Self-Employ PEI
Highlights
This program is designed to support new entrepreneurs like you. It offers financial support and business counselling during your first year of operation. This means you can focus on growing your business with the confidence that you have expert guidance and financial backing.
What You Get
- Weekly living allowance or EI benefits to support your personal expenses
- $1,000 consulting grant to help with professional advice
- Business counselling to guide you through your first year
Why Apply?
- Financial Stability: Receive a steady income while you build your business.
- Expert Guidance: Access to business counselling ensures you make informed decisions.
- Flexible Financing: The program offers a combination of living allowances and grants, making it more adaptable to your needs compared to traditional loans.
Ease of Qualification
The program is designed to be accessible. If you meet the basic criteria, you have a good chance of qualifying. This makes it easier for you to get the support you need to succeed.
Financing Details
Type of Financing:
- Weekly Living Allowance or EI Benefits: You will receive a weekly living allowance or Employment Insurance (EI) benefits, or a combination of both, during the first year of your business operation.
- Consulting Grant: You may also be eligible for a $1,000 consulting grant.
Eligible Expenses:
- Business start-up costs
- Operational expenses during the first year
- Consulting services (up to $1,000)
Use of Funds:
- The funds can be used to cover living expenses while you focus on your business.
- The consulting grant can be used to hire professional services to support your business development.
Restrictions on Use of Funds:
- The funds cannot be used for expenses incurred before the approval of your application.
- The funds cannot be used for personal expenses unrelated to the business.
Fees:
- There are no fees associated with applying for or participating in this program.
Qualifications
- Must be unemployed and seeking full-time employment.
- Must be legally authorized to work in Canada (Canadian citizen or permanent resident).
- Must have a current claim for Employment Insurance (EI) benefits, or
- Must have had an EI claim whose benefit period ended within the previous 60 months, or
- Must be an unemployed person who paid EI premiums in at least 5 of the last 10 years without being entitled to a refund.
Must not have started the operation of the new business prior to program approval.
Disqualifications:
- Businesses that have already started operations before submitting an application for the program.
Description
This program offers financial support and business counseling to help you start your own business. During your first year, you will receive a weekly living allowance or EI benefits, or a mix of both. This ensures you have a steady income while you focus on your new venture.
You may also be eligible for a $1,000 consulting grant. This can be used to get expert advice and improve your business operations. The program requires you to dedicate at least 35 hours each week to your business, ensuring you have the time to make it successful.
This support is designed to help you build a sustainable business. With the financial backing and expert guidance, you can confidently navigate the challenges of starting a new business.
Program Steps
Attend an Information Session:
- Register for a Self Employ PEI Information Session.
- Sessions are held every Friday from 10 am to 11 am via Microsoft Teams.
- Register by noon the day before the session.
Meet with a Program Officer:
- After attending the Information Session, set up a meeting with a Program Officer/Case Manager.
- Complete a needs assessment and develop a Return to Work Action Plan.
Prepare Documentation:
- Gather the following documents:
- Return-to-Work Action Plan
- Self Employ Suitability Assessment questionnaire
- Self Employ PEI Application for Funding
- Detailed business plan
- Proof of investment or financing
- Resume
- Gather the following documents:
Complete the Application:
- Fill out the Self Employ PEI Application for Funding.
- Ensure all required documents are included.
Submit Your Application:
- Send your completed application package to SkillsPEI for review.
- Make sure your business has not started operations before submitting the application.
Await Confirmation:
- SkillsPEI will review your application.
- Once approved, you will receive confirmation and can proceed with opening your business.