Rental Cost Assistance
Overview
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.
At a glance
Funding available
- Optimize production processes
- Access new markets
- Maximum amount : 60,000 $
- Up to 75% of project cost
Eligible candidates
- All industries
- Prince Edward Island
- For-profit business
- All revenue ranges
- All organization sizes
- Startups
Next Steps
Activities funded
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.
Eligibility
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.
Selection 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.
How to apply
- 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.
Additional information
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.