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Marketing Support Assistance
The Marketing Support Assistance helps Prince Edward Island businesses with their marketing costs from start-up through to international exporting. This assists companies as they undertake marketing research, advertising and promotion, and market investigation.
Am I eligible?
A company (sole proprietorship, partnership, cooperative or limited liability) is eligible for funding if it has a well-developed business and marketing plan and manufactures, processes, or provides exportable services in one of the following sectors:
- food development
- diversified manufacturing
- information technology
- renewable energy
- first-of-its-kind exportable services in other sectors may be considered.
Retail and consumer services businesses are not eligible for assistance with the Marketing Support Assistance.
The project must provide economic benefit to the province and cannot jeopardize similar businesses.
What activities are supported?
following marketing activities will be considered for funding:
- primary, qualitative, or quantitative research identified in the marketing plan;
- design, development and placement of advertising and promotional materials; and
- attendance and exhibits at appropriate trade shows and exhibitions, and market investigation.
What level of assistance is available?
This assistance provides up to:
40 per cent of the eligible costs not exceeding $40,000 associated with:
- market research;
- design and development of advertising / promotional tools not previously used by the applicant (first time printing costs for up to 1000 units is eligible, i.e. brochures);
- advertisement placement in appropriate media or promotional campaign execution;
- exhibiting at appropriate trade shows;
- applicants will be limited to maximum three visits to the same trade show; provincial trade and provincial consumer shows are not eligible; maximum of two participants per show;
- attending but not exhibiting at appropriate trade shows or visits to new geographic market areas.
Each business will be allowed up to two applications per calendar year totaling a maximum of $40,000 in project costs.
How do we decide who receives help?
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,
- qualifications and track records of managers,
- import substitution,
- cost benefit to the province,
- environmental impact,
- availability of assistance funds,
- employment creation,
- level of assistance from other government supports offered or available.
Marketing Support projects will be monitored for a two-year period. In addition to yearly financial statements, applicants must be prepared to provide information, as requested, on the ongoing activities of the business.
If your project is approved, the accepted letter of offer shall constitute a contract between Innovation PEI and the applicant(s).
Should the project fail to comply with the terms of the contract or be discontinued, Innovation PEI may, at its sole discretion:
- declare the applicant to be in nonperformance (default of the contract);
- request the applicant to repay in full the incentive received; and
- take necessary legal action to collect the incentive amount in full with interest.
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.