The PEI Business Women’s Association has opened applications for its annual Micro Grant Program, which offers women-led businesses the chance to win $500 of non-dilutive, non-repayable funding.

The competition is open to PEI residents who are members of the Business Women’s Association. In addition to the cash, the winners will receive “business skills support,” although a written statement from the association did not specify what that would entail.

“It’s remarkable what a modest amount of financial and advisory support can do in the hands of resourceful women in business,” said Business Women’s Association Executive Director Margaret Magner in the statement. “We’re looking forward to seeing that process unfold again this year.”

The statement added that there will be two to four winners, depending on the number and quality of applications. The grant money is being provided by PEI Credit Unions.

Winning entrepreneurs will receive 75 percent of the money when they are selected and the remaining 25 percent after they submit a “completion report” detailing how they have used the funding. The winners will also be invited to give a presentation about how they used their grant at the association’s annual general meeting.

Interested entrepreneurs can apply here. The deadline is July 19.