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
- 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|projects
This grant is available to companies located within a specific geographical area as determined by the regional funding body. Eligible companies must be situated in Prince Edward Island.
- Businesses operating within Prince Edward Island.
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
The eligible expenses for the Rental Incentive Assistance are focused on rental costs associated with leasing space to support business growth.
- Cost of leasing additional space in any community within Prince Edward Island.
- Cost of leased space in a PEI business park.
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|register
- 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.
Apply to this program
Supporting Growth and Innovation with Rental Incentive Assistance
Rental Incentive Assistance offers financial support to businesses in Prince Edward Island, helping them cover rental costs as they establish or expand their export-focused operations. This program aims to enhance the production capabilities of strategic sector businesses, promoting regional economic growth.
Deep Dive into Rental Incentive Assistance and Its Benefits for PEI Businesses
Rental Incentive Assistance is a strategic initiative designed to bolster the economic landscape of Prince Edward Island by providing financial relief on rental costs for eligible businesses looking to start or expand their operations. This incentive is particularly geared towards enterprises that manufacture, process, or develop goods or services with a focus on export, thereby directly contributing to the economic vitality and global trade footprint of the region.
To maximize its impact, the assistance targets businesses operating within key sectors such as bioscience, aerospace and defence, advanced manufacturing and processing, renewable energy and clean technology, information and communications technology, and creative and cultural industries. The program also offers a broader inclusion scope by considering first-of-its-kind exportable goods or services from other sectors. This inclusive approach ensures that diverse innovative projects can benefit from financial support, driving innovation and job creation across the island.
Eligible enterprises can apply for a rental subsidy that covers up to $6.00 per square foot of leased space. The subsidy applies to rental agreements for five years in any community in Prince Edward Island or in available spaces within a PEI business park, limited to spaces ranging from 500 to a maximum of 10,000 square feet. This structured support plays a critical role in reducing overhead costs for businesses, freeing up capital that can be reinvested in other growth initiatives or operational improvements.
Applications for Rental Incentive Assistance are evaluated on several critical parameters such as the availability of space, long-term viability of the project, potential for export sales, economic benefits generated for the province, and environmental impact considerations. Additionally, the initiative places significant weight on the creation of employment opportunities and the strategic alignment of the project with provincial economic goals.
This assistance program is administered by Innovation PEI, which ensures that projects selected for funding meet express criteria for economic contribution and sustainability. Applicants are encouraged to liaise with Innovation PEI Business Development Officers to optimize their application and explore related funding possibilities that could complement the rental incentive.
The selection process is competitive and contingent on the completeness and timeliness of applications. As not all applicants may receive the funding despite meeting minimum criteria, businesses are urged to emphasize their project's innovative aspects, readiness to implement, and broader economic impact in their proposals.
Upon approval, recipients must adhere to strict reporting and performance monitoring requirements, ensuring that allocated funds are utilized effectively towards the intended projects. Acceptance of funding terms and conditions formalizes the arrangement between Innovation PEI and the business, thus ensuring accountability and transparency throughout the duration of support.
By alleviating the financial pressures associated with renting necessary expansion spaces, Rental Incentive Assistance empowers businesses to focus on scaling their operations, introducing innovative solutions, and breaking ground in new markets. It plays a pivotal role in fostering an entrepreneurial spirit, enhancing competitive edge, and driving sustainable economic growth for Prince Edward Island.
