Export Assistance Program
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. These funds can be used for a variety of needs, including operating expenses, restorations, new equipment, and software. This flexibility allows you to address the specific needs of your business.
The key advantage of this program is that it is backed by the government, providing you with a sense of security and reliability. You also have the freedom to choose how you repay the loan, with terms extending up to 15 years. This makes it easier to manage your finances and plan for the future. Qualifying for this program is straightforward, making it accessible and beneficial for your business growth.
Financing Details
Type of Financing: This program offers a Grant.
Eligible Expenses:
- Marketing and promotional activities.
- Participation in international trade shows and missions.
- Development of export plans and market research.
- Costs associated with obtaining international certifications.
Use of Funds: The funds can be used for:
- Hiring consultants for market research and export planning.
- Designing and producing marketing materials.
- Travel expenses related to international trade shows and missions.
- Fees for obtaining necessary certifications for international markets.
Restrictions on Use of Funds:
- The funds cannot be used for regular operational costs such as rent, utilities, or salaries not related to export activities.
- The grant cannot be used for purchasing inventory or capital assets.
Fees: There are no application or processing fees associated with this grant program.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business a chance to receive up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs, like software or operational expenses, you can get up to $150,000.
The federal government backs 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a mix of both.
You have up to 15 years to repay the loan, no matter what you spend it on.
Program Steps
Gather Necessary Documentation: Prepare the following documents to complete your application:
- Business registration details
- Financial statements (last two years)
- Business plan
- Tax returns (last two years)
- Proof of business address
- Identification documents for business owners
Complete the Application Form: Fill out the application form available on the program's official website. Ensure all information is accurate and complete.
Attach Required Documents: Attach the prepared documents to your application form. Double-check to make sure all required documents are included.
Submit the Application: Submit your completed application form and attached documents through the designated submission portal or via mail, as specified by the program guidelines.
Confirmation of Submission: After submitting, you will receive a confirmation email or notification. Keep this for your records.
Follow Up: If you do not receive a response within the specified timeframe, follow up with the program's support team to check the status of your application.
Await Approval: The program administrators will review your application. This may take several weeks. Be prepared to provide additional information if requested.
Receive Approval and Next Steps: Upon approval, you will receive instructions on the next steps, including any agreements to sign and how to access the program benefits.