Minister of Development and Technology Mike Currie announced today that the Entrepreneur Loan Program, a program designed to stimulate small business activity through Prince Edward Island, has been increased by $25,000. This program will now provide Island entrepreneurs with up to $50,000 for use as an investment in eligible new and expanding businesses.
"This increase will further play a role in fulfilling the financial needs for small business start-ups and expansions," said Minister Mike Currie. "Small businesses on Prince Edward Island are major contributors to our provincial economy. Improved access to adequate financing for today's small business means more small business start-ups and expansions across the Island, and adding greater value to our provincial economy."
The Entrepreneur Loan Program is an initiative of the Province of Prince Edward Island. Loans are sourced through participating financial institutions and are fully guaranteed by Prince Edward Island Business Development for the life of the loan, to a maximum of five years.
"Since the Program was first introduced in 1993, there have been in excess of 700 applications approved totaling more than $11.5 million dollars and creating more than 1200 jobs," Currie added.
For more information or to obtain an application, call Prince Edward Island Business Development at 368-6300. Applications are also available at www.peibusinessdevelopment.com.