Rental Cost Assistance
Highlights
This program is designed for businesses like yours that are looking to expand or establish new production capabilities in Prince Edward Island. Why should you apply? The program offers a rental subsidy that can significantly reduce your operational costs, making it easier for you to grow your business.
What You Get
- Up to $6.00 per square foot rental subsidy for up to one year
- Lease terms up to five years in any community or PEI business park
- Support for leasing additional space to enhance your production capabilities
Why It’s Better
- Non-repayable government support covering up to 75% of eligible costs
- Monthly payments to ease cash flow management
- First-come, first-serve basis ensures timely processing of complete applications
How It Helps
- Reduces your rental costs, freeing up capital for other investments
- Supports long-term viability and export sales potential
- Creates economic benefits for both your business and Prince Edward Island
Applying is straightforward, and the program is tailored to support businesses in strategic sectors. This is a valuable opportunity to lower your expenses and invest in your business's future.
Financing Details
Type of Financing: Rental Subsidy
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates, as this is a subsidy.
Eligible Expenses:
- Cost of leasing additional space in any community in Prince Edward Island.
- Cost of leased space in a PEI business park (500 up to a maximum of 10,000 square feet).
Use of Funds:
- The funds can be used to cover rental costs for up to one year.
- The subsidy is up to $6.00 per square foot, excluding common area costs such as utilities, taxes, and inside maintenance.
Ineligible Uses:
- The funds cannot be used for common area costs such as utilities, taxes, and inside maintenance.
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:
- Retail and consumer service businesses.
- Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
- New project submissions from applicants in default on any reporting, project completion, or financial obligation to Innovation PEI.
Description
This program helps your business with rental costs. You can receive a subsidy of up to $6.00 per square foot for rental space. This applies to spaces between 500 and 10,000 square feet. The subsidy is available for up to one year.
You can use this money to lease additional space or to rent space in a PEI business park. The lease term can be up to five years. This can help you expand your production capabilities or start a new business.
The program covers up to 75% of eligible costs from all non-repayable government sources. This means you can save a significant amount on rental expenses, allowing you to invest more in other areas of your business.
Program Steps
Consult with an Innovation PEI Business Development Officer: Reach out to an Innovation PEI Business Development Officer for guidance on the suitability of your project and the application process.
Prepare Documentation: Gather the necessary documents to support your application. This includes:
- Business history and description
- Financial statements for the previous two years (for existing businesses)
- Completed business plan (for new businesses)
- Description of the proposed project or activity
- Detailed economic benefits to your organization and Prince Edward Island
- Cost estimates supported by written quotations
- Source of funds for the project
- Current market position and projected 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 on the project. Ensure all required information and supporting documents are included.
Review and Evaluation: Your application will be reviewed on a first-come, first-serve basis. It will be evaluated based on criteria such as space availability, long-term viability, export sales, management qualifications, economic benefit, environmental impact, and employment creation.
Acceptance of Terms: If your application is approved, you will receive a letter of offer stating the terms and conditions. Accept the letter of offer to constitute a contract between Innovation PEI and your business.
Provide Evidence of Occupancy: Submit satisfactory evidence of occupancy, such as a copy of the signed lease.
Proof of Payment: Provide proof of rental or lease payment, including cancelled rent cheques, payment receipts, or paid landlord invoices.
Performance Monitoring: Comply with any performance monitoring requirements set by Innovation PEI to ensure continued eligibility for the program.