Province offering micro-loans in support of entrepreneurs on P.E.I.

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Heath MacDonald, minister of economic development and tourism.

Finance P.E.I. will provide loans up to $15,000 per applicant for new, expanding businesses

A new provincial micro-loan program has been established to support entrepreneurship on Prince Edward Island.

Finance P.E.I. recently implemented the new program – a loan initiative for entrepreneurs that will help provide them with both financing and working capital.

New categories for the micro-loans include: trades, qualification recognition, small-scale food production, business start-up and winter production financing.

Finance P.E.I. will provide loans up to $15,000 per applicant for new and expanding businesses to further respond to the capital needs of entrepreneurs.

“We’re thrilled to introduce new offerings to assist in the start-up of great entrepreneurial ideas,” says Economic Development Minister Heath MacDonald.

“New entrepreneurs looking to start a business to call their own, individuals returning from out west, youth entrepreneurs, individuals looking for a career change, or current entrepreneurs looking to expand their business can all benefit from this type of support.”

Wendy Drake, president of the Greater Charlottetown Area Chamber of Commerce says supporting entrepreneurs through initiatives like this is an important part of growing the Prince Edward Island economy.

“Access to capital is often a barrier for new and expanding businesses. Offerings such as the micro-loan program from Finance P.E.I. provide valued support to Island entrepreneurs.”

Organizations: Greater Charlottetown Area Chamber of Commerce, Finance P.E.I.

Geographic location: Prince Edward Island

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Recent comments

  • olddog70
    March 13, 2016 - 16:17

    Will these be written off ? You have to wonder why an institution as "disreputable" or stupid, would make a loan with no collateral, I do agree young and up and coming entrepreneurs may need a break but why always at the taxpayers expense? Scary part is , it's not always young entrepreneurs, old political pigs get the loans collateral free. we should be having an auction of goods with the amount of defaulted loans. Any answers?

  • de udder guy
    March 12, 2016 - 17:38

    Undoubtedly same old. "Who you know" will ensure the pork is concentrated and only doled out to those who deserve it least and need it even less.

    • Or.
      March 13, 2016 - 15:07

      Or perhaps it will go to entrepreneurs and not mouthy little whiners who have nothing better to do but sit in mommy's basement complaining about every government announcement.