Apply for Small Business Investment Grant
The Small Business Investment Grant helps Prince Edward Island’s small businesses improve efficiency and innovation by way of a non-repayable financial contribution toward eligible capital asset costs.
Am I eligible?
Assistance is open to eligible small businesses operating on Prince Edward Island.
- Fishers, farmers, not-for-profit organizations, banks and financial companies, realty companies (including commercial/residential landlords and developers), and *professional and consulting services providers are not eligible for assistance.
- The business must have at least one employee (minimum of 560 hours) or the business is the primary source of income for the applicant. (Verification may be requested.)
- A person who has multiple qualifying businesses and/or is a controlling shareholder in multiple qualifying businesses is only eligible to access this program for one (1) business per fiscal year.
- The company is registered to do business federally or provincially.
- An eligible business can only submit one application per year either through this program or Innovation PEI’s Capital Acquisition program. Businesses with an export focus that are eligible to apply to Innovation PEI’s Capital Acquisition Program are encouraged to do so.
* Professional and Consulting Services is defined as a person or company who is contracted to provide support or services, which under an agreement other than an employment agreement, provide tactical, operational, expert, or strategic advice and/or service for consideration and decision-making. Examples of a non-exhaustive list include: trainers, dentists, realtor, architects, auditors, engineers, doctors and lawyers.
What activities are supported?
Eligible Cost means those reasonable and proper costs of the project which have been accepted by Innovation PEI and are deemed capital expenditures in accordance with generally accepted accounting principles, excluding the following items:
- allocated cost or value of goodwill;
- any portion of the cost of an asset, that, in the opinion of the Corporation, exceeds the fair market value of the asset;
- HST or any other federal or provincial tax which may be eligible to be fully or partially refunded;
- Intangible assets and/or development costs;
- Speculative land acquisitions and vehicle acquisitions; and
- Capitalized carrying costs (such as interest and labour costs).
Eligible Purchase of eligible capital assets will be made by the company between April 6, 2018, and March 31, 2019, and must be completed between two parties operating at arm’s length.
The following non-exhaustive list of capital acquisitions will be considered for funding:
- Lease hold improvements; and
- New construction (land and buildings)
What level of assistance is available?
Payment will be based on 15 percent of actual eligible cost as determined at the time of your request for reimbursement - resulting in a maximum grant of $3,750.
One application to this program per fiscal year (April 6, 2018 – March 31, 2019) will be accepted regardless of the amount. Businesses can include approved multiple capital assets up to a maximum of $25,000.
How do we decide who receives help?
Eligible businesses that submit complete applications for support of eligible capital assets will be approved on a first come, first served basis subject to budget availability. An application is considered to be complete and received when all required information has been submitted.
If the application is approved, the letter of offer shall constitute a contract between Innovation PEI and the applicant(s).
What do I need to apply for this service?
A new online application process is being developed and will be launched May 7, 2018. All applications need to be submitted on-line and must be completed in full. Incomplete applications will not be accepted.
What other information do I need to know before I fill in the application?
- The Small Business Investment Grant will be administered by Innovation PEI.
- Innovation PEI staff will be available to assist with on-line applications.
- Expenditures receiving non-repayable support from other development agencies are not eligible under this program.
- Companies must be in good standing with the Province.