P.E.I. launches new micro-loan program for entrepreneurs

A new micro-loan program is available for P.E.I. entrepreneurs from the provincial government.

Heath MacDonald, minister of Economic Development and Tourism Minister saidthe potential entrepreneurs can receive up to $15,000 to help with their business ideas.

"The loan program basically is open to anyone and we've done that, because we felt there was a gap at the lower end of the grassroots level of trying to get people with good ideas out in the mainstream business world," said MacDonald.

"We have a lot of people who may be doing things in their basement and we feel that something like this may get them to the next level."

The micro-loans are available for trades, qualifications recognition, small-scale food production, business start-up and winter production financing.

MacDonald says he hopes the small loans to entrepreneurs will help P.E.I.'s economy.

A $1 million cap is being put on the program and the province plans to review it each year to see the cap should change.