grant_single_labels|summary

grant_single|eligibleFinancing
  • grant_single|projectCostPercent
grant_single|deadlines
  • grant_single|openingDateJuly 09, 2024
  • grant_single|closingDateJuly 09, 2024
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
  • Manufacturing
grant_single|grantors
  • Finance PEI
  • Government of Prince Edward Island
grant_single|status
grant_card_status|closed

grant_single_labels|preview

Access this term loan (with a term of up to 20 years and worth up to 80% of the market value or purchase price of capital assets, whichever is less) to refurbish capital assets or to restructure debt.

grant_single_labels|projects

Eligible projects and activities for this grant include the purchase and refurbishment of capital assets, purchasing inventory, and covering day-to-day operating costs. Additionally, loans are available for improvements to business assets and, in some cases, debt restructuring.
  • Purchase of land and buildings
  • Purchase of specialized equipment
  • Refurbishment of capital assets
  • Debt restructuring
  • Improvements to business assets (excluding non-revenue vehicles)
  • Purchase of production inventory
  • Day-to-day operating costs
grant_single|admissibleProjectsExample

$120,000

Montreal
Refurbishment of a community center to improve facilities for local events

$80,000

Calgary
Purchase and set up of a coffee roastery for small business growth

$240,000

Halifax
Debt restructuring for a local non-profit facing financial difficulties

$344,000

Ottawa
Upgrading production line for a local craft brewery to increase efficiency

$1,160,000

Toronto
Purchase and refurbishment of a warehouse for logistics operations expansion

$880,000

Vancouver
Purchase of specialized medical equipment for a new clinic, focusing on cardiology

grant_single_labels|admissibility

Finance PEI offers various loans to businesses operating in the manufacturing and processing sector in the province.
  • Business must operate, or intend to operate, in the province.
  • Business must produce a product by mechanical method from raw material that is altered to add value.

grant_eligibility_criteria|who_can_apply

Eligible types of companies for this grant include those that operate in Prince Edward Island and produce a product through mechanical methods from raw materials. The financing options extend to businesses purchasing land, buildings, specialized equipment, and production inventory.
  • Businesses operating in Prince Edward Island
  • Businesses that produce a product by mechanical methods from raw materials
  • Companies needing capital for purchasing land and buildings
  • Businesses requiring specialized equipment
  • Companies needing production inventory financing

grant_eligibility_criteria|who_cannot_apply

Based on the grant context provided, specific types of companies that are not eligible for this grant were not mentioned.
Therefore, there are no specific types of companies excluded from eligibility for this grant.

grant_eligibility_criteria|eligible_expenses

Eligible expenses for this grant include the purchase of capital assets and the procurement of operating inventory. Financing can also be used for the day-to-day operating costs of the business.
  • Land and buildings
  • Specialized equipment
  • Production inventory
  • Refurbishment of capital assets
  • Debt restructuring
  • Purchasing inventory
  • Day-to-day operating costs

grant_eligibility_criteria|zone

This grant is available for businesses that carry on or intend to carry on business in the province of Prince Edward Island (PEI).
  • Businesses must be located in PEI
  • Businesses must intend to operate within PEI

grant_single_labels|criteria

There are evaluation and selection criteria for this grant. The evaluation is based on the company's operational cash flow and the expected impact of the project on the business.
  • Operational cash flow of the company
  • Expected impact of the project on the business

grant_single_labels|register

  • Step 1: Identify Eligibility criteria - Determine if your business qualifies under the grant's requirements for carrying on manufacturing or processing operations in the province.
  • Step 2: Prepare necessary documentation - Gather all required documents such as purchase orders, signed contracts/agreements, business financial statements, and other relevant paperwork.
  • Step 3: Choose loan type - Decide whether you need a capital loan, intermediate term loan, or operating loan based on the specific needs of your business.
  • Step 4: Complete the application form - Fill out the application form provided by Finance PEI, specifying the details of your business and the loan you are applying for.
  • Step 5: Submit application - Submit the completed application along with all required documentation to Finance PEI for review.
  • Step 6: Review process - Finance PEI will review your application to ensure it meets all the necessary criteria and may request additional information if required.
  • Step 7: Loan approval - If approved, Finance PEI will outline the terms and conditions of the loan, including repayment terms and any security requirements.
  • Step 8: Secure loan - Finalize the loan agreement by providing any required collateral or alternate security to secure the loan.
  • Step 9: Fund disbursement - Receive the loan funds as per the approved terms, and begin utilizing them for the intended business purposes.

grant_single_labels|otherInfo

Organizations looking to secure financing should consider the loan limits and repayment terms as these factors are critical for financial planning and cash flow management.
  • Capital loans secured by first charge on real property or the asset being financed; alternate security might be considered.
  • Intermediate term loans can be used for asset improvements but not for non-income generating vehicles.
  • Operating loans repaid from inventory sales; financing provided based on purchase orders and signed agreements.
  • Flexible repayment options aligned with business cash flow.
Apply to this program