Service Description

Provides entrepreneurs with a loan of up to $100,000 to use as an investment in new and existing PEI businesses. Loans are sourced directly through Finance PEI with terms up to a maximum of 7 years. Interested is charged at a floating rate of TD Bank prime plus 3%.

Information

Eligibility:
Applicants must:
-Be a resident of PEI age 18 years or older and be owner/operator of the business.
-If the business is a partnership, each partner must be a co-applicant. For a corporation, each shareholder must be a co-applicant.
-At the time of loan approval, you must have 10% of the total loan available in equity.
-Working capital financing will not exceed $35,000. Funding for capital costs will only be issued when Finance PEI receives invoices/receipts, minus refundable taxes.

Specific activities within the business sector which are NOT eligible for financing include:
-Pawnbrokers, pay day loan, cheque cashing, and white label cash machines
-Consulting
-Grocery/convenience stores
-Food and beverage services
-Fishing, farming and forestry where similar supports already exist
-Real estate development/brokerage, bed and breakfast/motel/cottage operation, and insurance or business brokerage
-Schools, charities and religious organizations
-Professional/financial services
Fees:
Must have 10% of the total loan request available in equity at the time of loan approval * Must be willing to pay back loan as per terms of agreement
How to Access:
Visit website to access application and supporting documentation forms * Complete forms and submit by mail or email to Finance PEI
Documents Required:
Completed Entrepreneur Loan Application form, Business Plan form and Cash Flow Forecast form
Language:
English
Coverage Area:
Prince Edward Island

Service Locations & Contact Info