Entrepreneur Loan Program

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Provides entrepreneurs with a loan of up to $100,000 to use as an investment in new and existing PEI businesses.

Loans are sourced directly through Finance PEI with terms up to a maximum of 7 years. Interested is charged at a floating rate of TD Bank prime plus 3%.

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Products specifications

Description:	Provides entrepreneurs with a loan of up to $100,000 to use as an investment in new and existing PEI businesses. Loans are sourced directly through Finance PEI with terms up to a maximum of 7 years. Interested is charged at a floating rate of TD Bank prime plus 3%.
Eligibility:	Applicants must: -Be a resident of PEI age 18 years or older and be owner/operator of the business. -If the business is a partnership, each partner must be a co-applicant. For a corporation, each shareholder must be a co-applicant. -At the time of loan approval, you must have 10% of the total loan available in equity. -Working capital financing will not exceed $35,000. Funding for capital costs will only be issued when Finance PEI receives invoices/receipts, minus refundable taxes. Specific activities within the business sector which are NOT eligible for financing include: -Pawnbrokers, pay day loan, cheque cashing, and white label cash machines -Consulting -Grocery/convenience stores -Food and beverage services -Fishing, farming and forestry where similar supports already exist -Real estate development/brokerage, bed and breakfast/motel/cottage operation, and insurance or business brokerage -Schools, charities and religious organizations -Professional/financial services
Fees:	Must have 10% of the total loan request available in equity at the time of loan approval * Must be willing to pay back loan as per terms of agreement
How to Access:	Visit website to access application and supporting documentation forms * Complete forms and submit by mail or email to Finance PEI
Documents Required:	Completed Entrepreneur Loan Application form, Business Plan form and Cash Flow Forecast form
Language:	English
Website:	https://www.princeedwardisland.ca/en/information/finance-pei/entrepreneur-loan-program
Coverage Area:	Epekwitk / Prince Edward Island

Finance PEI

94 Euston Street, 2nd Floor, Charlottetown, PE C1A 1R7
Coverage Area: Epekwitk / Prince Edward Island
Accessibility: Wheelchair accessible
October to May: Mon-Fri 8:30am-5pm
June to September: Mon-Fri 8am-4pm
financepei@gov.pe.ca

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Entrepreneur Loan Program

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Finance PEI

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