Prince Edward Island Rural Action Centres — Business Guidance
Highlights
This program is designed specifically for businesses like yours in rural PEI. It offers a unique opportunity to access resources and support that can help your business thrive. By applying, you can benefit from a range of services tailored to meet your needs.
Why Apply?
- Comprehensive Support: Access to training, events, and expert advice to help you grow.
- Financial Assistance: Funding opportunities for community projects, non-profits, and indigenous organizations.
- Networking: Connect with other local businesses and community leaders.
What's in it for You?
- Tailored Financing: Flexible funding options that can be used for operating expenses, new equipment, and more.
- Expert Guidance: Workshops like Proposal Writing 101 to help you secure grants and other funding.
- Local Hubs: Convenient locations in Alberton, Montague, and Wellington for easy access to resources.
Qualifying for this program is straightforward, and being approved can provide the boost your business needs to succeed. Contact your local Client Information Officer today to learn more and start your application.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Training and development programs.
- Marketing and promotional activities.
- Research and development projects.
Ineligible Expenses:
- Personal expenses.
- Debt repayment.
- Real estate purchases.
- Salaries for existing staff.
Fees:
- No application fees.
- No processing fees.
Qualifications
- Must be a business located in Prince Edward Island (PEI).
- Must be situated in one of the following areas: West Prince, Evangeline, or Kings County.
Must be able to connect with one of the Rural Action Centres in Alberton, Montague, or Wellington.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business a chance to receive up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible uses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can get up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
This loan program is flexible. If you have made eligible purchases in the last 365 days, you can apply them to this loan.
You have various options to repay the loan. You can choose a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Contact Your Local Rural Action Centre: Reach out to the nearest Rural Action Centre in Alberton, Montague, or Wellington. You can call or email the Client Information Officer for initial guidance.
Gather Necessary Documentation: Prepare the following documents for your application:
- Business Plan
- Financial Statements (last two years)
- Proof of Business Registration
- Project Proposal (if applicable)
- Any other relevant documents as advised by the Rural Action Centre
Attend a Proposal Writing Workshop: Consider attending the "Proposal Writing 101" workshop to enhance your application. This can help you create a strong and compelling proposal.
Complete the Application Form: Obtain and fill out the application form provided by the Rural Action Centre. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation to the Rural Action Centre. You can do this in person, by mail, or electronically, depending on the Centre's guidelines.
Follow Up: After submission, follow up with the Rural Action Centre to confirm receipt and check the status of your application. Be prepared to provide additional information if requested.
Review and Approval: The Rural Action Centre will review your application. This may involve discussions or requests for more information. Once approved, you will receive details on the next steps and any funding or support provided.