P.E.I. government lends two mussel companies money

Teresa Wright
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Esther Dockendorff, president of P.E.I. Mussel King, holds some of the flavours the Morell processing company is now marketing to the world.

Two P.E.I. mussel farming operations are getting some help from the provincial government.

Cabinet approved close to a quarter of a million dollars in loans last week for the P.E.I. Mussel King and P.E.I. Mussel Farms Inc.

P.E.I. Mussel King, which grows and processes Prince Edward Island’s iconic blue mussels, was approved for $325,000 from Island Investment Development’s Century Fund.

RELATED: P.E.I. Mussel King growing


A government official says the money will be used by the company to develop a new product line, which will be announced in the near future.

P.E.I. Mussel Farms Inc. was approved for a loan of $125,000 from the same provincial lending fund.

It will be used for new mussel sock filling equipment that will improve the operation’s overall efficiency.

Both are five-year term loans, amortized over10 years at four per cent interest, which is the standard interest rate for all Century Fund loans.

Loans currently held by government total almost $440 million.


Organizations: Century Fund, P.E.I. Mussel King and P.E.I. Mussel Farms

Geographic location: Prince Edward Island

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Recent comments

  • AL
    December 11, 2015 - 15:15

    Sounds to me like they have a page out of the Irving's book.

    • Just Asking
      December 12, 2015 - 11:47

      I agree totally. They have already gotten $1,390,000. so far this year.If they are so successful after 30 years, why do they need to borrow? money from us Islanders?

  • Doesn't add up
    December 11, 2015 - 14:40

    Story says cabinet approved close to a quarter million in loans. Mussel king is getting $325,000 and PEI Mussel Farms is getting $125,000. That is $450,000 which is closer to half a million than a quarter million. More shameless fleecing of the tax payers. No wonder PEI is broke!

    • don
      December 11, 2015 - 16:29

      that money is to pay for there votes, and 450,000 that will be wrote off in the next year or two. wait and see...........................

      December 11, 2015 - 17:06

      Doesn't add up....... PEI Mussel King and PEI Mussel Farms Inc. are owned by the same people, the Dockendorffs. This story is very misleading whether by design or just by sloppy reporting. The Docendorffs got all the $450,000 not the $325,000 that this story would like you to believe. As I said in an earlier post,not only did they get $450,000, they got $940,000 this April. This "successful" company seems to be able to get taxpayer money whenever they want it. Ms Dockendorff should be ashamed instead of allowing her smiling face to appear with this story. As someone else mentioned, how much money do they really out out of that $450,000,000?

  • oberts
    December 11, 2015 - 12:41

    To label companies that constantly rely on the taxpayers to fund their expansion cannot be describes as successful, - we should call them what they are, - corporate welfare bums, - and just not these guys, lots of others. Of course we are to thank and fawn and all over them, the couple of times a year when they roll out their wares to "give back to the community". Rinses the soul, don't it?

    December 11, 2015 - 10:53

    In the attached article where they receive $940.000. from ACOA and the PEI gov't., they are described as a successful company of over 30 years. Now, 8 months later they are getting another $ 450,000. I guess what they are successful at is getting taxpayer money to enhance their lifestyle.I wonder how you can be considered successful after 30 years if you can't even finance your own expansion. They could have borrowed that money from any bank at the same or lower interest rate if they were "successful".

    December 11, 2015 - 08:28

    How much of that 440 million is already LOANED out to these two companies. I am sure it is in the millions. We must go to the banks and pay higher rates, why don't the rich???

  • Jonny
    December 11, 2015 - 08:11

    440 million are you kidding me!!!!! No wonder pei is in the state it is in.

    • SlyFox
      December 11, 2015 - 13:28

      Only 440 millions lent out but we are still close to 3 billion in debt. Where does all the money go? 3 billion makes a lot of millions.