Entrepreneur Loan Program
Get up to $100,000 to grow your PEI business, but remember this is a repayable loan with a floating interest rate of TD Bank prime plus 3% and a 10% equity requirement.
“Application must be submitted and approved before any commitment will be made.”
From the official program page
Before you spend any money
You must get approval before spending; for capital costs, Finance PEI only pays after you submit invoices and receipts.
At a glance
Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.
Is this for you?
- You live in Prince Edward Island and own or operate a qualifying business.
- You need funds for equipment, renovations, or working capital up to $35,000 and can provide the required 10% equity.
- Your business is not in an excluded sector like food and beverage services, retail grocery, or professional services.
Probably not the right fit if
- You operate a restaurant, cafe, bar, or grocery store, as these sectors are explicitly excluded from this program.
- You cannot provide 10% of the loan amount in equity at the time of approval.
- You have a history of bankruptcy, tax arrears, or criminal convictions, which disqualifies you immediately.
How much you'd realistically get
Up to $100,000 total, with a strict cap of $35,000 for working capital.
What may be supported
- Equipment purchases
- Storefront renovations
- Vehicle purchases for business use
- Working capital for inventory or payroll (up to $35,000)
What's excluded or restricted
- Pawnbrokers
- Pay day loan
- Cheque cashing
- 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 & breakfast/motel/cottage operation
- Insurance or business brokerage
- Schools
- Charities
- Religious organizations
- Professional/financial services
- Businesses where sufficient capacity does not exist for the industry in the area (as determined by Finance PEI staff)
How applying works
Effort: moderateYou must prepare a full business plan and a two to three year cash flow forecast, then interview with an account manager.
- 01Complete the Entrepreneur Loan application form.
- 02Prepare a detailed business plan.
- 03Create a cash flow forecast with at least two to three years of projections.
- 04Submit the application and business plan to a Finance PEI account manager.
- 05Attend an interview to discuss your proposal and eligibility.
- 06Deposit 10% of the approved loan amount into a business account upon approval.
Who to ask: Email: financepei@gov.pe.ca; Phone: 902-368-6200 (Development Lending and Property Management); Website: http://financepei.ca
Documents commonly required
- Completed Entrepreneur Loan application form
- Business plan
- Cash flow forecast (2-3 years)
- Invoices or receipts for capital costs (submitted after approval)
What to know before you count on it
- Interest is floating at TD Bank prime plus 3%, meaning your payments will rise if the prime rate increases.
- You must deposit 10% of the loan amount into a business account before the loan is approved.
- Finance PEI staff determine if there is 'sufficient capacity' for your industry in your area, which can be a subjective barrier.
- Repayment terms are up to seven years. The official page does not say how the loan payments are spread out. Ask Finance PEI before you apply.
What are your odds?
Approval depends on your creditworthiness, the 10% equity requirement, and Finance PEI's assessment of industry capacity in your area.
Frequently asked questions
Can I use this loan for my restaurant or cafe?
No. Food and beverage services are explicitly excluded from this program.
Do I have to pay interest immediately?
Interest is charged at a floating rate of TD Bank prime plus 3%. Ask Finance PEI when interest starts and how payments are scheduled.
How much working capital can I get?
Working capital financing will not exceed $35,000 of the total loan amount.
Is there an application fee?
The official page does not list an application fee. Ask Finance PEI before you apply.
More funding by what it pays for
Funding for Accessibility
Grants for ramps, doors and washrooms may help pay for accessibility improvements.
Funding for Storefront Signage
Grants and loans that may help pay for new storefront signage.
Funding for Storefronts and Facades
Grants and loans that may help pay for storefront and facade work.
What you can combine it with
This program can be combined with the Down Payment Assistance Program or Energy Efficiency Loan Program if eligible.
Worth reading before you apply
Get alerted when this changes
Programs open and close, budgets run out, rules change. We send one short email when something changes that matters for this program.
Page last updated ; status and deadline checked . Source: official program page.