How much funding can be received?

Get up to $4,000 to cover 50% of the costs of activities that increase productivity and competitiveness for your business, such as internal planning and processes, as well as marketing activities if you are a new business.

grant_single_labels|projects

Eligible small businesses can access support for various activities aimed at increasing productivity and competitiveness.

Professional fees for a business plan or market research
Professional fees for projects related to operational efficiencies, internal planning or processes, and quality assurance
Integrating tools for communications, transactions, operations, and management
Creating a Human Resource plan with policies and procedures for ongoing implementation
Conducting work flow studies, production, and logistics planning
Marketing and promotion costs for new businesses, including signage, ad placement, or creation of advertising, branding or promotional materials

grant_single|admissibleProjectsExample

$4,000

Winnipeg

Operations efficiency project for ACME Corp

$4,000

Montreal

Marketing campaign for new tech startup

$4,000

Ottawa

Production workflow study for DEF Corporation

$2,500

Toronto

Develop a comprehensive business plan for XYZ Bakery

$2,500

Calgary

Market research for new vegan restaurant

$3,000

Vancouver

Create an HR plan with policies for ABC Cooperative

grant_single_labels|admissibility

To qualify for this grant, a business must be located in Prince Edward Island and meet several specific requirements. Ineligible applicants include certain types of businesses and those with outstanding debt obligations or defaults.

Be registered to do business in Prince Edward Island (business registration may not be required for business planning support)
Actively operating on PEI
Is the primary source of income for the applicant or employs at least one employee (minimum of 560 hours)
Not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry
Not be fishers, farmers, realty companies (including commercial/residential landlords and developers), banks, or financial companies (including pawnbrokers, payday loan, cheque cashing, and white label cash machines)
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

grant_eligibility_criteria|who_can_apply

Yes, there are eligible types of companies for this grant. To be eligible, a business must be located in Prince Edward Island and meet several specific criteria.

Be registered to do business in Prince Edward Island (business registration may not be required for business planning support)
Actively operating on PEI
Be the primary source of income for the applicant or employ at least one employee (minimum of 560 hours)

grant_eligibility_criteria|who_cannot_apply

Yes, certain types of companies are not eligible for this grant:

Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
Fishers, farmers, and realty companies (including commercial/residential landlords and developers).
Banks and financial companies, including pawnbrokers, payday loan providers, cheque cashing and white label cash machine operators.

grant_eligibility_criteria|eligible_expenses

Yes, there are eligible expenses for the Small Business Assistance grant.

Professional fees for a business plan or market research (up to $2,500 in eligible costs).
Professional fees for projects related to operational efficiencies, internal planning or processes, and quality assurance (up to $5,000 in eligible costs).
Marketing and promotion costs (up to $5,000 in eligible costs), including signage, ad placement, or creation of advertising, branding, or promotional materials for new businesses.

grant_eligibility_criteria|zone

The eligible geographic zone for this grant is Prince Edward Island. The grant is available to businesses that meet specific criteria within this region.

Prince Edward Island

grant_single_labels|criteria

Yes, there are evaluation and selection criteria for this grant. Eligible businesses that submit complete applications will be reviewed on a first-come, first-serve basis and evaluated based on several considerations.

Level of assistance from other government programs offered or available.
Availability of program funds.
The project must provide economic benefit to the province of Prince Edward Island.

grant_single_labels|register

Step 1: Consult with an Innovation PEI Business Development Officer for guidance on project suitability, other program offerings, and the application process.
Step 2: Gather necessary documents including business registration number and date of incorporation (if applicable), description of business operations, detailed project description and how it will benefit the business, detailed cost estimates supported by written quotations, and if applicable, consultant’s proposal(s) and study terms of reference supported by written quotations.
Step 3: Submit the application online, or request a printable application form to submit by mail or fax.
Step 4: Submit the application before making any financial or legal commitment to the project.
Step 5: Monitor performance as required by Innovation PEI and accept the full terms and conditions of the assistance at the time of application.

grant_single_labels|otherInfo

The Small Business Assistance program in Prince Edward Island is designed to support small businesses by enhancing their productivity and competitiveness through the funding of eligible costs related to planning and internal processes. Applicants must be prepared to provide detailed business information, project details, and cost estimates, and they must apply before making any financial or legal commitments.

