Oct
22
2020

More funding for Island businesses

Innovation PEI is temporarily increasing funding to eight programs to support PEI businesses impacted by COVID-19.

The programs that are being adjusted focus on business investment in the areas of planning, capital investments, marketing and promotion activities, and include the following:

  • Capital Acquisition 
  • Small Business Investment Grant 
  • Information Technology Planning
  • Information Technology Implementation 
  • Human Resources Planning
  • Human Resources Implementation 
  • Marketing Assistance
  • Web Presence Assistance 

“COVID-19 has created significant financial challenges for Island businesses. We are committed to finding ways to help entrepreneurs right now, as we face the uncertainties of this pandemic together. Our hope with these funding increases is that we can support businesses in making investments that will help them prepare for the future as we learn to do adapt to a new normal.”

- Economic Growth, Tourism and Culture Minister Matthew MacKay

Increases to the programs will be in effect November 1, 2020 to March 31, 2021. 

For more information on the programs or to apply for funding, visit Innovation PEI.

Media contact:
Hillary MacDonald
Department of Economic Growth, Tourism and Culture
902-394-6368
hpsmacdonald@gov.pe.ca 


Backgrounder 

 

Program Previous Reimbursement Rate New Reimbursement Rate  Previous Maximum Contribution New Maximum Contribution 
Capital Acquisition 25% 50% $10,000 $20,000
Small Business Investment Grant 15% 30% $3,750 $7,500
Information Technology Planning 50% 75% $2,500 $2,500
Information Technology Implementation 40% 50% $16,000 $16,000
Human Resources Planning 50% 75% $1,000 $2,500
Human Resources Implementation 50% 75% $5,000 $5,000
Marketing Assistance 40% 50% $16,000 $32,000
Web Presence Assistance 40% 50% $500 $1,000 
(traditional website)
$2,500 
(e-commerce website)
 

General Inquiries

Department of Economic Growth, Tourism and Culture
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