Rental Cost Assistance
grant_single|update January 24, 2025
PE, Canada
Contribution to cover Prince Edward Island (PEI) business rental costs
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
grant_single|grantors
- Innovation PEI
- Government of Prince Edward Island
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Rental Incentive Assistance program contributes up to $6 per square foot per month for one year of rental space to help businesses get started or expand.
grant_single_labels|terms_and_conditions
The Rental Incentive Assistance grant provides financial support to cover rental costs for businesses on Prince Edward Island aiming to establish or expand their operations. The grant outlines specific guidelines for subsidy coverage and total funding limitations.
- The subsidy covers rental costs up to $6.00 per square foot, excluding common area costs, for leases between 500 to 10,000 square feet.
- Support is provided for a maximum rental term of one year, payable monthly.
- The total funding from all non-repayable government sources must not exceed 75% of eligible project costs.
- The lease should be in Prince Edward Island, either in a community or a PEI business park.
- A lease term of up to five years is applicable, although the subsidy is limited to one year.
grant_single_labels|projects
The Rental Incentive Assistance program provides financial support for businesses in Prince Edward Island focusing on expansion through leasing additional space. This grant covers costs related to renting spaces that enhance business operations in strategic sectors.
- Cost of leasing additional business space in any community within Prince Edward Island.
- Expense of leasing space in a PEI business park, with specific agreements on size and lease terms.
grant_single|admissibleProjectsExample
$ 42,000
Opening a new community center for a non-profit organization
$ 18,000
Expanding a sole proprietorship's manufacturing space
$ 15,000
Launching a social enterprise's co-working space
$ 48,000
Establishing a new headquarters for a financial cooperative
$ 30,000
Opening a new retail outlet for a for-profit company
$ 36,000
Expanding a non-financial cooperative's storage facilities
grant_single_labels|admissibility
Eligibility for this grant is based on specific criteria related to the business location and sector focus.
- The business must be located in Prince Edward Island.
- It must be registered to conduct business and actively operating on Prince Edward Island.
- The business should manufacture, process, or develop goods or services primarily for export.
- It must operate within one of the following strategic sectors:
- 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.
- 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
To be eligible for the Rental Incentive Assistance in Prince Edward Island, a business must:1. Be registered and actively operating in Prince Edward Island.2. Primarily manufacture, process, or develop goods or services for export.3. Operate within one of the following strategic sectors: - bioscience - aerospace and defence - advanced manufacturing and processing - renewable energy and clean technology - information and communications technology - creative and cultural industries4. Produce first-of-its-kind exportable goods or services in other sectors, which may be considered.5. Not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.Ineligible applicants include:- Retail and consumer service businesses.- Businesses with a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.- Applicants in default on any reporting, project completion, or financial obligation to Innovation PEI until a resolution is reached.
grant_eligibility_criteria|who_cannot_apply
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.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
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.
grant_single_labels|criteria
The evaluation and selection of projects for the Rental Incentive Assistance grant are based on specific criteria to ensure alignment with the grant’s objectives and economic benefit to Prince Edward Island.
- Space availability.
- Potential for long-term viability.
- Export sales.
- Qualifications and track records of managers.
- Import substitution.
- Economic benefit to the province of Prince Edward Island.
- Environmental impact.
- Availability of program funds.
- Employment creation.
- Level of assistance from other government programs offered or available.
grant_single_labels|apply
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grant_single_labels|otherInfo
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.
Apply to this program
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