The Honourable Mike Currie, Minister of Development and Technology, announced today that the Winter Production Financing Program, first introduced in the winter of 2000, will be renewed again this winter.
"Prince Edward Island Business Development had a great response from the craft and giftware manufacturers during the first and second year the program was offered," said Minister Currie. "We believe this program really identifies a need in the industry, which is why we are once again pleased to extend it into 2003."
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. In 2002, 17 applications were approved under the program, totalling $137,412. Ninety-four per cent of these loans have already been paid back.
"With the Winter Production Financing Program, new and expanding craft and giftware operations get the extra financial boost they need to maintain production throughout the winter," said Minister Currie. "This means they will be ready to capitalize on more sales opportunities during the peak season. The end result will be more Island-made products on store shelves."
Funding will be available through the Winter Production Financing Program from January 1 to May 31, 2003. For more information, contact Carolyn Villard or Arlene Ranahan at Prince Edward Island Business Development at (902) 368-6300.