Atlantic Canada Business Grants

Finance PEI

Cattle Loan Program

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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:

  1. 1
    loan available for feeder animals with financing at prime rate plus 1%, repayable over an 18 month term, or;
  2. 2
    loan available to purchase breeding stock with financing at prime rate plus 1%, repayable over a five year term.

The loan application fee equals to ½% of the amount of the proposed loan. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a farmer in good standing with the PEI Cattle Producers and the Department of Agriculture and Fisheries,
  • ensure animal traceability,
  • use best management practices related to animal welfare,
  • be registered in the AgriStability Program,
  • have a satisfactory Personal Property Security Act check,
  • be a resident of Prince Edward Island and be 18 years of age or older,
  • use the loan to purchase cattle, and not ongoing business costs,
  • market animals to Atlantic Beef Products Inc. (If cattle are shipped to another plant or not sold locally, Finance PEI reserves the right to demand loan),
  • sell offspring not being finished from breeding stock financed by this program to local farmers (evidence is required),
  • state the purchase cost on invoices and only use third party transactions (costs to be verified based on industry norms),
  • have proceeds from sale of animals in the name of the Applicant and Finance PEI jointly, and
  • use all funds available through the Advance Payment Program before accessing funding through the Cattle Loan Program.

Application Steps:

Applicant must:

1

must submit the Application for Financial Assistance form, a business plan prepared by a qualified Chartered Accountant and the loan application fee to Finance PEI,

2

will be contacted to discuss the business proposal and the next steps required to determine eligibility.

Documentation Needed: 

The applicant must submit:

  • the Application for Financial Assistance form,
  • a business plan prepared by a qualified Chartered Accountant including 3 years of cash flow projections and 3 years of historical financial statements, if applicable,
  • the current “Statement of Personal Financial Affairs Form” for all shareholders and any proposed third party guarantors.
  • other documents, if the case.

Program Contact:

Cattle Loan Program

Application for Financial Assistance

Energy Efficiency Loan Program – Solar Photovoltaic Equipment (EELP-SERP)

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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 of Solar PV equipment that can lower energy bills for Islanders.

Comments on Funding:

Funding is 100% of invoiced costs (including non-refundable HST) associated with the purchase and installation of Solar PV systems that have been pre-approved by efficiencyPEI under their Solar Electric Rebate Program.

The loan will bear interest at the fixed rate of 5% per annum and is repayable over a period not to exceed 15 years.

Loans to farms and businesses may exceed $25,000 (net of rebate). The amount of financing available will be based on the debt servicing capacity of the applicant, and availability of security.

The Loan will be secured by a promissory note and a collateral mortgage over the applicant’s real property on which the Solar PV equipment is installed.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be home-owners Prince Edward Island residents with the property on which the Solar PV equipment is being installed as their principal residence,
  • be farm and business applicants operating on Prince Edward Island and registered under the Province of Prince Edward Island’s Corporations Act,
  • be pre-approved under efficiencyPEI's Solar Electric Rebate Program,
  • be the registered owner(s) of the property where the Solar PV equipment is being installed.

The EELP-SERP is not available for projects involving new home or building construction

Application Steps:

1

contact efficiencyPEI to ensure that the proposed Solar PV project meets the program requirements,

2

submit quotes to efficiencyPEI for approval and await the project pre-approval letter,

3

 submit the efficiencyPEI pre-approval letter to Finance PEI with a completed financing application (farm and business applicants should contact Matthew McMillan for application requirements),

4

receive a pre-approval letter from Finance PEI, if approved for financing,

5

have work completed and submit invoices to efficiencyPEI for approval.

Finance PEI will contact client to have loan documentation executed. The efficiencyPEI rebate will be applied directly on the EELP loan to reduce the balance.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

No other details available.

Program Contact:

Energy Efficiency Loan Program - Solar Photovoltaic Equipment

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

Farmland Financing

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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% - 100% of the purchase price of a maximum of 150 acres of farmland, at a fixed interest rate of 4% over a 5-year term, with blended principal and interest payments, or
  • up to 80% of the purchase price of a maximum of 450 acres of farmland, with either: interest-only payments for a 5-year period at the prevailing interest rate, or a fixed interest rate of 4%, over a five-year term, with blended principal and interest payments.

There is a loan application fee in the amount equal to ½% of the amount of the proposed loan. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be any farmer that has an acceptable combination of five years post-secondary education in agriculture and/or work experience in a farming operation,
  • have/acquire a viable business venture with annual sales of at least $15,000 from agricultural commodities, supported by Income Tax Returns, in case of expansion/succession,
  • provide cash flow projections to indicate the following: I) required annual sales of $15,000 from agricultural commodities will be met, ii) adequate debt servicing to support the proposed land purchase, if new entrants,
  • have a valid Environmental Farm Plan and Soil Conservation Plan for the farmland being purchased,
  • put the land being financed as a first charge against the loan, and the shareholder(s) must provide a Personal Guarantee,
  • be a Canadian citizen and a permanent resident of PEI.

Application Steps:

1

complete the loan application, a Business Plan prepared by a qualified Chartered Accountant and including 3 years of cash flow projections and 3 years of historical financial statements (if applicable), appraisal by an Accredited Appraiser,

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 the following:

  • a completed loan application, 
  • a Business Plan prepared by a qualified Chartered Accountant including 3 years of cash flow projections and 3 years of historical financial statements, if applicable,
  • appraisal by an Accredited Appraiser.

Other Things to Note:

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

Program Contact:

Farmland Financing

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