Province hikes loan to music fest by $560,000
Cavendish Beach Music Festival Inc. loan with Finance PEI now $1,855,000
The P.E.I. government recently approved a $560,000 increase to Cavendish Beach Music Festival Inc.'s loan with Finance PEI.
Government officials said the re-financing brings the total amount of the loan to $1,855,000.
They said the extra money will be used for the company to buy land next to the festival site and for the construction of expanded facilities.
Provincial officials note Cavendish Beach Music Festival Inc. is a successful business and economic driver during the tourism season.
They call the increase in the loan a strategic investment in a rural-based event that brings in a lot of out-of-province visitors and creates activity vital to the Island tourism industry.
They said the extra money will help the operators expand and build infrastructure to better serve festival-goers.
Meanwhile, an announcement is scheduled for Thursday of a new international artist concert for the music festival site, known as the Cavendish Beach Events Centre.