Small Business Assistance Terms and Conditions

By submitting the Small Business Assistance application (the “Application”), the applicant (the “Business”) agrees to the following Terms and Conditions of Small Business Assistance (the “Grant”).  These Terms and Conditions, the Application, the Request for Payment, and the Small Business Assistance Guidelines constitute the entire agreement between the parties.

The Grant will be subject to the Business purchasing the Eligible Project Costs identified in the Application and accepted by Innovation PEI, as identified within the Grant Approval Notification.

1.0 DEFINITIONS

“Application” means the Small Business Assistance application completed by the Business and submitted to Innovation PEI to request financial assistance.

“Business” means the business identified in the application form.

“Grant” means the financial assistance approved by Innovation PEI for Small Business Assistance.

“Grant Approval Notification” means the email or other written notification from Innovation PEI to the Business, identifying the Eligible Project Costs, Non-Eligible Project Costs, maximum Grant amount, Project Start Date, and Project End Date.

“Project” means the specified related activities, work or undertaking described in the Application.

“Claim Form” means the completed form listing Eligible Project Costs approved by Innovation PEI and detailing the benefits of the activities resulting from the provided Grant.  Instructions on accessing the Claim Form will be provided if the Business is approved to receive a Grant.

“Request for Payment” means the completed Claim Form, and a copy of each supplier invoice and proof of payment for each Eligible Project Cost, a copy of any strategy or plan created as a result of the Project, and the live website address for a Project that includes web development activities and costs.

“Project Payment End Date” means the latest date that a Request for Payment will be accepted by Innovation PEI, as detailed in 2.4.

“Eligible Project Costs” means those reasonable and proper costs identified on the Business’s Application which have been accepted by Innovation PEI and are deemed eligible expenditures in accordance with generally accepted accounting principles. Costs must be related to purchases of goods or services from a third party, unaffiliated, arms-length vendor.

“Non-Eligible Project Costs” are not eligible for Innovation PEI financial assistance and include:

• costs not identified on the Business’s Application and accepted by Innovation PEI;
• allocated cost or value of goodwill;
• any portion of the cost for a good or service that, in the opinion of Innovation PEI, exceeds the fair market value;
• HST or any other federal or provincial tax which may be eligible to be fully or partially refunded; and
• this list is not exhaustive, and other items may be deemed non-eligible by Innovation PEI.

2.0 PAYMENT TERMS AND RECORD KEEPING

1. The Grant shall be disbursed once the Business has submitted a complete Request for Payment to Innovation PEI and provided any additional information requested by Innovation PEI to confirm the Business has complied with these Terms and Conditions.
2. The Grant will be paid using direct deposit provided that the Business provides complete and accurate business banking information by providing a sample, void cheque or equivalent document generated by its bank (available through online banking).
3. Innovation PEI may decline to contribute to any cost incurred prior to the Project Start Date or after the Project End Date, as identified within the Grant Approval Notification.
4. The Business must submit the final Request for Payment to Innovation PEI within 60 days after the Project End Date. If the complete Request for Payment is not received by Innovation PEI by this date, the Business will be deemed to have declined the Grant and will have no future claim to payment of the Grant.
5. Innovation PEI may decline to contribute to any cost incurred for a purchase that was not identified on the Business’s Application.
6. If a Business is approved for a Grant and subsequently defaults on a financial obligation to any Department or Agency of the Province of Prince Edward Island, payment of the Grant will be issued:
   1. Firstly, to the Department or Agency of Province of Prince Edward Island any amount that is owing as a result of the defaulted financial obligation; and
   2. Secondly, to the Business.
7. Innovation PEI, in its discretion, reserves the right to adjust or revoke the Grant and the Business may be responsible to repay to Innovation PEI, upon demand, any payments already disbursed under this Project if:
   1. the Project has not been completed or achieved the agreed upon results; or
   2. the Business fails to comply with the terms and conditions of the Grant; or
   3. the Business ceases operations or conducts activities not eligible under Innovation PEI's financial support.
8. To preserve and keep available for audit the books, accounts and records of the costs of the Project for 36 months after the completion of the project and supply such statistical data as may be required by Innovation PEI.

3.0 ADDITIONAL CONDITIONS

1. The Business shall indemnify and save Innovation PEI harmless from all claims, demands, actions and causes of action of third parties that may arise out of this Project.
2. The Business will not alter the scope, or the Project End Date, of the Project without the prior written approval of Innovation PEI.
3. To obtain all necessary environmental clearance certificates, building permits, licenses, etc., as required by applicable Federal, Provincial, and Municipal regulatory bodies and agencies.
4. That good standing be maintained with the Consumer, Corporate and Insurance Division of the Office of the Attorney General during the lifetime of Grant.
5. Release of information relating to the funding of this Project may be made by Innovation PEI.  No announcements may be made by the Business without the prior written approval of Innovation PEI.
6. The Business agrees that no member of the Legislative Assembly of Prince Edward Island shall be admitted to any part or share of this Grant or to any benefits to arise therefrom.
7. To further assist in economic development in P.E.I., the Business shall consider purchasing all capital and operating materials, supplies, and services from local P.E.I. firms, providing such firms are able to provide same at competitive costs and provide equal quality and service.

4.0 OTHER GOVERNMENT ASSISTANCE

1. The combined Project funding from all non-repayable government sources cannot exceed 75% of Eligible Project Costs.
2. The Business will inform Innovation PEI promptly, in writing, of any further Federal, Provincial, or Municipal assistance to be received for the Project.
3. Innovation PEI shall have the right to reduce the Grant if the Business receives additional non-repayable government assistance that was not identified in the Application for this Project.

5.0 JURISDICTION

1. This Agreement shall be governed by and construed according to the laws of the Province of Prince Edward Island and the federal laws of Canada applicable therein, and no action or proceeding shall be brought to construe or enforce this Agreement except in those courts having jurisdiction in the Province of Prince Edward Island.

6.0 FREEDOM OF INFORMATION AND PROTECTION OF PRIVACY ACT

1. Information contained in and collected in relation to this Agreement is subject to, and will be treated in accordance with, the Prince Edward Island Freedom of Information and Protection of Privacy Act R.S.P.E.I. 1988, Cap. F-15.01 (the “FOIPP Act”).  Any information provided in respect of this Agreement may be subject to release under the FOIPP Act.
2. The amount of the Grant may be disclosed at the discretion of Innovation PEI and in accordance with the FOIPP Act.