Rental Cost Assistance

Who is eligible?

• Businesses located and actively operating in Prince Edward Island
• Companies that manufacture, process, or develop goods or services primarily for export
• Bioscience sector businesses
• Aerospace and defence companies
• Advanced manufacturing and processing firms
• Renewable energy and clean technology companies
• Information and communications technology (ICT) businesses
• Creative and cultural industries
• Businesses offering first-of-its-kind exportable goods or services in other sectors

Who is not eligible

This grant program excludes specific types of businesses due to their operational focus or financial status. These restrictions are designed to ensure the funding supports strategic sectors within Prince Edward Island.

• Retail and consumer service businesses.
• Businesses with defaulted outstanding debt obligations listed in the Province’s Central Default Registry.
• Businesses in default on any reporting, project completion, or financial obligations to Innovation PEI.

Eligible expenses

The Rental Incentive Assistance grant supports projects that involve incurring eligible rental costs for businesses within Prince Edward Island. The focus is on expanding physical spaces to accommodate new or growing businesses that primarily serve export markets.

• Leasing additional business space in any community within Prince Edward Island.
• Securing leased space in a Prince Edward Island business park, within the specified size range of 500 to 10,000 square feet.

Eligible geographic areas

This grant is available specifically to businesses operating within Prince Edward Island, Canada. Eligible companies must establish or expand operations within this geographical location.

• Businesses located in Prince Edward Island, Canada.

Rental Incentive Assistance provides essential support for businesses in Prince Edward Island looking to establish or expand their operations through financial aid for rental costs. The program is specifically designed to encourage economic growth, export potential, and long-term viability in the province.

• The subsidy is available up to $6.00 per square foot for a maximum of 10,000 square feet.
• Businesses must be within specific strategic sectors like bioscience, aerospace, renewable energy, and ICT, among others.
• Applicants must provide a copy of the signed lease and proof of rental payments to receive funding.
• Complete applications are reviewed on a first-come, first-serve basis.
• Combined project funding from non-repayable sources cannot exceed 75% of eligible costs.
• Not all qualifying projects will receive funding due to space availability and other factors such as economic benefits and environmental impact.
• Innovation PEI reserves the right to request or deny payments if fraudulent intent is suspected.
• Applicants should consult with an Innovation PEI Business Development Officer before applying.
• No financial or legal commitments should be made on the project before submitting an application.