How much funding can be received?

Funds up to 15000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Micro-Loan Program?

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

What are Micro-Loan Program's eligibility criterias?

Applicants must provide a business plan and cash flow forecast. Businesses must obtain necessary licenses, permits, and insurance as per Federal, Provincial, or Municipal regulations. Applicants must be involved in eligible categories such as trades, qualification recognition, small-scale food production, business start-up, or winter production financing.

Micro-Loan Program

grant_single|update January 24, 2025

Charlottetown, PE

Micro-loans for PEI entrepreneurs

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grant_single_labels|terms_and_conditions

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grant_single|eligibleFinancing

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grant_single|financingType

Loans and Capital investments

grant_single|eligibleIndustries

Agriculture, forestry, fishing and hunting
Manufacturing
Retail trade
Other services (except public administration)
Public administration

grant_single|grantors

Government of Prince Edward Island
Finance PEI

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grant_card_status|open

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Get up to $15,000 to meet your start-up or working capital needs with repayment terms up to 5 years.

grant_single_labels|terms_and_conditions

This program outlines specific financing modalities to support entrepreneurship through structured loan provisions. The modalities detail the loan terms and conditions for eligible participants.

Loans are provided up to a maximum amount of $15,000 per applicant.
Repayment terms extend to a maximum of 5 years.
The interest rate applied is TD Bank Prime rate plus an additional 4.5%.
Immediate repayment of the full outstanding loan amount is required if the business is sold or transferred, or upon demand by Finance PEI.

grant_single_labels|projects

The Micro-Loan Program offers financial support to various entrepreneurial activities to boost economic growth in Prince Edward Island. These funds are targeted to assist new and existing businesses across different fields by providing necessary capital and resources.

Support for trades graduates to acquire tools and equipment for new job opportunities.
Assistance for newcomers in Canada to gain qualification recognition for returning to their previous professions.
Investment in small-scale food production through the purchase of equipment and materials.
Funding for start-up businesses with a robust business plan and entrepreneurial motivation.
Financing for craft and giftware manufacturers to increase production during the winter months.

grant_single|admissibleProjectsExample

$ 15,000

Setting up a local organic vegetable farm with essential equipment

$ 15,000

Providing tools and equipment for a young plumber starting a business

$ 15,000

Launching a fish processing micro-enterprise to support local fishermen

$ 10,000

Facilitating qualification recognition for a Philippine nurse in Canada

$ 15,000

Purchasing baking equipment for a new bakery specializing in gluten-free products

$ 12,000

Expanding a local handmade gift shop with new winter products

grant_single_labels|admissibility

Eligibility for the Micro-Loan Program is determined by specific requirements related to the applicant's business profile and planned activities.

Applicants must be entrepreneurs seeking new or expanding business opportunities.
Tradespeople should be recent graduates from trade schools or have a job offer in a new field.
Newcomers to Canada needing assistance with qualification recognition to resume their previous line of work.
Small-scale food producers looking to invest in equipment and materials to enhance local food supply.
Individuals with a viable start-up business idea and an entrepreneurial spirit must have a business plan.
Applicants in the craft and giftware manufacturing sector are eligible for Winter Production Financing to boost production during off-peak seasons.

grant_eligibility_criteria|who_can_apply

The Micro-Loan Program is designed to support entrepreneurs on Prince Edward Island in specific sectors and business situations, offering financial assistance for new and expanding endeavors.

Trades: financial support for recent graduates or those entering a new trade field needing equipment or tools.
Qualification Recognition: financial assistance for newcomers to Canada to cover costs for credential recognition, such as exams or professional fees.
Small-scale Food Production: funds for growers, harvesters, and processors to enhance supply in communities through new equipment and materials.
Business Start-up: funding for individuals with a strong business idea, entrepreneurial spirit, and a comprehensive business plan.
Winter Production Financing: targeted support for craft and giftware manufacturers to boost winter production for peak selling periods.

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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

The Micro-Loan Program on Prince Edward Island offers financial support to various entrepreneurial activities aimed at fostering local business growth. The eligible projects enable participants to acquire necessary tools, equipment, and certifications essential for their business ventures.

Support for tradespeople who need new tools and equipment to start their careers.
Assistance for newcomers requiring help with qualification recognition and professional fees.
Investment in small-scale food production for equipment and materials to boost local food supply.
Funding for start-up businesses with a viable business plan and entrepreneurial ambition.
Financing for craft and giftware manufacturers to enhance winter production capabilities.

grant_eligibility_criteria|zone

This Micro-Loan Program is specific to the geographical region of Prince Edward Island. It is designed to foster local entrepreneurship and support business development within this province.

Eligible companies are those based in 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.