Capital Acquisition Support
Highlights
This program is a great opportunity for your business to grow and become more competitive. It offers up to 25% of eligible costs, with a maximum of $25,000 in assistance. This financial support can help you invest in new technology, equipment, and infrastructure, reducing your risk and leveraging other financing options.
What You Get
- Up to $25,000 in financial assistance
- Support for machinery/equipment, renovations, or leasehold improvements
- Potential to cover up to 75% of eligible costs from non-repayable government sources
Why Apply?
- Reduce financial risk while expanding your business
- Increase capacity and competitiveness in your industry
- Boost export sales and long-term viability
- Create employment opportunities and contribute to the local economy
Applying is straightforward, and the program is designed to be accessible. By securing this funding, you can make significant improvements to your business, ensuring its growth and success in the competitive market.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment is required as this is a grant.
Eligible Expenses:
- Machinery and equipment
- Renovations or leasehold improvements directly related to the establishment of a new business or the expansion of an existing business
Use of Funds:
- Funds cannot be used for operational expenses, salaries, or any other non-capital expenditures.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be located in Prince Edward Island.
- Must be registered to conduct business and actively operating on Prince Edward Island.
- Must manufacture, process, or develop goods or services primarily for export.
Must operate within one of the following strategic sectors:
- Bioscience
- Aerospace and defence
- Advanced manufacturing and processing
- Renewable energy and clean technology
- Information and communications technology
- Creative and cultural industries
- First-of-its-kind exportable goods or services in other sectors may be considered.
Disqualifications:
- Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
- Applicants in default on any reporting, project completion, or financial obligation to Innovation PEI until a resolution to the default is reached.
Description
This program offers your business financial support to invest in technology, equipment, and infrastructure. You can receive up to 25% of your eligible costs, with a maximum of $25,000 in assistance. This funding can help you grow your business, increase capacity, and stay competitive.
Eligible expenses include:
- Machinery and equipment
- Renovations or leasehold improvements
The funding can be used to establish a new business or expand an existing one. This program is designed to reduce your financial risk and help you leverage other financing options.
Key benefits:
- Non-repayable funding: You do not need to pay back the assistance.
- Up to 75% project funding: Combined with other non-repayable government sources, you can cover up to 75% of your project costs.
- Economic benefits: The program aims to boost your business's long-term viability and contribute to the local economy.
By participating in this program, you can make significant improvements to your business operations and enhance your market position.
Program Steps
Consult with an Innovation PEI Business Development Officer: Reach out to an Innovation PEI Business Development Officer for guidance on your project’s suitability and the application process.
Prepare Documentation: Gather the following documents:
- Business history and description
- Financial Statements for the previous two years (for existing businesses)
- Completed business plan (for new businesses)
- Detailed description of the proposed project or activity
- Economic benefits to the organization and Prince Edward Island
- Estimated costs of the proposed project (supported by written quotations)
- Source of funds for the project (e.g., lending institutions, banks, government loans/grants)
- Current market position and projected market, including any increases in market share
- List of all shareholders and key management personnel
Submit Application: Complete and submit the application form before making any financial or legal commitments related to the project.
Review and Acceptance: If your application is approved, review and accept the letter of offer from Innovation PEI, which will outline the terms and conditions of the approval. This letter will serve as a contract between you and Innovation PEI.
Project Implementation: Once the letter of offer is accepted, proceed with the project as outlined in your application.
Performance Monitoring: Be prepared for Innovation PEI to monitor the project’s performance as per the terms and conditions stated in the letter of offer.