Export Trade Assistance
Export Trade Assistance provides support to Prince Edward Island small business and is available to active exporters and export-ready companies to explore new global opportunities. Support may be available for Innovation PEI’s Global Trade coordinated trade activities, including virtual trade initiatives, focused on international and domestic exporting; and bringing buyers and business partners to Prince Edward Island to strengthen business relationships or close sales.
Who is eligible for the Export Trade Assistance?
To be an eligible applicant, a business must be located in Prince Edward Island and:
- be registered to conduct business and actively operating in Prince Edward Island;
- an active exporter OR export-ready business;
- exports products and/or services that it manufactures, processes, or develops primarily for export;
- operates within one of these strategic sectors:
- aerospace and defence;
- advanced manufacturing and processing;
- food, seafood, beverage processors/manufacturers
- renewable energy and clean technology;
- information and communications technology;
- professional services;
- creative and cultural industries; and
- first-of-its-kind exportable goods or services in other sectors may be considered.
Ineligible applicants include:
- retail and consumer service businesses; and
- a business that has a defaulted outstanding debt obligation on file in the Province’s Central Default Registry
What activities and costs are supported?
An eligible business may access support for eligible costs related to:
Travel Related Activity
- Up to 40% of pre-determined eligible costs for participation in approved Innovation PEI Global Trade coordinated trade activities, including outbound trade missions and trade shows. Eligible costs include economy travel, accommodation, meals per diem (limited to 2 representatives per business). (Temporary suspension due to Covid-19 pandemic)
Virtual Trade Activity
- Up to 40% of pre-determined eligible costs, to a maximum Innovation PEI contribution of $3,000, to assist a business to prepare for and participate in Innovation PEI Global Trade coordinated activities within the virtual trade environment resulting from COVID-19. Eligible costs include registration fee (limited 2 representatives per company) of activity, virtual preparation (virtual booth, digital content, activity-specific marketing material), shipping costs for sending samples to virtual B2B events and consultant fees (digital marketing / IT / in-market) related to shows, missions, and B2B events. IPEI reserves the right to limit to three such activities annually, per business.
Incoming Buyers Assistance
- Up to 75% of pre-determined eligible costs, to a maximum Innovation PEI contribution of $3000, to bring a qualified buyer/partner to the province for a facility visit or familiarization tour. Businesses must pay the remaining 25% of total costs. Eligible expenses may include economy travel, accommodation, meal per diem (limited 2 buyers per company per visit) Innovation PEI reserves the right to limit to two such activities annually, per business. (Temporary Suspension due to Covid-19 Pandemic)
What criteria are used to evaluate funding applications?
Eligible businesses that submit complete applications will be reviewed on a first-come, first-serve basis. An application is considered to be complete and received when all required information has been submitted to Innovation PEI.
Not all projects meeting the minimum criteria will receive funding. Applications will also be evaluated using the following considerations:
- potential for long-term viability;
- export sales potential;
- qualifications and track records of managers;
- economic to the province;
- availability of assistance funds;
- employment creation; and
- level of assistance from other government programs offered or available.
Innovation PEI requires acceptance of the full terms and conditions of the assistance at the time of application. The accepted terms and conditions, application, request for payment, and guidelines shall constitute a contract between Innovation PEI and the applicant(s).
How do I apply?
Innovation PEI encourages potential applicants to consult with an Innovation PEI Trade Development Officer for guidance on the suitability of the project and the application process. If the project is not a good candidate for Export Trade Assistance, the Trade Development Officer may recommend alternative funding programs.
An application must be submitted before any financial or legal commitment is made on the project.
What do I need to apply?
To complete the application, be prepared to provide detailed business information and supporting documents including:
- outline the history and provide a description of the business;
- annual sales and market details;
- description of the proposed project or activity in relation to the products and/or services delivered by the business;
- detailed description of the economic benefits to the organization and to Prince Edward Island;
- detailed budget of estimated costs of the proposed project or activity (cost estimates should be supported by written quotations); and
- export details i.e. per cent of business is export, largest export markets (3), markets of interest.
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