Rental Cost Assistance
Highlights
The Rental Incentive Assistance program is a fantastic opportunity for your business in Prince Edward Island. It offers up to $60,000 in funding, covering 75% of your rental expenses. This means you can receive up to $6 per square foot per month for one year. Whether you're looking to lease additional space or rent in a PEI business park, this program can help you get started or expand your operations.
Why should you apply? First, it helps you manage one of your biggest expenses—rent. This means more cash flow for other important areas of your business. Second, the funding is non-repayable, so you don't have to worry about paying it back. This gives you the financial freedom to focus on growth and innovation. Plus, the application process is straightforward, and with continuous intakes, you can apply when you're ready.
What's in it for you? By securing this funding, you can establish a new office, retail outlet, or storage facility without the financial strain. This program is designed to support businesses in strategic sectors, boosting your export potential and long-term viability. It's an excellent way to grow your business while contributing to the economic development of Prince Edward Island.
Financing Details
Grant: The Rental Incentive Assistance program offers a non-repayable grant to cover rental costs. This financial support is aimed at helping businesses either start up or expand within Prince Edward Island.
Eligible Expenses: Funds from this grant can be used towards the cost of leasing additional space or leased space in a PEI business park. This includes a base rate of $6.00 per square foot, covering up to a maximum of 10,000 square feet.
Use of Funds: The grant must be specifically used for rental expenses and cannot be allocated towards other costs such as utilities, taxes, inside maintenance, or any common area costs. It is designed to directly support the physical expansion of business operations.
Fees: There are no application or processing fees associated with this grant. This ensures that all the funds granted can be fully utilized towards enhancing your business's operational space.
Qualifications
- Business must be located in Prince Edward Island (PEI).
- Business must be registered to conduct business and actively operating in PEI.
- Business must manufacture, process, or develop goods or services primarily for export.
- Business must operate within one of these 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.
- Business must not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
Disqualifications:
- Retail and consumer service businesses.
- Business with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
Description
The Rental Incentive Assistance program is designed to help your business in Prince Edward Island by covering rental costs. You can receive up to $60,000 in funding. This can cover up to 75% of your rental expenses. The program offers up to $6 per square foot per month for one year.
What can you use it for? You can use this money to lease additional space or rent space in a PEI business park. This is perfect if you're looking to start a new venture or expand your current operations. Whether you need a new office, a retail outlet, or extra storage, this program has you covered.
Why is this valuable? It helps you manage one of the biggest expenses—rent. This means more cash flow for other important areas of your business. Plus, the funding is non-repayable, so you don't have to worry about paying it back. This is a great opportunity to grow your business without the financial strain.
Program Steps
Consult with an Innovation PEI Business Development Officer.
This ensures your project is suitable for the program and helps identify any alternative funding options if needed.Prepare a detailed application.
Include the following documents:- Business history and description.
- Financial Statements for the previous two years (for existing businesses) or a completed business plan (for new businesses).
- Description of the proposed project or activity.
- Economic benefits to your organization and to Prince Edward Island.
- Estimated costs of the project, supported by written quotations.
- Sources of funds for the project (e.g., banks, government loans).
- Current market position and projected market growth.
- List of all shareholders and key management personnel.
Ensure no financial or legal commitments are made before submitting your application.
This protects your eligibility for the program.Submit your application.
Innovation PEI will review it on a first-come, first-serve basis. Your application is complete when all required information is submitted.If approved, accept the letter of offer.
This letter will serve as a contract between you and Innovation PEI.Provide evidence of occupancy and proof of rental/lease payment.
This can include a signed lease, cancelled rent cheque, payment receipt, or paid landlord invoice.
