July 13, 2015 – Charlottetown, PE – Atlantic Canada Opportunities Agency
Small and medium-sized enterprises and entrepreneurs in the greater Charlottetown area will soon have access to a new program for business support. East Prince Development Inc., a non-profit development organization, is establishing strategic partnerships to get the word out on the urban loan program, referred to as the Seed Capital Initiative.
The Honourable Gail Shea, Minister of Fisheries and Oceans, on behalf of the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency), today joined Ron Holley, Executive Director, East Prince Development Inc., and Kathy Hambly, Executive Director of the Greater Charlottetown Area Chamber of Commerce, to announce government support for the program.
The Seed Capital Initiative will be a financial support mechanism for entrepreneurs in PEI’s urban centre. For those who qualify, capital funds will be available for the creation of small businesses and in the expansion and modernization of existing businesses. Similar access to capital and training is provided in the rural areas through the Community Business Development Corporation (CBDC) network. This initiative will fill a gap that existed in the urban area.
Quick Facts:
- The Government of Canada is providing a contribution of $488,750, over three years, through ACOA’s Business Development Program, to East Prince Development Inc. to administer and deliver the Seed Capital Initiative.
- The Seed Capital Initiative program will provide access to capital, the opportunity to leverage other financing, and offer cost effective training and counselling services to urban entrepreneurs.
- The program will be delivered in partnership with East Prince Development Inc., PEI’s central CBDC, and the Greater Charlottetown Area Chamber of Commerce along with the Charlottetown business community.
- The program is currently available and will run until March 2018.
Quotes:
“Our Government understands that partnership and collaboration are key components of business success. I am pleased to announce our Government’s support for a program that affords entrepreneurs greater access to capital and business training. Creating, modernizing and expanding businesses will result in a stronger economy across Prince Edward Island.”
- The Honourable Gail Shea, Minister of Fisheries and Oceans, on behalf of the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency)
"The Seed Capital Initiative program will facilitate access to capital and training dollars; two principal requirements to build and foster entrepreneurship and economic growth in the greater Charlottetown business community.”
- Mr. Ron Holley, Executive Director, East Prince Development Inc.
“Improving access to capital is a key priority of the Chamber’s Island Advance initiative. The SEED program provides another source of financing for entrepreneurs and we are extremely pleased to partner with East Prince Development Inc. and the Atlantic Canada Opportunities Agency to support the delivery of this program.”
- Ms. Wendy Drake, President, Greater Charlottetown Area Chamber of Commerce
Associated Links:
Contacts:
Kelsie Corey
Director of Communications
Office of the Honourable Rob Moore
Atlantic Canada Opportunities Agency
613-941-7241
Jana Parker
ACOA PEI and Tourism
jana.parker@acoa-apeca.gc.ca
902-314-0874
