Prince Edward Island Fish Emergency Loan.
The Government of PEI recently announced that it will be providing targeted financial support to fisheries and aquaculture operators on the Island who have been negatively impacted by COVID-19. Eligible and qualifying businesses will receive up to $25,000 in loans for financial support to make it through the season.
• PEIFEL is a term loan up to $25,000 to help eligible businesses in the fisheries and aquaculture sector to assist their business through the season
• The PEIFEL will have a 4.00% interest rate over 5 years
• The principal payments will be deferred for the first 18 months
• The Department of Fisheries and Communities will pay interest on behalf of the borrower for the first 18 months
Normal lending qualifications will apply to the PEIFEL your application will be reviewed by a commercial lending specialist once you complete the Online form below and you will be contacted within two business days on the next steps.
Please read the following terms and conditions carefully.
PURPOSE: Working Capital Loan pursuant to the Fisheries Assistance Loan Program, (FALP), to assist Fishers that have been negatively impacted by COVID-19.
TERM: The Loan has a term of five (5) years from the date of first disbursement. Interest payments on loans through this program will be made on behalf of the borrower from the Department of Fisheries and Communities for a period of 18 months from the 1st disbursement. Principal deferrals to match the same 18-month period will be applied If any portion of the Loan remains outstanding at maturity, the Loan, and any unpaid accrued interest, shall be immediately due and payable in full;
INTEREST RATE: Fixed at a rate of 4% for a term of 60 months. Interest is calculated daily, commencing on first disbursement; and paid monthly.
REPAYMENT: During the time period from approval through the first 18 months after 1st disbursement:
a) Interest shall accrue at the aforesaid rate of four (4%) per annum and be paid for on your behalf by the Department of Fisheries and Communities directly to the credit union;
b) Principal payments shall be deferred for the same 18-month period after 1st disbursement;
Commencing 19 months after the date of first disbursement, the Loan balance shall be repaid in equal monthly blended principal and interest installments. The balance of the said principal sum and interest thereon shall be due and payable 60 months after the date of first disbursement.
OAC: The Loan is granted to eligible Fishers on approved credit only.