The PEI Committee of the Canadian Bankers Association has joined the government of Prince Edward Island in its initiative to raise the cap on loans issued through the Entrepreneur Loan Program. Today, the Canadian Bankers Association signed an agreement with the provincial government to guarantee the entrepreneur loans. The provincial government recently raised the amount of money entrepreneurs are eligible to receive from $15,000 to $25,000. The money is to be used as an investment in eligible new and expanding businesses.
"The support from The Canadian Bankers Association in our attempt to encourage the entrepreneurial spirit on Prince Edward Island creates a tremendous opportunity for Island small businesses," said Wes MacAleer, Minister of Economic Development and Tourism. "It offers Islanders the chance to maximize on available resources and to improve the Island economy through wealth and job creation."
Prince Edward Island has the greatest number of small businesses per capita in Canada. The initial Entrepreneur Loan Program was a success. By increasing the amount of money available to small businesses, the Island is stimulating a sector which exhibits tremendous growth potential.
"The Entrepreneur Loan Program is an excellent concept for the Island and I am pleased that PEI financial institutions are able to offer their support in partnership with the provincial government," said Mike Cronkhite, Chairman, PEI Committee of the Canadian Bankers Association.
The Entrepreneur Loan Program is open to all residents of Prince Edward Island who are 18 years of age or older. The term loans are guaranteed for up to five years by Enterprise PEI. Applicants with loans in good standing after one year will receive a one-time rebate of interest paid during the first year of the loan. Interested participants can contact their local bank or credit union.