Rolling deadline

Emergency Working Capital Financing

Amount:

$100,000.00

Type of Program:

Loan

Description:

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:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be an existing small businesses (startups not eligible) located and operating in the Province of PEI, and have been generating revenue on PEI,
be registered to conduct business within the Province of PEI,
have a satisfactory credit rating,
not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

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.

Documentation Needed:

Applicants must submit:

1
financial statements for the most recent year end,
2
interim financial statements for the current year to date,
3
detailed listing of what the loan proceeds will be used for and when funding will be needed,
4
statement of personal financial affairs (personal net worth statement) from all applicable shareholders,
5
eligible working capital expense worksheet.

Ongoing financial reporting will be required.

Program Contact:

Emergency Working Capital Financing

Microgrant

Amount:

$300.00

Type of Program:

Grants

Description:

The Music PEI Microgrant Program is designed:

1
to celebrate local music, build community, and support creativity through the distribution of highly accessible grant funding,
2
to invest in projects that will grow the professional profile of selected artists,
3
to foster the development of all applicants’ business and grant writing skills,
4
to assist successful applicants in reaching new audiences and building connections to the local music industry, and
5
to encourage increased participation in the music industry on PEI by creating lasting partnerships between aspiring artists and Music PEI.

Comments on Funding:

Microgrants will fund all eligible expenses to a maximum of $300.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

have been residents of Prince Edward Island for at least one year,
must have a permanent address in PEI,
not have received funding under the Emerging Music, Export Development, or Career Investment Programs,
belong to one or more of the following groups: Youth (specifically those 20 and under), women, LGBTQ2+, BIPOC and other underserved minorities.

Application Steps:

are encouraged to book a consultation with a Program Officer at Music PEI prior to submitting their application,

must submit the online application form,

must sign a Letter of Acceptance/Investment Agreement within thirty (30) days of receiving an acceptance notification.

will receive 100% of the eligible expenses for the approved budget within thirty (30) days of submitting a signed Letter of Acceptance/Investment Agreement,

must submit within sixty (60) days of project completion a Completion Report.

Documentation Needed:

The applicant must submit:

1
the application form,
2
a brief letter (1-2 pages) introducing themselves, summarizing their project and identifying a strategic link between their project and the Microgrant Program’s objectives
3
a simple budget listing anticipated expenses and revenues,
4
creative content (ex. homemade audio or video, lyric sheets, designs, etc.).

Program Contact:

Music PEI - Programs - Microgrant Program

Potato Financing Program

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Potato Financing Program provides assistance to eligible PEI Potato farmers impacted from the recent suspension of both seed and fresh table stock potatoes entering the United States through a joint partnership of Finance PEI and the Department of Agriculture and Land.

Comments on Funding:

Funding is a loan that will have a 5-year term with a 4% interest rate, amortized over a maximum of 25 years. The maximum loan to any one group of related companies is $5M.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

have existing farming activities (startups are not eligible) located and operating in the Province of PEI,
have harvested a potato crop in the 2021 calendar year,
be registered to conduct business within the Province of PEI,
have a satisfactory credit rating and must not have any defaulted outstanding debt obligation on file in the Province's Central Default Registry.

Application Steps:

Applicants must submit the completed application and any other required supporting documentation to Finance PEI.

Documentation Needed:

Applicants must submit:

1
the completed application form,
2
most recent year-end financial statements,
3
most recent listing of Accounts Payable,
4
most recent property tax bill,
5
the amount of ‘fresh’ potatoes in storage under contract for processing, table stock and seed in CWT.

Other Things to Note:

The program will be administered through Finance PEI and the Department of Agriculture and Land.

Program Contact:

Potato Financing Program

potato_financing_program_application_form.pdf

Wage Support for Potato Exporters

Amount:

No Fixed Amount

Type of Program:

Wage subsidy

Description:

The Wage Support for Potato Exporters assists the Prince Edward Island potato industry and trucking companies impacted by the closure of the US border to the export of table stock potatoes.

Comments on Funding:

Funding is a wage subsidy of 100% of wage and benefit costs at the rate of pay up to a maximum of $3,000 per month per employee.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicants must:

be registered private sector businesses on Prince Edward Island operating as farms, packing housing and trucking companies ,
clearly demonstrate they are affected by the United States ban on the export of table stock potatoes,
have Workers Compensation Benefits (WCB) coverage.

Eligible employees must:

be employees of the eligible employer directly affected by the United States ban on the export of table stock potatoes,
be residents of Prince Edward Island and eligible to work in Canada.

Application Steps:

must complete the Wage Support for Potato Exporters application and submit it to SkillsPEI via email at skillspei@gov.pe.ca.

must demonstrate the number of employees and their wages affected by the United States ban on table stock potatoes.

Documentation Needed:

Applicants must submit:

1
a complete application form,
2
the project details.

If approved, employers may be required to provide payroll documentation for affected employees for reimbursement.

Program Contact:

Wage Support for Potato Exporters

WORKFORCE DEVELOPMENT FUND

PEI Oyster & Mussel Product Development Program

Amount:

$25,000.00

Type of Program:

Grants

Description:

The PEI Oyster & Mussel Product Development Program provides assistance to PEI companies who are seeking to develop a new PEI value-added oyster or mussel product that will meet market/consumer demand and generate new sales. This program is intended to support the development of new product concepts not minor tweaks to existing products.

Comments on Funding:

Funding is 75% up to a maximum of a $25,000 nonrepayable contribution (maximum $33,333 in project costs x 75% = $25,000 contribution).
The company is required to contribute the remaining 25% of project costs.
Stacking of additional government funding support is not permitted within approved project costs.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must be PEI companies who are seeking to develop a new PEI value-added oyster or mussel product that will meet market/consumer demand and generate new sales.

Application Steps:

Applicants must complete the application form to apply for assistance under this program. For any questions, please contact tyson@foodislandpei.ca or 902-628-7998.

Other Things to Note:

Food Island Partnership is the coordinator for this project with funding support provided by Fisheries & Oceans Canada, ACOA, and Innovation PEI.

Program Contact:

PEI Oyster & Mussel Product Development Program