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

Published on March 12, 2016

Heath MacDonald, minister of economic development and tourism leaves the floor of the P.E.I. Legislature after the end of the day's sitting Friday, Nov. 13, 2015.

©NIGEL ARMSTRONG/THE GUARDIAN

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.”