Applications are reviewed on a first-come, first-serve basis.
Not all projects meeting minimum criteria will receive funding; evaluation may include assistance from other government programs and fund availability.
The purchase of capital equipment is excluded but may be eligible under the Small Business Investment Grant (SBIG).
The project must provide economic benefits to Prince Edward Island.
Applicants in default on any existing obligations to Innovation PEI will not have new submissions reviewed until the default is resolved.
Applicants need to submit detailed descriptions and cost estimates supported by written quotations.
Business Development Officers can help guide applicants on project suitability and alternative funding programs.

grant_single_labels|contact

innovation@gov.pe.ca

902-368-6300

Apply to this program

Summary of Small Business Assistance Grant

The Small Business Assistance grant in Prince Edward Island supports eligible small businesses with funding to improve productivity and competitiveness through professional fees for business planning, operational efficiencies, and marketing activities. Businesses can receive up to 50% of eligible costs, with a maximum contribution of $4,000 over a 24-month period.

Understanding the Small Business Assistance Grant

In an effort to bolster the creation and sustainability of small businesses within Prince Edward Island (PEI), the government has enacted the Small Business Assistance program. This initiative is aimed at nurturing productivity and competitiveness by providing financial backing for a variety of operational and marketing-related activities.

Eligibility Criteria

To qualify for the Small Business Assistance grant, your business must meet certain criteria:

The business must be located in Prince Edward Island.
It must be registered to do business in PEI, although business registration is not required for business planning support.
The business must be actively operating within PEI.
It must serve as the primary source of income for the applicant or employ at least one employee for a minimum of 560 hours.

However, not all businesses are eligible. Ineligible applicants include those with defaulted outstanding debt obligations on record in the Province's Central Default Registry, as well as fishers, farmers, realty companies, banks, and financial firms like pawnbrokers and payday loan companies.

Supported Activities and Costs

The grant can be used to reimburse certain eligible costs related to internal planning, processes, and marketing activities:

Professional Fees for Business Plan or Market Research:
Up to a maximum of $2,500 in eligible costs.
Professional Fees for Operational Efficiencies and Internal Planning:Up to a maximum of $5,000 in eligible costs for activities like integrating communication tools, creating HR policies, and conducting work flow studies.
Marketing and Promotion for New Businesses:
One-time support for advertising and marketing activities up to a maximum of $5,000, for businesses within the first twelve months of operation.

Capital equipment purchases are excluded, though support may be available via the Small Business Investment Grant (SBIG).

Financial Assistance

The Small Business Assistance grant provides financial aid of:

50% of eligible costs.
A maximum contribution of $4,000 over a 24-month period.
Subject to the limits specified for specific activities.

Note that the combined project funding from all non-repayable government sources cannot surpass 75% of eligible costs.

Application and Evaluation

The application process involves several steps and requires detailed information for consideration. Applications are evaluated as follows:

Complete applications are reviewed on a first-come, first-serve basis.
The level of assistance from other government programs is considered.
Availability of program funds affects the evaluation.

The project must provide economic benefit to PEI, and Innovation PEI reserves the right to deny any grant application if fraud is suspected or detected.

Performance Monitoring and Terms

A complete acceptance of the terms and conditions at the time of application is mandatory. These terms, along with the application and guidelines, form a binding contract between Innovation PEI and the applicant(s). Monitoring extends to evaluation and performance-checks for the duration of the funded project.

How to Apply

Potential applicants are encouraged to consult an Innovation PEI Business Development Officer for guidance on project suitability and other program offerings. If the project aligns with the grant criteria, applicants can apply online or request a printable application form, which can be submitted via mail or fax.

Before applying, be prepared to provide the following information:

Business registration number and date of incorporation (if applicable).
Business description.
Detailed estimated project costs with written quotations.
A detailed project description explaining how it will benefit the business.
If the application involves a study, provide the consultant’s proposal and the study’s terms of reference.

Conclusion

The Small Business Assistance grant is an invaluable resource for small businesses in Prince Edward Island looking to improve their operations and competitiveness. By carefully preparing their application and consulting with Innovation PEI, businesses can potentially gain the financial backing needed for their growth and success.