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.
Who is eligible for Small Business Investment Grant?
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).
Ineligible applicants include:
- a business that has a defaulted outstanding debt obligation on file in the Province’s Central Default Registry;
- fishers, farmers, and realty companies (including commercial/residential landlords and developers); and
- banks and financial companies, including pawnbrokers, pay day loan, cheque cashing and white label cash machines.
An eligible business can only submit one application per year either through this program or Innovation PEI’s Capital Acquisition Assistance. Businesses with an export focus that are eligible to apply to Innovation PEI’s Capital Acquisition Assistance program are encouraged to do so.
What activities and costs are supported?
An eligible business may access support for eligible capital asset costs related to (this list is representative, not exhaustive):
- leasehold improvements; and
- new construction (land and buildings).
Ineligible costs include:
- intangible assets and/or development costs;
- speculative land acquisitions;
- personal and passenger vehicles; or
- capitalized carrying costs (such as interest and labour costs).
Purchase of eligible capital assets will be made by the business between April 1 and March 31, and must be completed between two parties operating at arm’s length.
To claim, individual receipts must have a minimum value of $25.00.
What level of assistance is available?
Payment will be based on 15 per cent of the actual eligible cost as determined at the time of the request for reimbursement - resulting in a maximum grant of $3,750.
One application to this program per fiscal year (April 1 - March 31) will be accepted regardless of the amount. Request for payment must be submitted within 60 days after March 31st (May 30th).
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?
Eligible businesses that submit complete applications will be reviewed on a first-come, first-serve basis and are subject to budget availability. An application is considered to be complete and received when all required information has been submitted to Innovation PEI.
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 Business Development Officer for guidance on suitability of the project, other program offerings, and the application process. If the project is not a good candidate for a Small Business Investment Grant, the Business Development Officer may recommend alternative funding programs.
Once ready, an applicant can apply:
- by requesting a printable application form; or
- by submitting a hardcopy application by mail or fax.
What do I need to apply?
To complete the application, you will need detailed business information and supporting documents including:
- business registration number and date of incorporation (if applicable);
- a complete list of capital assets for the project including costs per item;
- description of the business operations; and
- a detailed description of the project and how it will benefit the business.
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