Innovation PEI Small Business Assistance
Highlights
This program is designed to help your business thrive in Prince Edward Island. You can receive up to $4,000 in financial assistance over a 24-month period. This funding can cover up to 50% of eligible costs, making it easier for you to invest in crucial areas like business planning, market research, and operational efficiencies.
Key Benefits:
- Professional fees: Up to $2,500 for business plans or market research.
- Operational improvements: Up to $5,000 for projects related to internal planning, quality assurance, and more.
- Marketing support: New businesses can get up to $5,000 for marketing and promotion activities.
By applying, you can enhance your business's productivity and competitiveness. The application process is straightforward, and support is available to guide you through it. This program offers a unique opportunity to access non-repayable funds, which can significantly reduce your financial burden and help your business grow.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates applicable.
Eligible Expenses:
- Professional fees for business plans or market research (up to $2,500).
- Professional fees for projects related to operational efficiencies, internal planning, or quality assurance (up to $5,000).
- Marketing and promotion costs for new businesses (up to $5,000).
Ineligible Expenses:
- Purchase of capital equipment.
Fees:
- No fees associated with the program.
Qualifications
- Must be located in Prince Edward Island.
- Must be registered to do business in Prince Edward Island (business registration may not be required for business planning support).
- Must be actively operating on PEI.
Must be the primary source of income for the applicant or employ at least one employee (minimum of 560 hours).
Disqualifications:
- Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
- Fishers, farmers, and realty companies (including commercial/residential landlords and developers).
- Banks and financial companies, including pawnbrokers, payday loan, cheque cashing, and white label cash machines.
- New project submissions from applicants in default on any reporting, project completion, or financial obligation to Innovation PEI.
Description
This program is designed to help your business grow and succeed. You can receive financial assistance covering 50% of eligible costs, up to a maximum of $4,000 over a 24-month period. This support can be used for various activities that improve your business operations.
Eligible costs include:
- Professional fees for business plans or market research, up to $2,500.
- Operational efficiencies, internal planning, or quality assurance projects, up to $5,000. Examples include integrating IT tools, creating HR policies, or conducting workflow studies.
If your business is new (within the first 12 months of operation), you can also get support for marketing and promotion costs, up to $5,000. This can cover expenses like signage, ad placements, or creating promotional materials.
This program is a great opportunity to enhance your business’s productivity and competitiveness. It provides the financial support needed to plan effectively and implement improvements, ensuring your business can thrive.
Program Steps
Consult with an Innovation PEI Business Development Officer: Reach out to an officer for guidance on the suitability of your project and the application process. They can provide insights and recommend alternative funding programs if necessary.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Business registration number and date of incorporation (if applicable)
- Description of business operations
- Detailed business information
- Estimated costs of the proposed project (supported by written quotations)
- Detailed description of the project and its benefits to the business
- Consultant’s proposal(s) and study’s terms of reference (if applicable)
Complete the Application Form: Fill out the application form with all required information. Ensure that all sections are completed accurately to avoid delays in processing.
Submit the Application: Submit your completed application form along with all supporting documentation. You can apply online, request a printable application form, or submit a hardcopy application by mail or fax.
Await Review and Approval: Your application will be reviewed on a first-come, first-serve basis. Ensure that all required information is submitted to avoid delays. The review will consider the level of assistance from other government programs and the availability of program funds.
Accept Terms and Conditions: If your application is approved, you will need to accept the full terms and conditions of the assistance. This acceptance, along with your application and request for payment, will form a contract between you and Innovation PEI.
Receive Funding and Implement Project: Upon approval and acceptance of terms, you will receive the financial assistance. Use the funds to implement your project as outlined in your application.