P.E.I. offers businesses millions to offset the impact of U.S. tariffs

Prince Edward Island Premier Rob Lantz is unveiling new initiatives to assist businesses in coping with the impact of U.S. tariffs. The province has introduced a $10-million program offering businesses up to $500,000 in loans at a four per cent interest rate over seven years. The government anticipates that interest payments will only occur during the first two years.

In addition to the loans, Innovation PEI will provide $50,000 grants to businesses seeking to explore new markets, supply chains, and increase trade. The estimated cost of this program is approximately $2.5 million.

The U.S. recently imposed 50 per cent tariffs on approximately $28 billion worth of Canadian goods following the breakdown of trade negotiations between the two nations. Premier Lantz emphasized that the province is taking action, in collaboration with federal partners, to alleviate the immediate consequences, safeguard jobs on the Island, and equip businesses with the necessary resources to adapt to the changing situation.

He also expressed a commitment to continue listening, responding, and advocating for Prince Edward Island.