Apply for McCain Foods Adjustment Fund
The McCain Foods Adjustment Fund (the “Fund”) has been created to help the Albany / Borden-Carleton area with reducing the lost employment and economic impacts resulting from the closure of the McCain french fry processing facility in Albany, PEI.
The Fund will support new and incremental economic development activities for the region. The creation of quality employment opportunities will be the main measure of evaluating the success of the fund, however other projects that contribute to the economic capacity of the area will also be considered.
Who is eligible for funding?
Businesses, community, and non-profit organizations can apply to the Fund for conditional non-repayable contributions towards projects that meet the objective of the fund.
Projects must take place within the Albany, Borden-Carleton region. In the case of projects that do not have physical assets, it must be clearly demonstrated that the defined region will directly benefit from the activities to be undertaken.
What activities will be funded?
Projects must be incremental in nature and must enhance the capacity and sustainability of the applicant (for example: general repairs and maintenance would not be considered an eligible activity).
Eligible projects will consist of:
- New business start-ups that demonstrate sustainable employment opportunities and incremental economic activity for the region.
- Business expansions that demonstrate sustainable employment opportunities and incremental economic activity for the region.
- Infrastructure upgrades that directly enhance the ability of the region to attract and grow economic activities.
- Research and Development projects that have the potential to enhance the ability of the region to attract and grow economic activities.
- The fund may also be used to support existing sustainable economic development initiatives.
Contribution to projects will be based on the potential economic impact provided to the defined region, and the Province as a whole through:
- Enhanced infrastructure that supports economic growth
- New and expanding export markets
- Innovative technologies
What are the application requirements?
Applications must be fully defined, and supported by documentation that clearly demonstrates the sustainability of the project and the stated economic impacts.
What is the application deadline?
The deadline for the first review of project submissions is March 24, 2017. Applications received after this date will be reviewed on an on-going basis, pending the availability of funds.
Director of Economic Development, Summerside Region
Tel: (902) 436-2246