Marketing Support Program
Highlights
This program is designed for businesses like yours in Prince Edward Island, helping you cover marketing costs to expand your reach and boost sales. You can receive up to 40% of eligible marketing expenses, with a maximum of $16,000. This funding can be used for various activities, including market research, advertising, e-commerce strategies, and attending trade shows.
Why should you apply? This program offers significant financial support, reducing your out-of-pocket expenses for essential marketing activities. Unlike other financing options, this assistance is non-repayable, meaning you won't have to worry about paying it back. Additionally, the program evaluates applications on a first-come, first-serve basis, making it easier to secure funding if you apply promptly.
What's in it for you? By being approved, you can enhance your marketing efforts, reach new markets, and ultimately increase your sales. The application process is straightforward, and Innovation PEI provides guidance to ensure your project aligns with the program's goals. This is a valuable opportunity to grow your business with the support of government funding.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates, as this is a grant.
Eligible Expenses:
- Market research (primary, qualitative, or quantitative)
- Design and development of new advertising and promotional materials
- New export-oriented advertising or promotional campaign execution
- Implementation of e-commerce or digital strategy
- Development of virtual/digital content and marketing materials
- Attendance and exhibition at appropriate trade shows and events (including virtual events) for up to two participants per event
- Market investigation
Ineligible Expenses:
- The funds cannot be used for any activities or costs not directly associated with marketing and export plans.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be located in Prince Edward Island.
- Must be registered to do business and actively operating in 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.
- Businesses in default on any reporting, project completion, or financial obligation to Innovation PEI.
Description
This program helps your business with marketing costs to boost your sales and expand your market reach. You can get up to 40% of your eligible marketing expenses covered, with a maximum of $16,000 over a 12-month period. You can apply for this amount through two separate applications if needed.
Eligible activities include:
- Market research
- Creating new advertising and promotional materials
- Launching new export-oriented advertising campaigns
- Implementing e-commerce or digital strategies
- Developing virtual/digital content and marketing materials
- Attending and exhibiting at trade shows and events, including virtual ones
The program is designed to support your business in entering new markets and increasing sales. The funding is non-repayable, meaning you don't have to pay it back. This can significantly reduce your financial burden and help you focus on growing your business.
Program Steps
Consult with an Innovation PEI Business Development Officer: Contact an Innovation PEI Business Development Officer to discuss the suitability of your project and get guidance on the application process.
Prepare Business Documentation: Gather the necessary documents to support your application. You will need:
- A history and description of your business
- Financial Statements for the previous two years (for existing businesses)
- A completed business plan (for new businesses)
- A description of the proposed project or activity
- Detailed description of the economic benefits to the organization and to Prince Edward Island
- Detailed information on the estimated costs of the proposed project or activity, supported by written quotations
- Source of funds for the project (e.g., lending institutions, banks, government loans and/or grants)
- Explanation of the business's current market position and projected market, outlining any increases in market share
- A list of all shareholders and key management personnel
Submit the Application: Complete and submit the application form along with all the required documentation to Innovation PEI. Ensure that your application is thorough and all information is accurate.
Application Review: Innovation PEI will review your application on a first-come, first-serve basis. They will evaluate your application based on criteria such as long-term viability, export sales, qualifications of managers, economic benefit to the province, and other factors.
Acceptance of Letter of Offer: If your application is approved, you will receive a letter of offer stating the terms and conditions of approval. Accept the letter of offer to formalize the contract between your business and Innovation PEI.
Project Implementation: Once the contract is in place, proceed with implementing your project as outlined in your application. Keep detailed records of all expenses and activities related to the project.
Performance Monitoring: Innovation PEI may require regular updates and reports on the progress of your project. Ensure you comply with all monitoring requirements and provide any requested information promptly.