Rental Cost Assistance
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
- Government of Prince Edward Island
- Innovation PEI
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|projects
Eligible businesses can access the Rental Incentive Assistance for specific rental costs related to leasing additional space in Prince Edward Island. Additionally, they can lease space in a PEI business park based on availability.
- Cost of leasing additional space in any community in the province of Prince Edward Island
- Cost of leased space in a PEI business park (500 up to a maximum of 10,000 square feet)
grant_single|admissibleProjectsExample
$42,000
Kensington
Opening a new community center for a non-profit organization
$18,000
Cornwall
Expanding a sole proprietorship's manufacturing space
$15,000
Montague
Launching a social enterprise's co-working space
$48,000
Summerside
Establishing a new headquarters for a financial cooperative
$30,000
Stratford
Opening a new retail outlet for a for-profit company
$36,000
Charlottetown
Expanding a non-financial cooperative's storage facilities
grant_single_labels|admissibility
To be eligible for the Rental Incentive Assistance, businesses must be located in Prince Edward Island and meet certain criteria regarding their operations and financial status.
- Be registered to conduct business and actively operating on Prince Edward Island
- Manufactures, processes, or develops goods or services primarily for export
- Operates within one of these 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
- Not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry
grant_eligibility_criteria|who_can_apply
Yes, there are eligible types of companies for the Rental Incentive Assistance grant in Prince Edward Island. These include businesses that are located and actively operating on Prince Edward Island, primarily focused on export within various 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
grant_eligibility_criteria|who_cannot_apply
Yes, there are specific types of companies that are not eligible for the Rental Incentive Assistance grant. These include businesses with defaulted outstanding debt obligations and retail and consumer service businesses.
- Retail and consumer service businesses
- A business that has a defaulted outstanding debt obligation on file in the Province’s Central Default Registry
grant_eligibility_criteria|eligible_expenses
Eligible expenses for the Rental Incentive Assistance grant are related to rental costs for leasing additional space or leased space in a PEI business park.
- Cost of leasing additional space in any community in the province of Prince Edward Island
- Cost of leased space in a PEI business park (500 up to a maximum of 10,000 square feet)
- Lease term up to five years
- Base rate of $6.00 per square foot (excluding common area costs such as utilities, taxes, inside maintenance, etc.)
grant_eligibility_criteria|zone
Eligible geographic zones for this grant are restricted to businesses located in Prince Edward Island, Canada.
- Businesses must be located in Prince Edward Island
- Cost of leasing additional space in any community within Prince Edward Island
- Leased space within a PEI business park
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 the projects will be evaluated based on the following considerations:
- Space availability
- Potential for long-term viability
- Export sales
- Qualifications and track records of managers
- Import substitution
- Economic benefit to the province
- Environmental impact
- Availability of program funds
- Employment creation
- Level of assistance from other government programs offered or available
grant_single_labels|register
- Step 1: Consult with an Innovation PEI Business Development Officer. This step ensures the project's suitability for the Rental Incentive Assistance program. If the project is not a good candidate, alternative funding programs may be recommended.
- Step 2: Prepare a detailed application. This includes:
- Outline the history and provide a description of the business.
- Existing businesses: Provide detailed Financial Statements for the previous two years.
- New businesses: Provide a completed business plan.
- Description of the proposed project or activity in relation to the products and/or services delivered by the business.
- Detailed description of the economic benefits to the organization and to Prince Edward Island.
- Detailed information on the estimated costs of the proposed project or activity, supported by written quotations.
- Source of funds for the project (e.g., lending institutions, banks, government loans and/or grants).
- Explanation of the business's current market position and projected market, outlining any increases in market share.
- List of all shareholders and key management personnel.
- Step 3: Ensure the application is submitted before any financial or legal commitment is made on the project.
- Step 4: Submit the application. Innovatio PEI will review it on a first-come, first-serve basis. An application is considered complete and received when all required information is submitted.
- Step 5: If approved, accept the letter of offer. This letter, when accepted, will constitute a contract between Innovation PEI and the applicant.
- Step 6: Provide evidence of occupancy and proof of rental/lease payment, such as a copy of the signed lease, cancelled rent cheque, payment receipt, or paid landlord invoice.
