How much funding can be received?

Funds up to 75% of admissible expenses, capped at $60000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Rental Cost Assistance?

Rental Cost Assistance is funded by Innovation PEI, Government of Prince Edward Island

What are Rental Cost Assistance's eligibility criterias?

The business must be located and operating in Prince Edward Island. The business must operate within specific strategic sectors such as bioscience, aerospace, advanced manufacturing, and others, or offer exportable goods or services. The business must not have any defaulted debts on file in the Province’s Central Default Registry.

Rental Cost Assistance

grant_single|update January 24, 2025

PE, Canada

Contribution to cover Prince Edward Island (PEI) business rental costs

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grant_single_labels|terms_and_conditions

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grant_single|timelineUnspecified

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Grant and Funding

grant_single|eligibleIndustries

Manufacturing
Information and cultural industries

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Innovation PEI
Government of Prince Edward Island

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grant_card_status|open

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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.

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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.

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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.

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Step 1: Consultation with Business Development Officer
- Contact an Innovation PEI Business Development Officer to discuss the project's suitability.
- Obtain guidance on the application process and potential alternative funding if applicable.
Step 2: Preparation of Application
- Gather detailed business information.
- Prepare supporting documents:
  - History and description of the business.
  - Financial Statements for the previous two years (for existing businesses).
  - Business plan (for new businesses).
  - Description of the proposed project or activity.
  - Description of the economic benefits to both the organization and PEI.
  - Estimated project costs supported by written quotations.
  - Source of funds for the project.
  - Current and projected market position details.
  - List of all shareholders and key management personnel.
Step 3: Submission of Application
- Ensure that the application is submitted before any financial or legal commitment is made to the project.
- Submit all required materials to Innovation PEI as directed by the Business Development Officer.
Step 4: Confirmation of Receipt
- Await confirmation from Innovation PEI that your application has been received.

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.