Micro-Loan Program

By mmuise
Description:

The Micro-Loan Program supports Prince Edward Island new and existing entrepreneurs with financing and working capital requirements.


Comments on Funding:

Funding is up to a maximum of $15,000 per applicant.
Repayment terms are up to a maximum of 5 years at an interest rate of TD Bank Prime + 4.5%.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be new or existing entrepreneurs,
  • have their businesses in Prince Edward Island.

    Examples of categories eligible for this new financing program are:
  • Trades—recent graduates from trade school or those who have a job offer in a new field but do not have the resources to get set up with new tools or necessary equipment .
  • Qualification Recognition—newcomers to Canada who require some assistance getting back into their previous line of work, this loan can help to cover the costs of a challenge exam or professional fees.
  • Small-scale Food Production—funds available for growers, harvesters, and processors to invest in equipment and materials to increase the supply of food in their communities.
  • Business Start-up—great start up business idea, an entrepreneurial spirit and a business plan.
  • Winter Production Financing—existing program which provides new and expanding craft and giftware manufacturers with the financing required to increase production of their products during the winter months for sale in the peak selling periods.
Application Steps:

Applicants must:

1. complete the Micro-Loan application, including the Business Plan Section and Cash Flow Forecast,

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 completed application form, including the Business Plan Section and Cash Flow Forecast.

Other Things to Note:

No other details available.

Published date: November 23, 2023

About the author
mmuise