CBDC PEI: Complete Guide to the Community Business Development Corporation for Prince Edward Island Entrepreneurs
Entrepreneurs and small businesses across rural Prince Edward Island are supported by Community Business Development Corporations (CBDCs) that provide vital services to encourage business growth and local economic resilience. From financing and business counseling to training and support for startups and established enterprises, CBDCs in PEI offer locally driven programs designed to meet the unique needs of Island entrepreneurs.
This guide covers CBCD programs specifically designed for Prince Edward Island businesses, highlighting the resources available to help entrepreneurs thrive in this unique economic environment.
What is CBDC in Prince Edward Island?
In Prince Edward Island, Community Business Development Corporations (CBDCs) are nonprofit, community-based organizations that provide business support to small and medium-sized enterprises (SMEs) in rural parts of the province. Funded by the Atlantic Canada Opportunities Agency (ACOA), CBDCs in PEI offer access to loans, business counseling, and training programs to promote entrepreneurship and strengthen local economies.
Each CBDC is guided by a volunteer board of directors made up of local residents, ensuring services are tailored to the needs and opportunities of Island communities. Whether you’re starting a farm-based business or growing a tourism venture, CBDCs in Prince Edward Island offer the tools and support needed to help your business succeed.
CBDC Offices in Prince Edward Island
There are 3 CBDC offices in Prince Edward Island. Below we list all of the offices (click the office name to be taken their website):
CBDC Programs Overview for PEI Entrepreneurs
1. Financial Assistance Programs
Access to capital is vital for any entrepreneur. CBDC offers various funding options to support Prince Edward Island businesses, including:
- Business Loans: Customized loan options designed to meet the specific needs of businesses, covering startup costs, equipment purchases, and operational expenses.
- Microloans: Smaller loans for startups and micro-enterprises, catering to entrepreneurs with limited access to traditional financing.
- Grants and Subsidies: Non-repayable funding opportunities for specific projects, training, and initiatives that drive economic development in the province.
2. Business Advisory Services
CBDC provides comprehensive advisory services tailored to the unique challenges faced by Prince Edward Island entrepreneurs:
- Business Planning Support: Assistance in developing robust business plans that include market research, financial projections, and strategic planning tailored to the Prince Edward Island market.
- Mentorship Programs: Connecting entrepreneurs with seasoned mentors who can share invaluable insights and local knowledge.
- Workshops and Training: A variety of workshops focusing on critical areas such as marketing, financial management, and regulatory compliance, specifically designed for the Prince Edward Island business context.
3. Networking Opportunities
Building a strong network is crucial for business success. CBDC offers numerous networking opportunities for Prince Edward Island entrepreneurs to:
- Connect with Peers: Engage with other business owners to share experiences and explore potential collaborations that can enhance local economic growth.
- Engage with Industry Leaders: Participate in panel discussions and events featuring industry experts who can provide guidance and insights relevant to Prince Edward Island’s economy.
- Showcase Local Businesses: Opportunities to present products and services at community events, helping entrepreneurs increase their visibility within the province.
4. Sector-Specific Support
Understanding that different industries in Prince Edward Island have unique needs, CBDC offers targeted support tailored to various sectors:
- Tourism: Tourism is a major focus for CBDC PEI. It provides resources and financial contributions to help tourism businesses adapt and extend their operating seasons.
- Agriculture and Fisheries: As foundational sectors in PEI, agriculture and fisheries are integral to the province’s economy. CBDC PEI supports these industries by offering financial assistance and tailored programs to help businesses grow and adapt to changing market conditions.
- Technology and Innovation: CBDC PEI encourages innovation through programs that help businesses adopt new technologies, develop new products or services, and improve operational efficiency.
Getting Started with CBDC in PEI
Entrepreneurs interested in leveraging CBDC programs can follow these steps:
- Contact Your Local CBDC Office: Reach out to your nearest CBDC office in Prince Edward Island to discuss your specific business needs and explore available resources.
- Complete the Application Process: If applying for financial assistance, fill out the necessary application forms and provide the required documentation to facilitate the review process.
- Participate in Workshops and Networking Events: Engage in the various programs and events offered by CBDC to build your skills and connect with other entrepreneurs in Prince Edward Island.
List of CBDC Programs for PEI Entrepreneurs
Entrepreneurial Training Fund (ETF)
The Entrepreneurial Training Fund (ETF) offers entrepreneurs funding to cover up to 90% of the costs associated with business management skills training, with the exact percentage varying by the CBDC office. Clients are typically required to contribute at least 10% of the training cost under normal conditions. This fund is designed to help entrepreneurs enhance their overall business management capabilities through targeted training and counseling.
