The Honourable Mike Currie, Minister of Development and Technology, announced today that the Winter Production Financing Program he introduced last year will be renewed for 2002.
"Prince Edward Island Business Development had great response from our craft and giftware manufacturers during the first year of this program," said Minister Currie. "We believe this program really identifies a need in the industry, which is why we're pleased to offer it again during Winter 2002."
The Winter Production Financing Program is designed to provide new and expanding craft and giftware manufacturers with the necessary financing for increasing production during the winter months. Assistance under the program is in the form of a repayable loan, to a maximum of $10,000 per manufacturer.
Nineteen applications, representing 18 manufacturers, were approved under the program in 2001, totalling $125,571. To date, 86.7 per cent of these loans have already been repaid.
"In order to take full advantage of the peak selling season, suppliers must have their products ready. However, cost restraints make it hard for many Island manufacturers to produce outside of the peak periods," said Minister Currie. "This repayable loan gives them the extra boost they need to produce their crafts and giftware year round. We believe the end result will be more Island-made products in stores in PEI and across the country."
Funding will be available through the Winter Production Financing Program from January 1 to May 31, 2002. For more information, contact Carolyn Villard or Arlene Ranahan at Prince Edward Island Business Development at (902) 368-6300.