Micro-Loan Program
PE, Canada
Micro-loans for PEI entrepreneurs
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Manufacturing
- Other services (except public administration)
- Public administration
grant_single|grantors
- Finance PEI
- Government of Prince Edward Island
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get up to $15,000 to meet your start-up or working capital needs with repayment terms up to 5 years.
grant_single_labels|projects
The Micro-Loan Program offers financing up to $15,000 for various initiatives that align with entrepreneurial and community objectives in Prince Edward Island.
- Trades—recent graduates from trade school or those who have a job offer in a new field but do not have the resources to get set up with new tools or necessary equipment
- Qualification Recognition—newcomers to Canada who require some assistance getting back into their previous line of work, this loan can help to cover the costs of a challenge exam or professional fees
- Small-scale Food Production—funds available for growers, harvesters, and processors to invest in equipment and materials to increase the supply of food in their communities
- Business Start-up—great start up business idea, an entrepreneurial spirit and a business plan
- Winter Production Financing—existing program which provides new and expanding craft and giftware manufacturers with the financing required to increase production of their products during the winter months for sale in the peak selling periods
grant_single|admissibleProjectsExample
$15,000
Cornwall
Providing tools and equipment for a young plumber starting a business
$15,000
Tignish
Launching a fish processing micro-enterprise to support local fishermen
$10,000
Moncton
Facilitating qualification recognition for a Philippine nurse in Canada
$15,000
Charlottetown
Purchasing baking equipment for a new bakery specializing in gluten-free products
$12,000
Summerside
Expanding a local handmade gift shop with new winter products
$15,000
Summerside
Setting up a local organic vegetable farm with essential equipment
grant_single_labels|admissibility
The Micro-Loan Program provides loans up to $15,000 for new and expanding businesses in Prince Edward Island. Eligibility criteria encompass various categories of entrepreneurs and business needs.
- Recent graduates from trade school or those with a job offer in a new field needing tools or equipment
- Newcomers to Canada requiring assistance for qualification recognition
- Small-scale food producers needing equipment and materials for food production
- Individuals with a start-up business idea, entrepreneurial spirit, and a business plan
- Craft and giftware manufacturers requiring financing for winter production
grant_eligibility_criteria|who_can_apply
The Micro-Loan Program is designed to support various types of entrepreneurs on Prince Edward Island. Eligible companies include those in trades, qualification recognition, small-scale food production, business start-ups, and winter production financing.
- Trades—recent graduates from trade school or those with a job offer in a new field
- Qualification Recognition—newcomers to Canada needing assistance to return to their previous line of work
- Small-scale Food Production—growers, harvesters, and processors investing in equipment and materials
- Business Start-up—entrepreneurs with a great business idea and plan
- Winter Production Financing—craft and giftware manufacturers needing to increase production during winter months
grant_eligibility_criteria|who_cannot_apply
Some types of companies may not be eligible for this grant. For example, companies engaged in illegal activities or those with a history of non-compliance may be excluded.
- Companies involved in illegal activities
- Companies with a history of non-compliance
grant_eligibility_criteria|eligible_expenses
Examples of eligible expenses for this grant include costs related to various entrepreneurial activities aimed at fostering business growth and startup development.
- Recent trade school graduates acquiring tools and equipment for new fields.
- Qualification recognition expenses for newcomers to Canada, such as challenge exams or professional fees.
- Small-scale food production investments in equipment and materials.
- Business startup costs, including the development of a business plan.
- Winter production financing for craft and giftware manufacturers.
grant_eligibility_criteria|zone
The eligible geographic zone for the Micro-Loan Program is Prince Edward Island. The program is designed to support local entrepreneurs in this region.
- Prince Edward Island
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The criteria include innovation, economic impact, project feasibility, and alignment with program objectives.
- Innovation
- Economic impact
- Project feasibility
- Alignment with program objectives
grant_single_labels|register
- Step 1: Complete the Micro-Loan application, including the Business Plan Section and Cash Flow Forecast.
- Step 2: Submit the completed application to an Account Manager with Finance PEI.
- Step 3: The Account Manager will conduct an interview with the applicant(s) to discuss the business proposal and the next steps required to determine eligibility.
- Step 4: Obtain any necessary licenses, permits, and insurance required for your business and register the business in accordance with Federal, Provincial, or Municipal Regulations.
- Step 5: Sign all appropriate documentation forms required by Finance PEI, including but not limited to loan agreements and guarantees for each individual with ownership. Additional guarantors and security may be required.
- Step 6: Repay immediately the full amount of the outstanding loan should the business be sold or transferred during the term of the guarantee, or if the demand for payment is made by Finance PEI.
grant_single_labels|otherInfo
This grant program provides numerous opportunities for different categories of entrepreneurs and includes specific requirements for application and repayment.
- Entrepreneurs can access up to $15,000 per applicant.
- Repayment terms extend up to a maximum of 5 years at an interest rate of TD Bank Prime + 4.5%.
- Applicants must prepare a business plan and a cash flow forecast.
- Loans cover categories such as trades, qualification recognition for newcomers, small-scale food production, business start-up, and winter production financing.
- Necessary licenses, permits, insurance, and business registration according to Federal, Provincial, or Municipal regulations are required.
- Full repayment is necessary if the business is sold or transferred, or upon demand by Finance PEI.
grant_single_labels|contact
financepei@gov.pe.ca
902-368-6200
Apply to this program