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New funding available for women entrepreneurs in P.E.I.

Margaret Magner is executive director of the P.E.I. Business Women’s Association.
Margaret Magner is executive director of the P.E.I. Business Women’s Association. - SaltWire file

A new funding program for women entrepreneurs impacted by COVID-19 is open for applications.

The P.E.I. Business Women’s Association (PEIBWA), in collaboration with the Women’s Entrepreneurship Strategy (WES) Fund announced the program earlier this week.

Called Momentum Advisory Professional Services (MAPS), the initiative is supported by the Government of Canada through the Atlantic Canada Opportunities Agency (ACOA).

“There’s no doubt that COVID-19 continues to have a significant impact on business operations in P.E.I.,” said PEIBWA executive director Margaret Magner.

“Recent studies have shown that women entrepreneurs were an underserved community prior to the pandemic. This fund will offer non-repayable contributions up to $10,000 for successful women-led businesses. It will help them pivot and adapt during the pandemic by contracting external consultants offering advisory services, mentoring, tools, training and other resources.”

Entrepeneurs can apply under business operations, business transformation or under recovery measures, but PEIBWA business development and membership officer Jane MacIsaac says other initiatives may qualify.

"We have the flexibility to also support activities that fall within the WES Ecosystem Fund objectives," said MacIsaac. "The funds cannot be used for the purpose of infrastructure, capital purchases, rent and/or wages.”

Details about the program, including a link to the online application, are available on the PEIBWA website at peibwa.org/maps. Questions about the program may also be directed to MacIsaac at jane@peibwa.org or 902-892-6040.

Applications are now open and will close on Friday, Aug.7 at 5 p.m.

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