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

Teresa Wright twright@theguardian.pe.ca
Published on December 11, 2015

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

©Guardian file photo

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.

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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.