Self-Employ PEI
PE, Canada
Support for Prince Edward Island (PEI) entrepreneurs
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
Expert Advice
grant_single|eligibleIndustries
- Manufacturing
- Retail trade
- Information and cultural industries
- Accommodation and food services
grant_single|grantors
- Government of Prince Edward Island
- Skills PEI
grant_single|status
grant_card_status|open
grant_single_labels|preview
Job seekers who want to launch their own businesses may apply to receive a weekly allowance or employment insurance (EI) benefits, or combination of both.
grant_single_labels|projects
The Self Employ PEI program supports new entrepreneurs with financial aid and business counseling to help them establish their businesses. Eligible activities include launching various types of businesses with a focus on long-term viability.
- Manufacturing
- Food and beverage
- Information technology
- Trades
- Retail
grant_single|admissibleProjectsExample
$70,000
Vancouver
Establishing a sustainable bakery specializing in organic breads and pastries in Vancouver.
$110,000
Toronto
Launching a mobile app development company focusing on health and wellness in Toronto.
$75,000
Montreal
Starting a social enterprise repurposing electronic waste into educational kits in Montreal.
$85,000
Calgary
Establishing a microbrewery focused on local, organic ingredients in Calgary.
$60,000
Halifax
Creating a repair and refurbish service for electronics, focusing on smartphones in Halifax.
$80,000
Ottawa
Opening a cooperative retail store selling locally crafted goods in Ottawa.
grant_single_labels|admissibility
This grant is aimed at unemployed individuals looking to launch their own business, offering financial support and business counselling during the initial year of operation.
- Must be unemployed and seeking full-time employment
- Legally authorized to work in Canada (Canadian citizen or permanent resident)
- Current claim for Employment Insurance (EI) benefits
- Previous EI claim whose benefit period ended within the last 60 months
- Unemployed and paid EI premiums in at least 5 of the last 10 years without qualifying for a refund
- Business must not have started prior to program approval
grant_eligibility_criteria|who_can_apply
The Self Employ PEI program offers funding to various types of businesses to ensure long-term viability. Eligible businesses include the following sectors:
- Manufacturing
- Food and Beverage
- Information Technology
- Trades
- Retail
grant_eligibility_criteria|who_cannot_apply
Some types of companies may not be eligible for this grant due to specific criteria. Eligibility restrictions may include:
- Financial institutions
- Gambling establishments
- Non-profit organizations
grant_eligibility_criteria|eligible_expenses
There are eligible expenses for this grant.
- Salaries for new hires
- Employee training costs
- Research and development expenses
grant_eligibility_criteria|zone
The eligible geographic zones for this grant are the regions in Prince Edward Island.
- Charlottetown
- Summerside
- Montague
- West Prince
grant_single_labels|criteria
There are evaluation and selection criteria for this grant.
- Evaluation Criteria 1: Innovation and Impact
- Evaluation Criteria 2: Project Feasibility
- Evaluation Criteria 3: Organizational Capacity
- Selection Criteria 1: Alignment with Grant Objectives
- Selection Criteria 2: Clear and Realistic Budget
grant_single_labels|register
- Step 1: Attend an Information Session. Register for the session by clicking on the Self Employ PEI Information Session Registration button and ensure to submit your registration. You will receive a Microsoft Teams invitation email to join the session.
- Step 2: After the Information Session, set up a meeting with a Program Officer/Case Manager to complete a needs assessment and develop a Return to Work Action Plan.
- Step 3: Prepare the necessary documents for the application, including the Self Employ Suitability Assessment questionnaire, Self Employ PEI Application for Funding, a detailed business plan, proof of investment or financing, and your resume.
- Step 4: Submit the Self Employ PEI Application for Individuals with the required documents and business plan to SkillsPEI for review.
- Step 5: Wait for confirmation from SkillsPEI that your application has been approved. If approved, you may proceed with opening your new business.
grant_single_labels|otherInfo
This grant aims to support new entrepreneurs in Prince Edward Island by offering financial aid and business counseling in their first year of operation. Applications are accepted on an ongoing basis, and additional criteria apply.
