Production Loan Program (formerly: PEI Crafts Council Loan Fund – Craft Supply Loans)

By mmuise
Description:

Production Loan Program offers interest-free loans to help craftspeople purchase materials (and in some cases equipment and building supplies) in the off season, when income is limited.


Comments on Funding:

Funding is in the form of an interest-free loan up to $3,000.
There is a yearly administration fee of $60 for members and $70 for non members that will be deducted from the approved amount of loan (ie. if repayment is over a two year period, fee would be $120 for members and $140 for non members).
Repayment period is up to 12-24 months of loan date. Payment in the form of post dated cheques will be required before any funds will be released.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be craft producers (artisans, small producers, but not only, and/or just starting out in the craft sector) on Prince Edward Island,
  • make products that should meet a standard of quality similar to that spelled out in the PEI Crafts Council Standards Guidelines,
  • in need of money to purchase raw materials.
Application Steps:

Applicants must submit the completed application form.

Documentation Needed:

Applicants must submit:
1. the application form;
2. cash flow statement for the 12 month period in which they expect to use
the requested loan.

Other Things to Note:

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About the author
mmuise