Government will disclose more loans under new policy
Islanders will now have greater access to information on government loans thanks to a new policy being implemented immediately.
Moving forward all loans approved by Finance PEI and Island Investment Development Inc. with a cumulative value over $100,000 will be disclosed publicly on the internet once approved.
“We promised to be more transparent and accountable to Islanders during the election campaign and today we take another step in those efforts,” Economic Growth, Tourism and Culture Minister Matthew MacKay said.
“By making this information public we give Islanders even greater opportunity to see how their tax dollars are being invested for the benefit of businesses across the province. Loans are incredibly important to businesses and the economy, and they help to provide meaningful jobs for Islanders”
The new policy is now in place. It will not apply to previous loans made by government. When a loan receives approval, the name of the borrower, the name of the lender, the amount, the interest rate, the term, and a general comment about the use of funds will be posted to the Finance PEI website.
Finance PEI will also work with borrowers to allow additional information to be disclosed on a case by case basis.
“I applaud Minister MacKay and the staff in his department for making this important policy change to improve transparency,” Premier Dennis King said.
“I encourage the other Ministers to look at what steps they can take to ensure Islanders are informed about the way their tax dollars are being invested.”
Get the most recent disclosures on the Proactive Disclosure webpage.
Provincial financing assistance has proven to be an essential support for business growth across Prince Edward Island. Provincial loans help nearly 900 Island businesses with close to $400 million in financing; the vast majority of which supports entrepreneurs and primary producers in rural communities. Provincial lending programs also make money and return about $4 million in profit annually.
Economic Growth, Tourism and Culture