How much funding can be received?

Funds up to 10% of admissible expenses, capped at $100000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Entrepreneur Loan Program?

Entrepreneur Loan Program is funded by Government of Prince Edward Island, Finance PEI

What are Entrepreneur Loan Program's eligibility criterias?

Applicants must be residents of Prince Edward Island and at least 18 years old, owning and operating the business. Applicants must have 10 per cent of the total loan available in equity at the time of loan approval. Businesses must not fall under ineligible sectors such as pawnbrokers, consulting, and grocery stores.

Entrepreneur Loan Program

Last Update: July 22, 2025

PE, Canada

Loan for PEI entrepreneurs

Entrepreneur Loan Program at a glance

Eligible Funding

Max. $100,000
Up to 10% of project cost

Timeline

Unspecified

Financing Type

Loans and Capital investments

Eligible Industries

Retail trade

Grant Providers

Government of Prince Edward Island
Finance PEI

Program status

Open

Overview of the Entrepreneur Loan Program program

Get a loan of up to $100,000 with a maximum 7 year term for starting, improving or expanding a business.

Financing terms and conditions

The Entrepreneur Loan Program provides structured financing modalities to facilitate investments in eligible Prince Edward Island businesses. These modalities are designed to ensure accessible and sustainable financial support for entrepreneurial ventures.

Loans of up to $100,000 available for investment in eligible businesses.
Financing terms extend up to a maximum of seven years.
Interest charged at a floating rate of TD Bank prime plus 3%.
Working capital financing capped at $35,000, with capital cost funding issued upon receipt of necessary documentation.

Eligible projects & activities

This grant supports entrepreneurs by funding new business ventures and assisting established firms in making improvements and expanding operations. The projects eligible for this loan focus on the growth of small businesses and the creation of job opportunities within the Prince Edward Island community.

Establishing new businesses in eligible sectors.
Expanding existing businesses to enhance operations and improve infrastructure.
Investment in capital costs necessary for business growth and development.

Examples of admissible projects:

$ 90,000

Creating a mobile app for local tourism promotion

$ 55,000

Renovating and improving an existing community center

$ 80,000

Launching a social enterprise focused on waste reduction in St John's

$ 60,000

Establishing a local bakery with sustainable practices

$ 94,000

Launching a technology startup focused on AI solutions

$ 35,000

Expanding a community garden project

Eligibility criteria of the Entrepreneur Loan Program program

Eligibility for the Entrepreneur Loan Program is subject to specific criteria related to the applicant's residency, age, business ownership, and financial capacity.

The applicant must be a resident of Prince Edward Island and 18 years of age or older.
The applicant must be the owner/operator of the business.
In the case of a partnership, each partner must be a co-applicant, and for a corporation, each shareholder must be a co-applicant.
The applicant must have 10 per cent of the total loan available in equity at the time of loan approval.
The business must not be involved in sectors such as pawnbroking, pay day loan, cheque cashing, consulting, grocery/convenience stores, food and beverage services, fishing, farming, forestry, real estate development/brokerage, hospitality operations, insurance, business brokerage, schools, charities, religious organizations, and professional/financial services where other supports exist.
There must be sufficient capacity for the industry in the applicant's area as determined by the staff of Finance PEI.

Who is eligible?

The Entrepreneur Loan Program is open to individuals who are residents of Prince Edward Island, aged 18 or older, and are owner/operators of the business. In the case of partnerships, each partner needs to be a co-applicant, and for corporations, each shareholder must be a co-applicant. Applicants must have at least 10% equity available of the total loan amount at the time of approval. The program is aimed at new and established businesses seeking funds for investment, with the exclusion of certain sectors such as pawnbrokers, convenience stores, and any services where similar financial support is available elsewhere, among others.

Who is not eligible

This grant excludes certain companies and industries due to their status or main activity. The restrictions ensure that funds are allocated to industries that lack similar existing supports and avoid sectors specifically excluded from eligibility.

Pawnbrokers, pay day loan services, cheque cashing, and white label cash machines.
Consulting businesses.
Grocery or convenience stores.
Food and beverage services.
Fishing, farming, and forestry industries where similar supports already exist.
Real estate development/brokerage, bed & breakfast/motel/cottage operations, insurance, or business brokerage.
Schools, charities, religious organizations, and professional/financial services.

Eligible expenses

This grant supports business projects aimed at starting new ventures and facilitating expansion and improvements in existing businesses within Prince Edward Island. The eligible activities focus on providing access to loans, incentivizing economic growth, and creating jobs for residents.

Launching new businesses in Prince Edward Island.
Expanding or improving established businesses in the province.
Investing in viable business ventures that stimulate the local economy.

Eligible geographic areas

This grant is available exclusively to companies located in Prince Edward Island, highlighting its focus on regional economic development and job creation.

Prince Edward Island, Canada

Eligibility criteria of the Entrepreneur Loan Program program

There are evaluation and selection criteria for this grant. The criteria include:

Economic impact of the project
Innovation and feasibility of the proposal
Organizational capacity and financial stability
Alignment with government priorities

How to apply to the Entrepreneur Loan Program program

Complete Required Forms

Fill out the Entrepreneur Loan application form.
Prepare a Business Plan using the provided Business Plan form.
Complete the Cash Flow Forecast form including two to three years' cash flow projections.

Submit Application

Submit the completed application and business plan documents to an account manager at Finance PEI.
Ensure that all forms are correctly filled, signed, and accompanied by necessary projections and plans.

Attend Interview

Attend an interview with a Finance PEI account manager to discuss your business proposal.
During the interview, you will discuss further steps needed to assess your eligibility.

Additional information

Here are additional relevant details for this grant:

Interest on loans is calculated at a floating rate, specifically the TD Bank prime rate plus an additional three per cent.
Loans provided under this program have a maximum term of seven years, providing entrepreneurs with a structured repayment schedule.
Funding for working capital is capped at $35,000, indicating limitations on the usage for operational expenditure versus capital costs.
The program requires entrepreneurs to maintain an equity stake, indicating a minimum of 10% of the loan amount must be available as equity at the time of approval.
Additional guarantees and securities may be requested by Finance PEI, which could involve personal or external guarantors to secure the loan.
The business needs to adhere to all licensing, permits, and regulatory registrations pertinent to its operations at various governmental levels.
If the business is sold or transferred within the loan term, the loan must be repaid immediately, ensuring control remains with the original borrower.

Contact Government of Prince Edward Island

financepei@gov.pe.ca

902-368-6200

Apply to this program

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