First-Time Entrepreneur Loan
The CBDC First-Time Entrepreneur Loan provides up to $150,000 to qualified borrowers in Atlantic Canada, catering to sole proprietors, limited companies, and partnerships where the majority control is held by the new entrepreneur. These loans are repayable and feature competitive interest rates and repayment terms, with financing options that may include term loans, demand loans, loan guarantees, or equity investments.
Youth Loan
The CBDC Youth Loan provides young entrepreneurs aged 18-34 know all too well that getting a loan to start a new business can be challenging at the best of times. You may have exciting and innovative ideas that have real economic value, but you still face serious hurdles to getting the loan you need to make your ideas come to life.
Innovation Loan
The CBDC Innovation Loan provides qualified borrowers with funding of up to $150,000. These loans are repayable and feature competitive interest rates and repayment terms.
The financing options include term loans, demand loans, loan guarantees, and equity investments. Innovation Loans can be utilized for acquiring new equipment, software, processes, licenses, and other technologies that enhance business operations.
Eligible expenses also encompass infrastructure changes, installation costs, and maintenance related to the new technology’s implementation. Furthermore, the program offers support for training employees in the application and use of this new technology.
General Business Loan
The CBDC General Business Loan is the most flexible commercial business loan offered. Eligible applicants can secure loans of up to $150,000, with all loans being repayable and accompanied by competitive repayment terms and interest rates. Financing options may include demand or term loans, loan guarantees, or equity investments. These loans are secured and can have a repayment period ranging from one to ten years, allowing businesses to grow without immediate financial pressure. This flexibility enables entrepreneurs to focus on developing their business sustainably.
Business Management Skills Training
The CBDC offices across Atlantic Canada offer many different types of training programs all intended to help business people and entrepreneurs improve their business management skills so they can improve their businesses or build new ones. We provide business skills training on lots of different and business topics, such as market development, feasibility studies, bookkeeping, finance, business analysis and more.
CAS PEI Program
The Consultant Advisory Services (CAS) Program can provide small and medium-sized (SMEs) businesses with financial assistance to access professional services and expertise.
Impact Loan – Charlottetown, Stratford, Cornwall
The Impact loan helps foster small and medium-sized businesses in urban Atlantic Canada. Low-interest loans of up to $50,000 are available, with flexible repayment terms and no penalty for early repayment of the principal. The application process is fast and straightforward so entrepreneurs can reach their goals more quickly and take their business to the next level.
This service is available through Central PEI.
Business Counselling
The CBDC offers business counselling, advice and other assistance to both new and established business owners and entrepreneurs. Counselling and advice is a major part of CBDC’s mandate and we work hard to help businesses to succeed.
This service is available through Western PEI and PEI East.
Momentum HR Program
The current CBDC HR program receives support from the Province of PEI, Innovation PEI, ACOA, and Active Communities Inc., collaborating with local SMEs to offer executive leadership and human resource services to better address the human resource needs of the participating companies in Eastern PEI. The HR Consultant works with local SMEs to help attract new employees, develop human resource plans, and provide training on human resource issues. The project results in better-engaged employees, improved leadership, increased productivity, reskilling or upskilling development, and building the management capacity of participating companies in eastern PEI.
This service is available through PEI East.
Young Millionaires Program
The CBDC Young Millionaires Program offers a summer business and entrepreneurship program for youth aged 8 to 16 years. The program is designed to assist youth to discover more about the world of business and help them get started in a business of their own.
This service is available through Western PEI.
Social Enterprise Loan
The CBDC Social Enterprise Loans and financing is available to non-profits, including charities, cooperatives or societies in need of business support (in the form of a loan or loan guarantee). Financing will be used to buy assets, renovate existing ones or to expand a social enterprise. CBDC Social Enterprise Loans are specifically intended to provide financial support for revenue generating business operations of officially registered non-profit organizations.
This service is available through Western PEI.
PEI Community Navigators
The CBDC PEI Community Navigators is an integral aspect of keeping an area vibrant and viable by creating welcoming and inclusive communities. Attracting new residents & their families and developing support & guidance will, in turn, help rural communities of PEI generate more trade and commerce, fill jobs, keep the school and health care facilities open, create businesses and overall help generate wealth in the area and an increased skilled labour force. CBDC – West Prince Ventures Limited (WPVL) wishes to facilitate and foster the development of a project that will coordinate the participation in and the funding of the engagement of experienced professionals dedicated to meeting new residents and communities needs with in-depth resources to strengthen the integration & retention of new residents to rural Western, Central, and Eastern regions of PEI.
This service is available through Western PEI.
Your Next Steps
CBDC offices in PEI are a valuable resource to aspiring and existing business owners in Prince Edward Island, but many entrepreneurs aren’t aware of the funding and in-kind services that they provide.
Use this guide to do two things:
- Shortlist the funding programs that you may be eligible for; and
- Find the CBDC PEI office that’s nearest you and contact them to get started.
About the author
Maurice
