January 21, 2016

Program Contact:

Information Technology Financing Assistance

Manufacturing and Processing Assistance

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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 assets and in some cases, for debt restructuring,
  • intermediate term loans for improvements to certain business assets, except for vehicles that do not directly contribute to the business’s income or sales,
  • operating loans for purchasing inventory and for the day-to-day operating costs of the business.

Comments on Funding:

Maximum financing generally does not exceed 80% of the purchase price or fair market value of the assets, whichever is less.
Funding for inventory purchases and account receivables is up to 100% and is based primarily on purchase orders and signed contracts/ agreements (operating loans).

Capital Loans have up to 20 years terms and flexible repayment options and must be secured by first charge on real property or the asset being financed and in some cases alternate security may be considered.
There is an application fee of $250.00 or one half (½) of one per cent of the amount of the loan proposed, whichever is greater. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant can be any person that:

  • carries on a manufacturing and processing business, or intends to carry on such a business, in the province,
  • operates a business that produces a product by mechanical method from a raw material that is altered to add value. 

Application Steps:

No specific steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

No other details available.
Published date: January 21, 2016

Program Contact:

Manufacturing and Processing Assistance

Micro-Loan Program

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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 + 4.5%. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be new or existing entrepreneurs,
  • have their businesses in Prince Edward Island.

Examples of categories eligible for this new financing program are:

  • Trades—recent graduates from trade school or those who have a job offer in a new field but do not have the resources to get set up with new tools or necessary equipment .
  • Qualification Recognition—newcomers to Canada who require some assistance getting back into their previous line of work, this loan can help to cover the costs of a challenge exam or professional fees.
  • Small-scale Food Production—funds available for growers, harvesters, and processors to invest in equipment and materials to increase the supply of food in their communities.
  • Business Start-up—great start up business idea, an entrepreneurial spirit and a business plan.
  • Winter Production Financing—existing program which provides new and expanding craft and giftware manufacturers with the financing required to increase production of their products during the winter months for sale in the peak selling periods.

Application Steps:

1

complete the Micro-Loan application, including the Business Plan Section and Cash Flow Forecast,

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: 

Applicants must submit:

  • Applicants must submit the completed application form, including the Business Plan Section and Cash Flow Forecast. 

Other Things to Note:

No other details available.
Published date: May 25, 2016

Program Contact:

Micro-Loan Program

Small Business Assistance

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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.

The assistance can take the form of:

  1. 1
    intermediate term loans for the purchase of machinery, equipment or other acquisitions of a capital nature,
  2. 2
    long term loans for the purchase and/or refurbishment of capital assets and, in some cases, for debt restructuring.

Comments on Funding:

The long term loans will not generally exceed 80% of the fair market value or purchase price, whichever is less, have flexible repayment options and must be secured by a lien on the property, and in some cases alternate security may be considered.

The repayment period must coincide with the expected life of the asset being financed, but in no case will it exceed 20 years.
There is an application fee of $250.00 or one half (½) of one per cent of the amount of the loan proposed, whichever is greater. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant can be any person that :

  • carries on business, or intends to carry on business, in the province,
  • purchases a finished product from a supplier and resells that product without alteration, 
  • does not employ more than 100 people
  • did not have annual gross sales exceeding $10 million in the fiscal year immediately after an application.

Application Steps:

No specific steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

No other details available.
Published date: January 31, 2016

Program Contact:

Small Business Assistance