Finance PEI Micro-Loan Program
Loans up to $15,000 for new and expanding PEI entrepreneurs at TD prime + 4.5% with 5-year repayment terms.
About this program
The Micro-Loan Program acknowledges and supports entrepreneurship on Prince Edward Island. Finance PEI provides loans up to $15,000 per applicant for new and expanding businesses to respond to capital needs of entrepreneurs. Loans are sourced directly through Finance PEI with repayment terms up to a maximum of 5 years at an interest rate of TD Bank Prime + 4.5%. Categories include trades (tools and equipment for trade school graduates), qualification recognition (newcomers needing assistance with credentials), small-scale food production (growers, harvesters, processors), business start-ups, and winter production financing for craft and giftware manufacturers.
Eligibility
New and expanding PEI entrepreneurs in eligible categories: trades, qualification recognition, small-scale food production, business start-ups, or winter production for craft/giftware manufacturers.
Requirements
- PEI-based entrepreneur
- Application in one of the eligible categories
- Business plan (for start-up applicants)