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 be included in the financial plan?

You should include the following revenue and expense information, if applicable:

Revenue

From public sector 
  • Province of PEI
  • Economic Growth, Tourism and Culture
  • Jobs for Youth
  • ACOA
  • Heritage Canada
  • Municipal
From private sector
  • Sponsorship: cash and in-kind
From event
  • ticket revenue:
  • event A
  • event B
  • merchandise
  • food
  • drink
  • In-kind
  • volunteer
  • vendors
  • accommodations
  • 50/50 draws
Other  
Total revenue  

Expenses

 
  • Programming
  • Equipment rental
  • Transportation
  • First aid
  • Equipment rental
Staffing & services
  • Volunteers
  • Security
  • Coordination
  • Transportation
  • Waste removal
Regulations & requirements
  • Insurance
  • Environmental health
  • Permits & licenses
Administration & supplies
  • Admin, bank and postage
  • Mileage
  • Courier
  • Merchandise
  • Food
  • On-site supplies
Public relations & marketing
  • Promotion
  • Signage
  • Website
  • Brochures and/or rack cards
  • Artwork
  • Print, radio, tv and/or digital advertising
  • Social media
  • News conference
  • Ticketing
Other  
Total expenses  
Net profit / loss  

Is there a deadline to apply to the fund?

Applications should be received by March 1st.

Once you are approved, you will receive an advance equalling 60 per cent 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?

Brodie O'Keefe
Manager, Tourism Activation Unit
Tourism PEI
PO Box 2000, Charlottetown, PE  C1A 7N8

Telephone: 902-370-5498
E-mail: bjokeefe@gov.pe.ca

Published date: 
November 21, 2022
Tourism PEI

General Inquiries

Tourism PEI
3rd Floor Shaw North
105 Rochford Street
PO Box 2000
Charlottetown, PE C1A 7N8

Industry Support Line:
1-866-213-7521

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