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.
"This program has provided producers with much needed financing to be able to manufacture more product in the off-season," 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 2004."
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. Since the program's inception, 62 applications have been approved, totalling $496,857.
"New and expanding craft and giftware operators can apply to this program to receive an extra financial boost to maintain production this winter," said Minister Currie. "This means they will have more product available during the peak season, resulting in more Island-made products on store shelves and greater sales opportunities for the producer."
Funding will be available through the Winter Production Financing Program from January 1 to May 31, 2004. For more information, contact Carolyn Villard or Arlene Ranahan at Prince Edward Island Business Development at (902) 368-6300.