How much funding can be received?

Funds up to 25% of admissible expenses, capped at $25000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Capital Acquisition Support?

Capital Acquisition Support is funded by Innovation PEI, Government of Prince Edward Island

What are Capital Acquisition Support's eligibility criterias?

No specific eligibility criteria are provided due to lack of information.

Capital Acquisition Support

Last Update: January 24, 2025

PE, Canada

Financial help for Prince Edward Island businesses

Capital Acquisition Support at a glance

Eligible Funding

Max. $25,000
Up to 25% of project cost

Timeline

Continuous Intakes

Financing Type

Grant and Funding

Eligible Industries

Manufacturing
Information and cultural industries
Arts, entertainment and recreation

Grant Providers

Innovation PEI
Government of Prince Edward Island

Status

Open

Overview of the Capital Acquisition Support program

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.

Eligible projects & activities

Examples of admissible projects:

$ 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

Eligibility criteria of the Capital Acquisition Support program

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.

Who is eligible?

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.

Who is not eligible

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.

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.

Eligibility criteria of the Capital Acquisition Support program

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.

How to apply to the Capital Acquisition Support program

Preliminary Consultation

Contact an Innovation PEI Business Development Officer for guidance.
Discuss the project's suitability for the Capital Acquisition Assistance program.

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.

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.

Additional information

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.