Effective April 1, 2021, we have updated the assistance available for business. The changes were made to streamline programs and better align with the growing needs of Island businesses.
Effective April 1, 2021, we have updated the assistance available for business.
The changes were made to streamline programs and better align with the growing needs of Island businesses.
We’ve introduced four new programs:
Equity Investors Incentive – to provide businesses with a tool to attract private sector investment from an expanded pool of qualified investors.
Innovation Fund – to assist businesses to develop and bring a new product, service, or process to market, with a focus on later stages when support from other funding sources is limited.
Strategic Improvement Assistance – to support businesses with strategic activities to improve productivity, profitability and competitiveness in the global market, includes activities previously supported under several separate programs.
Small Business Assistance – to increase support to small businesses that exclusively serve the local market, Small Business Assistance supports activities related to internal planning and processes, including many of the activities previously supported under separate programs. A new business is also eligible for support for marketing and promotion activities.
What else is new?
We’ve made changes to these programs:
Capital Acquisition Assistance - the maximum grant has been increased from $10,000 to $25,000, based on 25% of eligible costs.
Export Trade Assistance – combines the former Trade Mission Support and Incoming Buyers programs, formalizes the addition of virtual events, and adds marketing costs directly related to Global Trade Services organized events and activities. The maximum grant for Incoming Buyers has been increased from $2,250 to $3,000.
Marketing Assistance – updated eligible activities, excludes costs eligible under Export Trade Assistance and adds a provision for increased maximum funding per project by increasing the time required between applications.
PEI Labour Rebate - name change, previously titled “Innovation and Development Labour Rebate”; all other program details remain the same.
Web Presence Assistance - The maximum grant has increased from $500 to $2,500.
Ready to find out more? Please visit our Financial Assistance page to review details for these and all Innovation PEI programs.
We're here to help you
Our goal is to build a stronger Prince Edward Island by helping businesses create sustainable employment opportunities.
In order to reach our objectives, we offer financial assistance to promote:
- Business Development
- Export Development
- Research and Innovation
- Job Creation
- Business Improvement and Expansion
How can we help?
Contact us to see how we can help you get started.