Entrepreneur Loan Program

By mmuise
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%.

Deadline: Continuous Intake
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:
1. the Entrepreneur Loan application,
2. the Business Plan form,
3. Cash Flow Forecast form - with a minimum of two to three years' cash flow projections,

Other Things to Note:

No other details available.

About the author
mmuise