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P.E.I. vinyl record business gets ACOA loan

Vinyl Variety
Vinyl records. - File

A P.E.I. business is developing an online sales method that will allow artists in the music industry to market and pre-sell a vinyl record before it is produced.

On Thursday, that business – RecordFund Inc. – received a $55,000 repayable contribution from the Atlantic Canada Opportunities Agency to help it develop the online sales website.

Pre-selling records reduces the artist’s financial risk and provides a more secure revenue stream in light of high production costs, said an ACOA a press release.

The business is also helping artist’s in the music industry capitalize on the demand for vinyl in recent years.

“We appreciate both the professional and financial support we received from ACOA for this project. Vinyl records offer a unique music experience and we are pleased to offer a new platform that will be a more cost-effective tool for independent artist, band or label,” said Gideon Banahene of RecordFund Inc. in the release.

In September, the company also received a $25,000 grant from the province’s Ignition Fund.

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