Finance PEI Entrepreneur Loan Program
Term loans up to $100,000 for new and existing PEI businesses at prime + 3% with terms up to 7 years.
About this program
The Entrepreneur Loan Program administered by Finance PEI provides up to $100,000 for investment in new and existing PEI businesses. Loans are sourced directly through Finance PEI with terms up to a maximum of 7 years. Interest is charged at a floating rate of TD Bank prime plus 3%. The program helps make financing available to help new businesses get started, established firms make improvements and expand, and improve access to loans up to 100% of the loan request less recoverable taxes. Working capital financing is capped at $35,000.
Eligibility
PEI residents aged 18 or older who are owners/operators of a PEI business. Partnerships require all partners as co-applicants; corporations require all shareholders as co-applicants. Must have 10% of total loan available in equity.
Requirements
- PEI resident, 18+ years old
- Owner/operator of the business
- All partners or shareholders as co-applicants