Capital Acquisition Support
PE, Canada
Financial help for Prince Edward Island businesses
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Manufacturing
- Information and cultural industries
- Arts, entertainment and recreation
grant_single|grantors
- Innovation PEI
- Government of Prince Edward Island
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get funding of up to $25,000 to cover 25% of project costs for businesses of all levels, from local start-ups to international exporters that want to invest in technology, equipment, and infrastructure in order to grow their business.
grant_single_labels|projects
This grant is available to companies located specifically within Prince Edward Island, Canada. Eligible businesses must be active and registered to conduct business on the island to qualify for the funding.
- Businesses located in Prince Edward Island, Canada.
grant_single|admissibleProjectsExample
$5,000
Renovating a workspace for a co-working center
$8,750
Renovating a community center gym
$7,500
Upgrading the digital infrastructure for a financial services company
$18,750
Purchasing new farming machinery for an agricultural cooperative
$6,250
Upgrading the kitchen facilities at a local bakery
$18,750
Expanding a dental clinic with new equipment
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the location, registration, and sector of operation of the business.
- The business must be located in Prince Edward Island.
- The business must be registered to conduct business and actively operating in Prince Edward Island.
- The business must primarily manufacture, process, or develop goods or services for export.
- The business must operate within one of the strategic sectors: bioscience, aerospace and defence, advanced manufacturing and processing, renewable energy and clean technology, information and communications technology, or creative and cultural industries.
- Businesses providing first-of-its-kind exportable goods or services in other sectors may also be considered.
- The business must not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
grant_eligibility_criteria|who_can_apply
Eligible businesses must be located in Prince Edward Island, be registered and actively operating on Prince Edward Island. They must manufacture, process, or develop goods or services primarily for export and operate within one of the strategic sectors like bioscience, aerospace and defence, advanced manufacturing and processing, renewable energy and clean technology, information and communications technology, and creative and cultural industries. Businesses offering first-of-its-kind exportable goods or services in other sectors may also qualify. Businesses with defaulted outstanding debt obligations in the Province’s Central Default Registry are ineligible, as well as any new project submissions from applicants in default on any reporting, project completion, or financial obligation to Innovation PEI.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies and industries due to their status or main activity. The restrictions aim to ensure that funds are directed toward businesses in Prince Edward Island contributing to the strategic sectors.
- Businesses not operating primarily in the strategic sectors defined by the program.
- Companies with defaulted outstanding debt obligations on the Province's Central Default Registry.
- Businesses in default on reporting, project completion, or financial obligations to Innovation PEI.
grant_eligibility_criteria|eligible_expenses
This grant supports Prince Edward Island businesses in acquiring capital assets necessary for business growth. It focuses on investments in technology, equipment, and infrastructure improvements.
- Acquisition of machinery and equipment for business operations.
- Renovations or leasehold improvements directly related to business establishment or expansion.
grant_eligibility_criteria|zone
Eligible expenses for the grant include capital acquisitions directly associated with business startup or expansion.
- Machinery and equipment purchases.
- Renovations related to the business establishment or expansion.
- Leasehold improvements essential for business development.
grant_single_labels|criteria
The evaluation and selection of projects for the Capital Acquisition Assistance grant are based on a set of criteria to determine the project's potential impact and alignment with the program's objectives.
- Potential for long-term viability.
- Export sales potential.
- Qualifications and track records of managers.
- Import substitution capability.
- Economic benefit to the province of Prince Edward Island.
- Environmental impact assessment.
- Availability of program funds.
- Employment creation potential.
- Level of assistance from other government assistance offered or available.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Preliminary Consultation
- Contact an Innovation PEI Business Development Officer for guidance.
- Discuss the project's suitability for the Capital Acquisition Assistance program.
- Step 2: Prepare Application Documents
- Outline the history and provide a description of the business.
- Compile detailed financial statements for the previous two years if an existing business, or a completed business plan if a new business.
- Prepare a description of the proposed project or activity.
- Detail the economic benefits to the organization and Prince Edward Island.
- Gather detailed cost estimates of the proposed project supported by written quotations.
- List the sources of funds for the project.
- Describe the business's current market position and projected market.
- List all shareholders and key management personnel.
- Step 3: Submit Application
- Ensure the application is submitted before any financial or legal commitment is made on the project.
- Send the completed application and all supporting documents to Innovation PEI.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Applicants should consult with an Innovation PEI Business Development Officer for guidance before applying.
- An application must be submitted before making any financial or legal commitments related to the project.
- If the application is successful, the acceptance of a letter of offer will form a contract between the applicant and Innovation PEI.
Apply to this program
Capital Acquisition Assistance: Boosting Prince Edward Island Business Growth
Capital Acquisition Assistance is a financial support program designed to bolster the growth and competitiveness of businesses in Prince Edward Island through investment in vital technology, equipment, and infrastructure. The initiative aids businesses by providing financial help to minimize risk and leverage various financing options to stimulate export-focused expansion.
Understanding the Details of Capital Acquisition Assistance and Its Significance
The Capital Acquisition Assistance program is strategically crafted to enhance the market positioning and operational capacity of enterprises situated in Prince Edward Island, particularly those engaged in export-oriented activities. This initiative aligns with the overarching goal of advancing the province's economic landscape by investing in sectors pivotal to its growth. Eligible businesses within sectors such as bioscience, aerospace, and renewable energy stand to gain significantly by upgrading their technical and infrastructural setups, thereby boosting their export capabilities and market competitiveness.
Designed as a financial incentive, the program provides up to 25% of eligible project costs, topping at a maximum of $25,000. This targeted funding helps businesses manage the high costs associated with acquiring new machinery, making crucial renovations, or implementing leasehold improvements necessary for scaling operations. By providing this partial but meaningful financial cushion, the program reduces the financial burden on businesses and mitigates investment risks, crucial for small and medium enterprises (SMEs) attempting to expand in competitive industries.
Companies applying for this program must adhere to comprehensive criteria that underscore their potential economic contribution to the province. These criteria include demonstrating long-term business viability, potential for export sales, and economic benefits in terms of employment creation and market expansion. Not only does this ensure that the funds are directed towards high-impact projects, but it also fosters a culture of responsible investment and sustainable growth within the business community of Prince Edward Island.
Successful applicants will be those who can clearly articulate their business’s past performance, present standing, and future prospects through detailed financial statements and a well-outlined business plan. The emphasis on detailed projections and market analyses ensures that the funds are allocated to projects with a clear trajectory for success, thereby maximizing the program’s impact on the provincial economy.
Moreover, the program imposes stringent measures to monitor project performance and uphold transparency, requiring businesses to commit contractually through a letter of offer agreed upon by both parties. This legal and financial accountability framework provides both security for the investment and assurance to the funding body, reflecting a shared commitment to achieve the intended economic outcomes.
Overall, the Capital Acquisition Assistance serves as a pivotal resource for Prince Edward Island businesses aiming to enhance their operational scales and market reach. By fostering an ecosystem that supports strategic sector growth and export potential, it contributes significantly to the province's economic development trajectory. Business owners are encouraged to collaborate with Innovation PEI to explore this opportunity and position their ventures for sustained success and competitiveness in the global market.
