How much funding can be received?

Grow your business by offering potential private-sector investors a 20% direct rebate, to a maximum of $200,000, on the purchase price of their equity investment in your company.

grant_single_labels|projects

The assistance provided by the program should support key business activities such as reducing conventional debt requirements and providing necessary funds for expansion and commercialization.

Reduce requirements for conventional term debt and working capital financing through the provision of additional equity
Provide financing and ease monthly cash flow burdens for small businesses
Provide funds to support expansion, diversification, product development, or commercialization
Provide a means of injecting technical and managerial expertise into Island-based companies

grant_single|admissibleProjectsExample

$20,000

Develop a new mobile application for mental health support

$20,000

Modernize a community theater's infrastructure and develop new programs

$20,000

Expand a local organic farm's product range and distribution network

$20,000

Launch a fintech platform targeting underbanked communities

$20,000

Launch an eco-friendly product line and upgrade manufacturing processes

$20,000

Expand a renewable energy company’s solar panel production capacity

grant_single_labels|admissibility

The grant is aimed at new and expanding businesses in Prince Edward Island to encourage and attract private sector investment. The eligibility criteria for this grant are as follows:

Consults with Innovation PEI prior to submitting an application
Is a taxable, private Canadian corporation
Is registered to do business in Prince Edward Island
Has its head office and its primary business operations in Prince Edward Island
Has been in operation in PEI for a minimum of one year
Is a provider of exportable goods or services in one of the following strategic sectors: bioscience, aerospace, and defense, advanced manufacturing and processing, renewable energy and clean technology, information and communications technology, creative and cultural industries, or first-of-its-kind exportable goods or services in other sectors may be considered
Pays at least 75% of its payroll to employees residing in Prince Edward Island
Has fewer than 50 employees
Has assets less than $10 million
Ensures compliance with securities legislation
Has a well-developed business plan and demonstrates appropriate use of funds raised to support expansion and/or ongoing operations in Prince Edward Island
Does not have any defaulted outstanding debt obligation on file in the Government of Prince Edward Island Central Default Registry

grant_eligibility_criteria|who_can_apply

Yes, the Equity Investors Incentive program specifies eligibility criteria for companies. Eligible companies must operate in specific strategic sectors and meet several other requirements.

Bioscience
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

grant_eligibility_criteria|who_cannot_apply

There are specific criteria that companies must meet to be eligible for the Equity Investors Incentive, but no explicit mention of certain types of companies being categorically ineligible is provided in the grant context.

grant_eligibility_criteria|zone

The eligible geographic zone for the Equity Investors Incentive grant is Prince Edward Island (PEI), Canada.

The business must be registered to do business in Prince Edward Island.
The business must have its head office and primary business operations in Prince Edward Island.

grant_single_labels|criteria

Yes, there are evaluation and selection criteria for the Equity Investors Incentive. These criteria consider various factors such as the potential for long-term viability, economic benefits, and environmental impact, among others.

Potential for long-term viability, including qualifications and track record of senior management
Economic benefit to the Province of Prince Edward Island
Employment creation
Export sales and import substitution
Environmental impact
Availability of program funds
Level of assistance from other government programs offered or available

grant_single_labels|register

Step 1: Consult with Innovation PEI prior to submitting an application. Implication: Ensure your business meets the necessary criteria and obtain guidance specific to your situation.
Step 2: Prepare the application. Implication: Gather all required documents and information as outlined in the Equity Investors Incentive Guidelines.
Step 3: Submit the application before any financial or legal commitments have been made. Implication: Ensure timeliness to avoid disqualification and to comply with program requirements.
Step 4: If approved, enter into a contract with Innovation PEI. Implication: This formalizes the agreement and allows the business to accept investments from eligible investors.
Step 5: Ensure compliance with all required regulations and guidelines during the investment period. Implication: Adhere to the Securities Act (Prince Edward Island) and ensure the shares issued comply with prescribed regulations.
Step 6: Monitor and report annually for a four-year period. Implication: Complete a reporting questionnaire, provide yearly financial statements, and supply a notarized record of all share transactions and other requested information.
Step 7: Avoid redeeming shares during the four-year monitoring period. Implication: If shares are redeemed, the incentive paid by Innovation PEI will be due and payable by the investee company to Innovation PEI.

grant_single_labels|otherInfo

Here are additional miscellaneous details about the Equity Investors Incentive:

The program is subject to an annual budget and prioritizes high-growth potential businesses in strategic sectors.
New project submissions from an applicant in default on any financial obligation to Innovation PEI will not be reviewed until the default is resolved.
Investee companies must comply with the Securities Act (Prince Edward Island).
The maximum investor's rebate for all eligible investors will not exceed $200,000 per approved investee company.
The incentive requires a four-year monitoring period with annual reporting and financial documentation.
Shares on which the incentive has been paid cannot be redeemed during the four-year monitoring period.
If shares are redeemed during this period, the incentive must be repaid to Innovation PEI.
Innovation PEI reserves the right to deny payments if it suspects fraudulent intent.
An application must be submitted before making any financial or legal commitments to the project.
Innovation PEI does not guarantee the success of the investment and the investor is at full risk for his or her investment.