The implementation of a new micro-loan program acknowledges and supports entrepreneurship on Prince Edward Island, says Minister Heath MacDonald, Economic Development and Tourism.
“The success of our Island economy starts right here on Prince Edward Island, and often in rural communities—with the leadership of our entrepreneurs who work hard to start their own businesses and contribute to a more prosperous province,” said Minister MacDonald.
Finance PEI recently implemented a new micro-loan program, a loan initiative for entrepreneurs which will help provide them with both financing and working capital. New categories for the micro-loans include: trades; qualification recognition; small-scale food production; business start-up; and winter production financing. Finance PEI will provide loans up to $15,000 per applicant for new and expanding businesses to further respond to the capital needs of entrepreneurs.
“We’re thrilled to introduce new offerings to assist in the start-up of great entrepreneurial ideas. New entrepreneurs looking to start a business to call their own, individuals returning from out west, youth entrepreneurs, individuals looking for a career change, or current entrepreneurs looking to expand their business can all benefit from this type of support. We continue to build on initiatives that help bring entrepreneurship to greater heights,” said Minister MacDonald.
“Entrepreneurship is important to grow our economy in Prince Edward Island and results in the creation of innovative solutions and jobs here at home,” said Wendy Drake, President of the Greater Charlottetown Area Chamber of Commerce. “Access to capital is often a barrier for new and expanding businesses. Offerings such as the micro-loan program from Finance PEI provide valued support to Island entrepreneurs.”
The Department of Economic Development and Tourism aims to foster a culture of entrepreneurship through its support services, which will contribute to PEI’s sales effort, recruitment, and retention needs to build a strong economy.
For more information on Finance PEI’s offerings, contact financepei@gov.pe.ca or (902) 368-6200.
Background on new ‘micro-loans:’
• 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.