Micro-loans help P.E.I. businesses expand
HopYard owner says he couldn't have started business without government money
HopYard and PEI Inflatables are two examples of how the province's new micro-loan program has helped Island businesses grow, says Economic Development and Tourism Minister Heath MacDonald.
Earlier this year, Finance PEI introduced a new program that would provide loans of up to $15,000 for new and expanding businesses.
On Thursday, MacDonald got an update from two Island entrepreneurs — Brett Hogan and Dylan Sanderson — who took advantage of the support.
"It was very encouraging to see how quickly their businesses have grown," MacDonald said. "Meeting with them and hearing about their journeys to date was a rewarding experience."
Hogan, co-owner of of Charlottetown's newest craft beer bar and restaurant HopYard, received the first micro-loan and was also the first to repay the loan in full.
"We could not have started this business without the support of Finance PEI," Hogan said. "The loan was needed in the beginning stages to help with our start-up costs, in particular to purchase equipment."
Sanderson, owner of PEI Inflatables, a party equipment rental company, said he used the loan money to buy unique inflatables to add to its inventory of bouncy castles, slides and obstacle courses.
His company now employs six people during the peak summer months.
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