Business in Canada: Holman Grand Hotel

Holman Grand Hotel: The program allowed potential immigrants a pathway to citizenship by putting up money for investment in a business in Canada. The federal government doled out that money to the provinces, which in P.E.I. amounted to $40 million to $45 million a year. , according to CBC. The P.E.I. government called that money the Century Fund. It has been used in recent years for several high profile projects. $16.3 million for the Holman Grand Hotel. $15 million for compressed natural gas generator at Cavendish Farms. $16 million for Wyman blueberry plant. The termination of a federal immigrant investor fund will cost P.E.I. tens of millions of dollars a year for business development and millions in revenue, say provincial officials. P.E.I. Finance Minister Wes Sheridan says the federal immigrant investment program was cancelled without consultation. Companies that borrow from the fund have to pay it back in five years, so it can be returned by Ottawa to the investors. (www.immigrantscanada.com). As reported in the news.