Small Business Assistance Program
The Small Business Assistance Program helps small businesses in Prince Edward Island improve productivity and competitiveness. It supports eligible costs related to accessing expert advice for strategic planning and improving operations. New businesses can also get support for marketing and promotional costs in their first year of operations.
Who is eligible for Small Business Assistance?
To be an eligible applicant, a business must be located in Prince Edward Island and:
- be registered to do business in Prince Edward Island;
- actively operating on PEI; and
- is the primary source of income for the applicant or employs at least one employee (minimum of 560 hours).
Access to business plan and market research support may be available to a Prince Edward Island resident that is actively planning to start a business in Prince Edward Island, where the proposed business would meet the above requirements once operating.
Non-eligible applicants include:
- not-for-profit organizations or associations (with the exception of website development);
- a business or individual that has a defaulted debt obligation with the Province of PEI;
- a business whose primary activity is fishing, farming, banking/financing, or property development (including commercial/residential landlords and developers).
Applications from any business or individual that is in default on any reporting, project completion or financial obligation to Innovation PEI may not be reviewed until a resolution to the default is reached.
What activities and costs are supported?
Professional fees associated with the development of plans or strategies related to increasing competitiveness or efficiencies within the business can be supported at 50% of eligible costs, to a maximum grant of $2,500.
Eligible activities include:
- Business plans;
- Marketing plans and/or market research;
- Human resource or operational efficiencies plans; and
- Website creation for applicants that do not have a website or are upgrading an existing website to add e-commerce for the first time.
Other activities may be considered; please contact Innovation PEI to discuss.
Marketing and Promotion activities for a business within its first year of operations can be supported at 50% of eligible costs, to a maximum one-time only grant of $2,500.
Eligible activities include:
- Design, development, and implementation of new advertising and promotional materials;
- Signage and branding (excludes clothing and uniforms);
- Advertising development costs and ad placements; and
- Social media implementations.
The costs for all activities must be purchased from arm's length vendors/providers to be eligible for support.
What level of assistance is available?
Small Business Assistance may provide financial assistance of up to 50 per cent of eligible costs:
- to a maximum contribution of $5,000 in the first year of business only, for applicants that access the maximum support for both marketing and promotions activities (up to $2,500) and professional fees (up to $2,500); and
- to a maximum contribution of $2,500 for professional fees support in any other year.
The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
What criteria are used to evaluate funding applications?
Applications will also be evaluated using the following considerations:
- The business and proposed activities must meet the eligibility criteria for the program and government funding.
- Applications must be complete and include all required information including estimates, quotes and budgets.
- Benefits and outcomes of the activities for the business and economic development in PEI.
Applications will be reviewed on a first-come, first-serve basis and as budget allows. All projects meeting the minimum criteria may not receive funding.
Performance Monitoring
Innovation PEI requires acceptance of the 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?
Online applications are encouraged. If you require assistance with applying online or in another format, please reach out to Innovation PEI by phone 902-368-6300 or toll free 1-800-563-3734 or by email at innovation@gov.pe.ca.
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 documentation:
- Business registration number and date of incorporation (if applicable);
- Description of the business operations;
- Detailed information on the estimated costs of the proposed project (supported by written quotes from vendors);
- If the application is related to professional fees, provide the consultant's written cost estimate and terms of reference; and
- Detailed description of the project and how it will benefit the business.