Marketing Assistance helps Prince Edward Island businesses with marketing costs to execute exporting plans and activities. The fund enables businesses to accelerate sales and increase their market reach.
Who is eligible for Marketing Assistance?
To be an eligible applicant, a business must be located in Prince Edward Island and:
- be registered to do business and actively operating in 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 Innovation PEI assistance.
New project submissions from an applicant in default on any reporting, project completion or financial obligation to Innovation PEI will not be reviewed until a resolution to the default is reached.
What activities and costs are supported?
An eligible business can access support for eligible marketing activities related to (this list is representative, not exhaustive):
- market research: primary, qualitative, or quantitative research;
- design and development of new advertising and promotional materials;
- new export oriented advertising or promotional campaign execution;
- implementation of e-commerce or digital strategy;
- development of virtual/digital content and marketing materials;
- attendance and exhibition at appropriate trade shows and events, including virtual events, for up to two participants per event; and
- market investigation.
Support for costs directly associated with Innovation PEI Global Trade coordinated activities such as shows, missions, and business to business events is provided through Export Trade Assistance.
What level of assistance is available?
This program provides up to 40 per cent of the eligible costs to a maximum of $16,000. Each business will be allowed up to two applications totaling a maximum contribution of $16,000 over a 12 month period.
Innovation PEI will consider requests for increased funding levels for large projects associated with product launches and/or new market entry; however, the period in which the applicant can reapply will be adjusted based on the additional funds provided.
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. An application is considered to be complete and received when all required information has been submitted to Innovation PEI.
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;
- economic benefit to the province;
- availability of program funds;
- employment creation; and
- level of assistance from other government supports offered or available.
The project must provide economic benefit to the province of Prince Edward Island.
Innovation PEI reserves the right to deny a grant application or request for payment if it suspects or detects fraudulent intent.
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 Marketing Assistance, the Business Development Officer may recommend alternative funding programs that may be available.
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.