The Honourable Mike Currie, Minister of Development and Technology, announced today that the Winter Production Financing Program will be renewed for 2006 - 2007.
“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 2007.”
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, 124 applications have been approved, totalling $1,026,875.
“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 November 1 to April 30, 2007. For more information, please contact Carolyn Villard or Arlene Ranahan at Prince Edward Island Business Development at (902) 368-6300, or visit our website at www.peibusinessdevelopment.com.
PEI Business Development Inc. and Technology PEI work with businesses in Prince Edward Island to strengthen and expand the provincial economy through business development. Adding value and generating wealth, PEI Business Development and Technology PEI offer a diverse range of programs and services to Island-based businesses.