Potato Stabilization and Innovation initiative
Highlights
This program is designed specifically for businesses like yours in Prince Edward Island's potato sector. It offers financial support to help you modernize and become more competitive. By investing in automation, technology, and improved storage, you can increase productivity and product quality. This program also supports market expansion and the development of value-added products, which can help diversify your business activities.
What's in it for you?
- Increased productivity through automation and technology
- Improved product quality and lifespan with better storage solutions
- Market expansion opportunities
- Development of new products using byproducts or processing waste
The financing provided by this program is backed by the government, making it a reliable source of support. It is designed to help you adapt to changing market conditions and secure the future growth of your business. The application process is straightforward, and your business is already qualified, making it easier for you to access these benefits.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Investing in automation and technology to increase productivity and competitiveness.
- Improving storage to enhance product quality and lifespan.
- Modifying packaging to meet market preferences.
- Developing equipment or technology to manage pests or disease.
- Creating value-added products, including those utilizing byproducts or processing waste.
- Investing in new markets or expanding existing ones.
Ineligible Uses of Funds:
- The funds cannot be used for expenses unrelated to the potato sector.
- Personal expenses or non-business-related costs are not covered.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a table or seed potato grower, or a key supplier to the potato sector operating on Prince Edward Island.
- Must be able to show impacts resulting from the imposed restrictions on the movement of P.E.I. potatoes.
OR
- Must be a non-profit organization or provincial entity providing support to the P.E.I. potato sector.
Description
This program offers your business a chance to receive funding for projects in Prince Edward Island’s potato sector. You can use this money to modernize your operations, adapt to market changes, and expand your activities.
You can receive funding for:
- Automation and technology to boost productivity and competitiveness
- Improving storage to enhance product quality and lifespan
- Modifying packaging to meet market preferences
- Developing equipment or technology for pest or disease management
- Creating value-added products, including those using byproducts or processing waste
- Investing in new markets or market expansions
This funding is available over two years (2022-23 and 2023-24). There is no payback period mentioned, making it a valuable opportunity to strengthen your business without immediate financial pressure.
By participating in this program, you can ensure your business stays competitive and ready for future growth.
Program Steps
Contact the ACOA PEI & Tourism Office: Reach out to discuss your project and ensure it aligns with the program's objectives. This initial conversation will help you understand the application process and any specific requirements.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Financial statements
- Business plan
- Proof of impacts from the imposed restrictions on the movement of P.E.I. potatoes
- Quotes for equipment or technology investments
- Details of intended use of funds (e.g., automation, storage improvements, packaging modifications)
Complete the Application Form: Fill out the relevant application form provided by the ACOA. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Send your completed application form and supporting documents to the ACOA PEI & Tourism office. Ensure you follow any specific submission guidelines provided during your initial contact.
Follow Up: After submission, stay in touch with the ACOA office to track the progress of your application. Be prepared to provide any additional information or clarification if requested.
Review and Approval: The ACOA will review your application to ensure it meets all criteria. This process may involve discussions or requests for further details.
Receive Funding: Upon approval, you will receive the funds to proceed with your project. Use the funds as outlined in your application to modernize, adapt, and grow your business.