The Government of Prince Edward Island is continuing its support for craft and giftware manufacturers by renewing the Winter Production Financing Program for 2008-2009.
The popular program, administered by PEI Business Development Inc., provides additional financing to increase production capacity during the winter months. This allows craft and giftware producers to build up an inventory of Island-made products to sell during the Christmas holidays as well as the summer tourism season.
The Honourable Richard Brown, Minister of Innovation and Advanced Learning, said the craft and giftware sector is preserving our culture while creating year-round employment across the province.
“The Government of Prince Edward Island is pleased to support craft and giftware manufacturers as they contribute a great deal to our economy and culture,” said Minister Brown. “This is a very popular program among Prince Edward Island craft producers, many of whom have indicated that they would not be as successful without the program. It allows producers of fine crafts to expand their businesses while offering high quality products to their consumers.”
The Winter Production Financing Program is designed to provide new and expanding craft and giftware manufacturers with necessary financing to increase production capacity. It enables craft and giftware manufacturers to purchase materials and pay staff in order to manufacture sufficient inventory. 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, 163 applications have been approved, totalling almost $1.4 millon.
For more information, please contact Arlene Ranahan at Prince Edward Island Business Development at (902) 368-6300, or visit our website at www.peibusinessdevelopment.com.