NWEF: Business Growth Component
The purpose of the Business Growth Component is:
- to support the continued growth and development of businesses operating in the Hermanville/Clearspring geographical region.
What are the application requirements?
- Applications to the Business Growth Component must be submitted to the Department of Agriculture and Fisheries –Rural Development Division.
- Innovation PEI will review and provide comments on the business development applications
Who is eligible for funding?
- Applicants operating a registered business in the NWEF geographical region are eligible for assistance.
What activities will be funded?
- Projects in primary industries (fishing, farming, aquaculture, and forestry) are ineligible for assistance.
- Activities which are in addition to the regular activities of the primary industry sector or incremental to the region may be eligible for assistance.
What is eligible for funding?
Eligible activities may include (but are not limited to):
- purchase of equipment;
- marketing and promotional expenditures (maximum $5,000 lifetime contribution per business)
What is ineligible for funding?
Ineligible activities may include (but are not limited to):
- motor vehicle purchases
- land acquisition or development
- capital assets required for primary industry activities (processing activities may be allowed)
- cost of product samples used for promotions or donations.
What funding assistance is available?
- Up to 50 per cent of the cost of equipment or lease improvements directly related to the establishment of a new business up to a maximum of $10,000
- Up to 50 per cent of the cost of equipment or lease improvements directly related to the expansion of an existing business up to a maximum of $10,000
- Up to 50% of the costs associated with third party marketing costs (to a lifetime maximum of $5,000 per business)
- Applicants will normally be assisted to the $10,000 maximum once over the life of the program.
What is the claim process?
- Advances of up to 50% may be made on approved projects at the time when the project has commenced. Based on a suitable claim for the initial advance a second advance may be provided for an additional 40% of the contribution. There will be a 10% hold back until the project is compete and a suitable claim submitted in the amount of the total project expense.
- Final Claims must be submitted before the project end date.
What is Performance Monitoring?
- NWEP - Business Growth requires monitoring for a two-year period. The Department may request other supporting information on the ongoing activities of the business.
- Within two years should the project or business fail to comply with the terms of the contract or be discontinued, DAF may at its sole discretion request the business to repay in full the incentive received.
Who do I contact for more information?
Community Development Officer in Eastern Kings
Phone: (902) 687-7083