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
Rental Incentive Assistance
The Rental Incentive Assistance program supports businesses in Prince Edward Island to help them either establish a new business or expand existing production capabilities by contributing to rental costs. The program is tailored for businesses involved in specific strategic sectors with export-driven activities.
Comprehensive Guide to Rental Incentive Assistance in Prince Edward Island
The Rental Incentive Assistance program is a valuable opportunity for businesses operating in Prince Edward Island (PEI) to get financial support for their rental costs. This program is designed to help businesses either establish new operations or expand their current production capabilities, primarily focusing on sectors that drive economic growth and export activities. This guide will delve into various aspects of the grant, including eligibility requirements, supported activities, levels of assistance, and the application process.
Eligibility Criteria
Understanding the eligibility criteria is crucial for businesses looking to benefit from this program. To qualify for Rental Incentive Assistance, a business must meet the following criteria:
- Be located in Prince Edward Island.
- Be registered to conduct business and actively operating within the province.
- Primarily engage in manufacturing, processing, or developing goods and services for export.
- Operate within one of the 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-their-kind exportable goods or services in other sectors may also be considered.
- Not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.
It’s important to note that retail and consumer service businesses, as well as businesses with defaulted outstanding debt, are ineligible for this assistance.
Supported Activities and Costs
The Rental Incentive Assistance program supports several rental-related costs for eligible businesses. These include:
- Cost of leasing additional space within any community in Prince Edward Island.
- Cost of leased space within a PEI business park, based on availability and ranging from 500 to 10,000 square feet.
The supported lease terms for space in PEI business parks can last up to five years, with a base rate of $6.00 per square foot (excluding common area costs such as utilities, taxes, and inside maintenance).
Level of Assistance
The level of assistance a business can receive is substantial but comes with certain limitations:
- A maximum one-year rental subsidy up to $6.00 per square foot (excluding common area costs) on 500 to 10,000 square feet.
- The subsidy is payable monthly.
- Combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
This ensures that the financial support is significant enough to provide tangible benefits while promoting a sense of shared responsibility between the government and the business.
Application Evaluation Criteria
Submitting a complete application does not guarantee funding. Various criteria are considered to evaluate each application, including:
- Space availability.
- Potential for long-term viability of the business.
- Potential export sales.
- Qualifications and track record of managers.
- Import substitution capability.
- Economic benefit to PEI.
- Environmental impact.
- Availability of program funds.
- Employment creation potential.
- Level of assistance from other government programs.
These criteria ensure that the program’s funds are allocated to projects that have the highest potential for success and economic benefit.
Performance Monitoring
Upon approval of the application, businesses must accept a letter of offer from Innovation PEI, which outlines the terms and conditions of the grant. This letter of offer acts as a contract between Innovation PEI and the applicant. Furthermore, successful applicants are required to provide:
- Satisfactory evidence of occupancy, such as a copy of the signed lease agreement.
- Proof of rental/lease payments, including cancelled rent cheques, payment receipts, or paid landlord invoices.
This performance monitoring process ensures that the funds are utilized as intended and that there is compliance with the program’s terms and conditions.
Application Process
Innovation PEI recommends that potential applicants consult a Business Development Officer for guidance on the project’s suitability and the application process. This consultation can also help identify alternative funding programs if the project is not a good candidate for Rental Incentive Assistance. Key steps in the application process include:
- Submit the application before making any financial or legal commitments.
- Provide detailed business information and supporting documents.
Required documents typically include:
- A history and description of the business.
- Detailed financial statements for the previous two years (for existing businesses).
- A completed business plan (for new businesses).
- Description of the proposed project and its relation to the business’s products/services.
- Detailed description of the economic benefits to the organization and PEI.
- Cost estimates for the proposed project, supported by written quotations.
- Sources of funds for the project.
- Explanation of the current and projected market positions.
- List of all shareholders and key management personnel.
Compiling and submitting these documents can significantly enhance the chances of receiving the grant by demonstrating the project’s viability and potential benefits.
Conclusion
The Rental Incentive Assistance program offers a remarkable opportunity for businesses in Prince Edward Island to gain financial support for their rental costs. By doing so, it helps these businesses to establish new operations or expand their current capacities, primarily focusing on export-driven sectors that fuel economic growth. Following the detailed guidelines and preparing a comprehensive application will significantly enhance the chances of securing this beneficial grant, paving the way for long-term business success and economic contribution to the region.
