Type of Program:
Grants & Loan
The Urban Main Street Loan Initiative (UMSLI) provides two loans that are to be used to finance the everyday operations of a business such as sales and marketing, product development, wages and other activities for businesses such as retail shops, restaurants, corner stores, etc., and businesses of strategic importance to the community.
Comments on Funding:
Funding takes the form of two loans: an initial loan of $40,000 and a supplemental loan of up to $20,000. One must first receive the full $40,000 Initial Loan before submitting an application for a Supplemental Loan. In the case of the initial loan, 25% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back by December 31, 2022.
In the case of the Supplemental Loan, 50% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back by December 31, 2022;
When It Ends:
The applicant must:
Applicants must submit an online application.
Other Things to Note:
CBDC Central PEI is a provider of the Atlantic Canada Opportunities Agency (ACOA) Regional Relief and Recovery Fund (RRRF) for “Main Street Businesses” called The Urban Main Street Loan Initiative.