Regional Product Development Fund

Regional tourism associations may be eligible to receive provincial financial assistance to develop new PEI tourism products. Regional Product Development Fund investments are non-repayable contributions intended to strengthen Prince Edward Island’s tourism regions. Projects supported by the Fund will directly develop or enhance products, identified in the Prince Edward Island Strategy for Tourism Competitiveness, to become self-sufficient.

Who is eligible for the Regional Product Development Fund?

Only the Regional Tourism Associations (North Cape Coastal Area Tourism Partnership, Tourism Summerside, Central Coastal Tourism Partnership, Tourism Cavendish Beach, Discover Charlottetown and Island East Tourism Group) are eligible to apply to this fund.

How does the application process work?

Applications for the Regional Product Development Fund will be evaluated based on the following:

  • Project supports the objectives of the Prince Edward Island Strategy for Competitiveness
  • Project supports the further development of Prince Edward Island primary tourism products identified in the Strategy
  • Project extends visitor length of stay, especially in non-peak visitation periods
  • In the case of major festivals and events, the potential for the new event to attract significant off-Island visitation. Include an estimate of “off-Island” and “on-Island” visitation and tracking methods
  • Availability of research that supports public sector investment in the project and a return on investment (ROI ) analysis that justifies public sector support
  • Project strengthens the region’s ability to attract new visitors
  • Detailed financial plan that demonstrates private sector and community support to incremental sustainability and benefits to PEI's Tourism industry.

What revenue and expense information should I include in the financial plan?

You should include the following Revenue and Expense information, if applicable:

Revenue

Public Sector Revenues:

  • Province of PEI
  • Economic Development & Tourism
  • Workforce and Advanced Learning
  • Jobs for Youth
  • ACOA
  • Heritage Canada
  • Municipal

Private Sector Revenues:

  • Sponsorship (cash)
  • Sponsorship (in-kind)

Event Revenues:

  • Ticket revenue:
  • Event A
  • Event B
  • Merchandise
  • Food
  • Drink
  • In Kind
  • Volunteer
  • Vendors
  • Accommodations
  • 50/50 Draws

Other

Total Revenues

Expenses

  • Programming
  • Equipment rental
  • Transportation
  • First aid
  • Volunteer
  • Security
  • Insurance
  • Environmental Health
  • Permits/licences
  • Merchandise
  • Food
  • On-site supplies
  • Garbage removal
  • Admin/bank/postage
  • Mileage
  • Courier
  • Coordination
  • Marketing/Promotion
  • On-site signage
  • Website
  • Brochure
  • Rack card
  • Artwork
  • Print
  • Radio
  • Web ads
  • Social media
  • Tickets
  • Press Conference
  • Other

Total Expenses

Net profit/loss

Is there a deadline to apply to the Regional Product Development Fund?

  • Applications should be received by March 1st.
  • Once you are approved, you will receive an advance equalling 60 percent of approved funding.
  • The balance may be claimed on or before March 31st of the fiscal year the project is approved.
  • You must submit a financial statement, activity report and project evaluation to receive funding.

How do I apply for the Regional Product Development Fund?

Fill out the Regional Product Development Fund form and return to the address below.

Who can I contact for more information about the Regional Development Fund?

Janet Wood
Manager, Product Development
Tourism PEI
PO Box 2000
Charlottetown, PE  C1A 7N8

Telephone: (902) 368-5508
Fax: (902)368-4438
E-mail: jewood@gov.pe.ca

Published date: 
June 17, 2015
Economic Development and Tourism department logo

General Inquiries

Department of Economic Development and Tourism
3rd Floor North, Shaw Building
105 Rochford Street
PO Box 2000
Charlottetown, PE C1A 7N8

Phone: (902) 368-5540
Fax: (902) 894-0342

tpswitch@gov.pe.ca