Business Development Program: Benchmarking and Risk Management
The Benchmarking and Risk Management program has 2 purposes:
- to build the capacity of Prince Edward Island farmers to better understand their financial situation, know their costs of production, and benchmark their farm performance.
- to enhance the ability of Prince Edward Island farmers to respond to change and to assume responsibility for comprehensive risk management in their agricultural operations.
Who is eligible?
- Groups of Agricultural Producers (five or more)
- Agricultural industry organizations, clubs, and associations
- Others may be considered upon special request
Who is not eligible?
- For-profit businesses not involved in primary production, educational institutions, and the private sector
What activities are elible for funding?
- development of industry benchmarks for cost of production specific to Prince Edward Island farmers and commodities;
- production and on-farm integration of individualized, user-friendly financial reports, benchmarked to similar farm types and income ranges;
- projects that increase awareness of risk factors, or identify business risks and vulnerabilities, as well as training and tools for use by Prince Edward Island farmers to mitigate those risks.
What expenses are eligible?
Include but are not limited to consultant or trainer fees on an hourly basis, consultant or trainer costs, and other associated expenses
What expenses are not eligible?
Include charges for in-kind services and supplies, meals, and capital items. Note: meals for focus groups may be considered.
What funding assistance is available?
Amount of assistance offered will be based on the proposal submitted. Applicants are expected to contribute cash to the project. Due diligence in seeking least-cost providers is required.
The Program Evaluation Committee retains the right to refuse eligible project proposals through a ranking process, based on available funding. Adherence to program objectives and cost-benefit considerations will be part of the project selection process. Preference will be given to projects that demonstrate industry-wide benefits, and to first-time applicants.
How do I apply for funding?
Applicants must submit an application which includes a project proposal.
- statement of work that clearly demonstrates how the work will be undertaken;
- list of tasks to be completed, with the number of hours required for each task;
- start date and an end date for the project;
- list of deliverables, including a description of the methodology being employed, and cost, including a payment schedule.
- consultant’s or trainer’s resume and credentials
How do I submit a claim?
Applicants must submit a claim form to the Prince Edward Island Department of Agriculture and Fisheries with invoices and proof of payment, project report and evaluation.
Forward completed, signed application and claim forms to:
PEI Department of Agriculture and Fisheries
11 Kent Street, P.O. Box 2000
Charlottetown, PE C1A 7N8
Attention: Lynda MacSwain
When will this program end?
This program is effective April 1, 2013 and will terminate on March 31, 2018. This program may be altered or discontinued without notice by the Minister of Agriculture and Fisheries.
- Reports must be prepared and instruction must be given using generally accepted methodology, and all assumptions used must be clearly identified.
- Reports must include a written component, providing practical interpretation of the data or an overview of the instruction given, and making viable recommendations for suitable courses of action
Eligibility of all expenses is at the discretion of the Program Evaluation Committee.
Risk management tools must be pre-approved by the Program Evaluation Committee. Approval of projects submitted by groups is at the discretion of the Program Evaluation Committee.