So glad to see that the government has finally implemented a program to help entrepreneurs get the capital they need to operate. This is something that was part of my election platform in District 18 Rustico-Emerald, and I have been fighting for small business micro-loans in the legislature since the spring of 2015.
…a micro-business is one-person, two-person operations. I think there’s a really a huge opportunity for us to grow that type of business here on Prince Edward Island.
I think that we need more programs for small amounts of capital instead of giving a million dollars to one company… I would like to see for example, $10,000 loans to 100 people…
https://www.youtube.com/watch?v=Du3xVEwT8TI&t=14m16s
(view full PDF transcript here from June 16, 2015 – see page 33 – page 442 in document)
You can find out the details of the new provincial micro-loan program by clicking here.
“Finance PEI recently implemented a new micro-loan program, a loan initiative for entrepreneurs which will help provide them with both financing and working capital. New categories for the micro-loans include: trades; qualification recognition; small-scale food production; business start-up; and winter production financing. Finance PEI will provide loans up to $15,000 per applicant for new and expanding businesses to further respond to the capital needs of entrepreneurs.
For more information on Finance PEI’s offerings, contact financepei@gov.pe.ca or (902) 368-6200.
Background on new ‘micro-loans’:
• Trades—recent graduates from trade school or those who have a job offer in a new field but do not have the resources to get set up with new tools or necessary equipment.
• Qualification Recognition—newcomers to Canada who require some assistance getting back into their previous line of work, this loan can help to cover the costs of a challenge exam or professional fees.
• Small-scale Food Production—funds available for growers, harvesters, and processors to invest in equipment and materials to increase the supply of food in their communities.
• Business Start-up—great start-up business idea, an entrepreneurial spirit and a business plan.
• Winter Production Financing—existing program which provides new and expanding craft and giftware manufacturers with the financing required to increase production of their products during the winter months for sale in the peak selling periods.”
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