Tourism Financing Assistance — Operating Loan
PE, Canada
Loan to finance tourism operating costs in Prince Edward Island (PEI)
grant_single|update January 24, 2025
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Arts, entertainment and recreation
- Accommodation and food services
grant_single|grantors
- Government of Prince Edward Island
- Finance PEI
grant_single|status
grant_card_status|open
grant_single_labels|preview
Support to help tourist facilities cover operating costs during pre-season preparation.
grant_single_labels|terms_and_conditions
The Tourism Financing Assistance program offers comprehensive financing options to support the development and expansion of the tourism sector in Prince Edward Island. Different loan terms are tailored to align with the asset life and project needs.
- Long-term capital loans for establishment, expansion, and refurbishment of tourism facilities, with a maximum term of 20 years, financing up to 80% of fair market value.
- Intermediate-term loans available for asset improvements, excluding non-income generating vehicles, with a maximum term of 10 years.
- Operating loans offering up to 100% financing mainly for pre-season preparations of tourist facilities.
grant_single_labels|projects
This program offers financial assistance for various tourism-related projects in Prince Edward Island aimed at business growth and infrastructure improvement. Eligible activities focus on purchasing, expanding, constructing, or upgrading tourism facilities.
- Purchase of an existing tourism business.
- Expansion of current tourism operations.
- New construction projects for tourism facilities.
- Repair or updating of fixed assets.
- Pre-season preparation of tourist facilities.
- Establishment, expansion, and refurbishment of tourism facilities.
grant_single|admissibleProjectsExample
$ 100,000
Installation of eco-friendly cabins for eco-tourism promotion
$ 150,000
Renovation of a historic hotel to enhance guest experience
$ 40,000
Enhancement of the cycling trail network for spring tourists
$ 200,000
Modernizing the ski lift systems at Blue Mountain to improve safety and efficiency
$ 60,000
Upgrading the camping facilities for the upcoming winter season
$ 50,000
Development of a new heritage walking tour
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's business operations and licensing.
- The applicant must carry on or intend to carry on a tourism business in Prince Edward Island.
- The applicant must operate a tourism business other than a bed & breakfast establishment, as defined by the Tourism Industry Act Regulations (EC267/99).
- The applicant must hold a valid tourism establishment license issued under the Tourism Industry Act Regulations.
- Accommodation operations must include a minimum of three lodging units once complete to qualify for capital financing.
grant_eligibility_criteria|who_can_apply
This program is designed for Prince Edward Island tourism operators who have an interest in purchasing a business, expanding, or constructing new facilities and updating fixed assets. Specifically, those who carry on business in Prince Edward Island, excluding bed & breakfast establishments as per the Tourism Industry Act Regulations, and possess a valid tourism establishment license are eligible. Applicants must also ensure their accommodation operations have a minimum of three lodging units once completed to qualify for capital financing.
grant_eligibility_criteria|who_cannot_apply
This grant has certain restrictions that exclude specific types of businesses to ensure alignment with the objectives of supporting tourism operators. The following companies or activities are explicitly not eligible for this financing assistance.
- Bed and breakfast establishments as defined by the Tourism Industry Act Regulations.
- Tourism operations that do not hold a valid tourism establishment license.
- Accommodation operations with fewer than three lodging units once completed.
- Vehicles that do not directly contribute to the business's income or sales.
grant_eligibility_criteria|eligible_expenses
This grant program supports tourism operators in Prince Edward Island with initiatives to enhance their business operations and extend the tourist season. The eligible projects focus on business expansion, construction, and assets improvement in the tourism sector.
- Purchase and expansion of tourism businesses.
- Construction of new facilities related to tourism operations.
- Repair or updating of fixed assets such as machinery, equipment, and buildings.
- Creation or expansion of recreational complexes featuring entertainment facilities, lodging, and dining.
- Conversion of accommodation units for alternate uses during off-season periods.
- Establishment, expansion, or refurbishment of tourism facilities including restaurants, accommodations, and entertainment venues.
grant_eligibility_criteria|zone
This grant is specifically designed for tourism operators located in Prince Edward Island. The eligible location is clearly defined to support regional tourism development.
- Businesses operating in Prince Edward Island.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The evaluation is based on innovation, potential impact, feasibility, and alignment with program objectives.
- Innovation: Uniqueness and creativity of the proposed project.
- Potential Impact: Expected benefits and outcomes of the project.
- Feasibility: Practicality and likelihood of project success.
- Alignment with Program Objectives: Consistency with the goals and focus areas of the grant program.
grant_single_labels|apply
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Projects should focus on extending the tourist season by attracting off-Island visitors and encouraging longer stays.
- Loans generally should not exceed 80% of the fair market value or purchase price of the financed asset(s).
- Minimum accommodation ratings and units must be met for eligibility in financing proposals.
- There are specific eligibility limitations for vehicles, focusing on those directly contributing to income or sales.
Apply to this program
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