Strategic Improvement Assistance
Highlights
This program is designed to help your business become more productive, profitable, and competitive. By providing up to 40% of eligible costs, with a maximum of $20,000 per project, it supports strategic activities such as improving operational efficiencies, internal planning, and quality assurance. You can apply for up to two projects per year, giving you the flexibility to address multiple areas of improvement.
What You Get:
- Funding for professional expertise to enhance productivity, quality, and environmental management.
- Support for integrating effective tools for communications, transactions, and operations.
- Assistance with human resource strategies and workflow studies.
- Advice on intellectual property and renewable energy strategies.
This funding is non-repayable, making it a more attractive option compared to traditional loans. Approval can significantly boost your business's long-term viability and competitiveness, while also providing economic benefits to Prince Edward Island. The application process is straightforward, and guidance is available to ensure your project aligns with program goals.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a non-repayable grant. There are no repayment terms or interest rates.
Eligible Expenses:
- Costs for engaging outside professional expertise.
- Expenses related to assessment, planning, design, and implementation of projects.
- Activities aimed at improving operational efficiencies, internal planning or processes, and quality assurance.
- Examples include:
- Strategies to improve productivity, quality, food safety, or environmental management.
- Integration of effective tools for communications, transactions, operations, and management.
- Human resource strategies.
- Workflow study, production planning, and logistics planning.
- Renewable/clean energy integration, energy use reduction, and environmental impact improvements.
- Intellectual property advice, planning, and strategy.
Ineligible Expenses:
- Purchase of capital equipment. Support for this may be available through other Innovation PEI programs.
Fees:
- There are no fees associated with this grant 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:
- Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
- Applicants in default on any reporting, project completion, or financial obligation to Innovation PEI until a resolution to the default is reached.
Description
This program helps your business become more productive, profitable, and competitive. You can get up to $20,000 to cover costs for hiring outside experts. These experts can help with improving operational efficiencies, internal planning, or quality assurance.
Eligible activities include:
- Strategies to improve productivity, quality, or environmental management.
- Plans to integrate effective tools for communications, transactions, operations, and management.
- Human resource strategies.
- Workflow studies, production planning, and logistics planning.
- Strategies for renewable/clean energy integration and environmental impact improvements.
- Intellectual property advice and planning.
The program covers up to 40% of eligible costs. You can apply for up to two projects per year, with a total maximum of $20,000 in assistance. This funding is non-repayable, and combined funding from all sources cannot exceed 75% of eligible costs.
This is a great opportunity for your business to gain expert advice and improve your operations without a heavy financial burden.
Program Steps
Consult with an Innovation PEI Business Development Officer: Reach out to a 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. You will need:
- A detailed 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 information on the economic benefits to your organization and Prince Edward Island.
- 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 your business's current market position and projected market.
- A list of all shareholders and key management personnel.
Outline Project Details: Clearly describe the proposed project or activity, including how it relates to your products and/or services, and the expected economic benefits.
Submit Application: Complete and submit the application form before making any financial or legal commitments on the project.
Review and Acceptance: If your application is approved, review and accept the letter of offer from Innovation PEI, which will outline the terms and conditions of the approval.
Project Implementation: Once the letter of offer is accepted, proceed with the project as outlined in your application, ensuring all activities align with the approved plan.
Performance Monitoring: Be prepared to provide updates and reports as required by Innovation PEI to monitor the progress and performance of the project.