Strategic Improvement Assistance
Strategic Improvement Assistance supports Prince Edward Island businesses undertaking strategic activities to become more productive, profitable and competitive. The program supports costs for outside professional expertise required for projects related to improving operational efficiencies, internal planning or processes, and quality assurance.
Who is eligible for Strategic Improvement Assistance?
To be an eligible applicant, a business must be located in Prince Edward Island and:
- registered to conduct business and actively operating on Prince Edward Island;
- manufactures, processes, or develops goods or services primarily for export;
- operates within one of these strategic sectors:
- aerospace and defence
- advanced manufacturing and processing
- renewable energy and clean technology
- information and communications technology
- creative and cultural industries
- first-of-its-kind exportable goods or services in other sectors may be considered.
A business that has a defaulted outstanding debt obligation on file in the Province’s Central Default Registry is not eligible for funding.
What activities and costs are supported?
Funding may be available for eligible costs for assessment, planning, design, and/or implementation of projects related to operational efficiencies, internal planning or processes, or quality assurance. Eligible costs are primarily the costs to engage outside professional expertise; other costs directly related to the eligible activity may be considered.
Examples of eligible activities include (this list is representative, not exhaustive):
- strategies to improve productivity, quality, food safety, or environmental management;
- a plan to integrate the most effective tools for communications, transactions, operations and management, such as IT, project management and systems integration services and solutions;
- human resource strategies;
- initiatives such as workflow study, production planning, and logistics planning;
- assessment and development of strategies for the integration of renewable/clean energy, energy use reduction, and environmental impact improvements; or
- intellectual property advice, planning and strategy.
The purchase of capital equipment is excluded; support may be available through other Innovation PEI programs.
What level of assistance is available?
Strategic Improvement Assistance provides up to 40 per cent of eligible costs to a maximum of $20,000 in assistance per approved project.
Up to two applications per business will be accepted within a twelve-month period, totaling to a maximum of $20,000 in assistance.
The combined project funding from all non-repayable government sources cannot exceed 75% of eligible costs.
What criteria are used to evaluate funding applications?
Not all projects meeting the minimum criteria will receive funding. Applications will also be evaluated on factors that include:
- the objectives of the program;
- potential for long-term viability;
- qualifications and record of the business and senior management;
- evidence the business has the financial capacity to complete the project;
- level of assistance from other government programs offered or available;
- export sales and/or import substitution;
- economic benefit to the province;
- availability of program funds; and
- employment creation.
The project must provide economic benefit to the province of Prince Edward Island.
If the application is approved, Innovation PEI will require acceptance of a letter of offer stating the terms and conditions of approval. When accepted, the letter of offer 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 the suitability of the project and the application process. If the project is not a good candidate for Strategic Improvement Assistance, the Business 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;
- existing businesses will need detailed Financial Statements for the previous two years;
- new businesses will need a completed business plan;
- 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 information on the estimated costs of the proposed project or activity (cost estimates should be supported by written quotations);
- source of funds for the project (for example, lending institutions, banks, government loans and/or grants);
- explanation of the business's current market position and projected market, outlining any increases in market share; and
- a list of all shareholders and key management personnel.