Apply for Information Technology Planning Assistance
The Information Technology (IT) Planning Assistance is for helping new and existing Prince Edward Island small businesses get advice to estimate the information technologies needed for their business.
Innovation PEI assistance will be in the form of a non-repayable grant. The grant will go towards the cost of hiring an independent, Prince Edward Island-based IT expert to find opportunities where the use of information technologies could improve your business.
Am I eligible?
- Your business must be Island-based and not involved in IT.
- You must be a sole proprietorship, partnership, cooperative or limited liability company with well-grown export business and marketing plans.
- Business that leads to growth and wealth will be considered first.
What activities are supported?
Eligible consultant costs in connection with conducting an information technology assessment, identification of appropriate technologies and development of an implementation plan.
Examples of activities that will be considered for funding are:
- Evaluating the likelihood for growth, by way of information technology.
- Identifying the most useful tools for communications, transactions, operations and management.
- Creating a plan to integrate information technologies into the business.
What level of assistance is available?
The assistance provides up to 50 per cent of eligible consultant costs, to maximum assistance per business of $2,500. Each business will be allowed 1 application per 12 month period from application date.
How do we decide who needs help?
Not all projects meeting the minimum criteria will receive funding. Applications will also be evaluated using the following considerations:
- Potential for long-term growth
- Employment creation
- Export sales
- Environmental impact
- Level of help from other government supports offered or available
- Cost benefit to the province
- Qualifications and track records of managers
- Import substitution
- Availability of assistance funds
The Information Technology Planning Assistance requires monitoring for three years. In addition to yearly financial statements, you must be able to offer information, on the ongoing activities of the business.
Once approved, a letter of offer will be forwarded to you which, when accepted, shall constitute a contract between Innovation PEI and yourself.
Should your project fail to meet with the terms of the contract or be discontinued, the corporation may at its sole discretion:
- Declare you to be in non-performance (default) of the contract
- Request you to repay in full the grant received
- Take necessary legal action to collect the grant amount in full with interest.
In order for your project to be eligible for assistance, it must be expected to provide economic benefit to the province and similar businesses should not be jeopardized as a result of the proposed project.
Your application must be submitted before any financial or legal commitment is made on the project.
What do I need to apply for this service?
You should be prepared to provide the following:
- Business Plan Marketing Plan Project
- Feasibility or Market Study
- Competitive Analysis
- If the application concerns a study, please provide the consultant’s proposal(s) and the study’s terms of reference. (Costs should be supported by written quotations.)
What other information do I need to know before I fill in the application?
- Outline the history and description of your business.
- Existing businesses are required to provide detailed Financial Statements for the previous two years.
- New businesses and businesses planning expansions are required to submit complete business plans.
- List all shareholders and key management personnel.
- Describe the proposed project or activity in relation to the products and/or services delivered by your company.
- Describe the economic benefits to your organization and to Prince Edward Island.
- Provide detailed information on the estimated costs of the proposed project or activity. (Cost estimates should be supported by written quotations.)
- Outline all financial sources and provide appropriate contact information. (For example, lending institutions, banks, government loans and/or grants).
- Describe the size and capacity of your existing facility in relation to the proposed activity.
- Explain your current market position and identify your projected market outlining any increases in market share.