Lobster Holding Assistance
The Live Lobster Holding Assistance is designed to address space issues and to manage the market supply of live and processed lobsters on PEI. Through this program, government can provide financial help for the building and growth of land based live lobster holding facilities.
Am I eligible?
To be eligible, you must be existing participants in the PEI Lobster Fishery as a processor, commercial fisher or buyer, and be a registered sole proprietorship, partnership, cooperative or corporation.
What activities will this assistance support?
Your project must lead to a growth in land based holding space of live lobsters within PEI. The proposed holding system must use proven technology and comply with all applicable regulatory requirements.
Eligible activities include:
- Purchase of equipment, tanks and installation costs.
- Leasehold improvements, expansions and new construction.
- Professional services relating to design, technical assessment and/or implementation.
Activities which are not supported are:
- The purchase of land or existing facilities will not be supported.
Levels of Assistance
A 10% non-repayable contribution towards eligible project costs, to a maximum contribution of $50,000 per company, during a 12 month period.
Only one application per project will be considered and any second or subsequent applications will not be accepted while an approved project is in progress. Further, the maximum approval amount to one company will not exceed $50,000 during a 12 month period.
Your project must be supported by a comprehensive business plan that supports the feasibility of the proposed system, includes market research, and identifies the overall effect the project will have on the PEI Lobster Industry.
Application must be submitted before any financial or legal commitment is made on the project.
*This information is provided for information purposes and is not comprehensive and reflective of all Innovation PEI policies. Not all projects meeting the minimum assistance criteria outlined will receive funding. Please consult with an Innovation PEI staff member for guidance specific to your company's situation.
General Contact Information
Innovation PEI specializes in providing one-on-one business advisory services. Our qualified staff can also provide information regarding most business development supports offered by government agencies across Prince Edward Island. Application forms and additional information can be obtained from Innovation PEI.
94 Euston Street, PO Box 910
Charlottetown, PE C1A 7L9
Telephone: (902) 368-6300
Facsimile: (902) 368-6301