- The program is aimed at unemployed individuals seeking full-time employment.
- Applicants must be authorized to work in Canada and meet specific EI benefit criteria.
- Applicants must attend an information session and assessment meeting before applying.
- Different SkillsPEI offices are available for assistance across Prince Edward Island.
- Applicants can receive a weekly living allowance or EI benefits, and may be eligible for a $1,000 consulting grant.
- There's no deadline for applications, but the business must not be operational before program approval.
grant_single_labels|contact
902-368-6290
Apply to this program
Self Employ PEI Program Overview
The Self Employ PEI program is designed to assist unemployed individuals in Prince Edward Island who wish to start their own businesses by providing financial support and business counseling during their first year of operation. This grant helps new entrepreneurs focus on implementing their business plans while receiving a living allowance and potential business consulting grant.
Detailed Guide to the Self Employ PEI Program
The Self Employ PEI program is a vital initiative aimed at fostering entrepreneurship among unemployed individuals in Prince Edward Island. By offering financial support, business counseling, and other resources, the program helps new entrepreneurs navigate the complexities of launching a business. This detailed guide aims to provide a comprehensive understanding of the Self Employ PEI program, its eligibility criteria, application process, and benefits.
Eligibility Criteria
Potential applicants must meet specific eligibility criteria to participate in the Self Employ PEI program: 1. **Employment Status:** Applicants must be unemployed and seeking full-time employment through self-employment. 2. **Work Authorization:** Individuals must be legally authorized to work in Canada, either as Canadian citizens or permanent residents. 3. **Employment Insurance (EI) Requirements:** Applicants must have an active EI claim, a recent EI claim that ended within the last 60 months, or have paid EI premiums for at least five of the last ten years without receiving a refund due to low earnings. 4. **New Business Requirement:** The business operation must not have commenced before receiving program approval. 5. **Additional Criteria:** Other criteria as determined by SkillsPEI may apply.
Application Process
The application process for the Self Employ PEI program involves multiple steps to ensure that applicants are well-prepared to launch their businesses successfully: 1. **Information Session:** Interested individuals must attend an Information Session, which provides an overview of the program and its requirements. These sessions are held remotely via Microsoft Teams every Friday from 10 AM to 11 AM. 2. **Needs Assessment and Return to Work Action Plan:** After the Information Session, applicants must meet with a Program Officer or Case Manager to complete a needs assessment and develop a Return to Work Action Plan. 3. **Application Submission:** Applicants can then submit their Self Employ PEI Application for Funding, which includes: - A completed Return-To-Work Action Plan. - A Self Employ Suitability Assessment questionnaire. - A detailed business plan. - Proof of investment or financing. - A resume. 4. **Business Plan Requirements:** The business plan must demonstrate the potential for long-term viability and cover various aspects such as manufacturing, food and beverage, information technology, trades, and retail.
Timeline and Deadlines
The Self Employ PEI program accepts applications on an ongoing basis, meaning there is no specific deadline. However, it is crucial to note that applicants must not begin their business operations before receiving program approval.
Program Benefits
The Self Employ PEI program offers several benefits designed to support new entrepreneurs during their critical first year of business operations: 1. **Financial Support:** Participants receive a weekly living allowance, EI benefits, or a combination of both, helping them focus on growing their businesses without financial stress. 2. **Business Counseling:** The program provides access to business counseling services, offering valuable guidance and expertise to help new businesses thrive. 3. **Consulting Grant:** Participants may be eligible for a $1,000 consulting grant, which can be used to access professional services that enhance business development.
Key Considerations for Applicants
When considering applying to the Self Employ PEI program, there are several key factors that potential applicants should keep in mind: 1. **Commitment:** Participants are expected to devote a minimum of 35 hours per week to implementing their business plans, ensuring that they fully commit to their entrepreneurial endeavors. 2. **Application Preparation:** Applicants should take the time to develop a comprehensive and viable business plan that clearly outlines their business goals, strategies, and financial projections. 3. **Information Session Registration:** To attend an Information Session, applicants must register by clicking the Self Employ PEI Information Session Registration button on the SkillsPEI website and submitting their registration form by noon the day prior to the session. 4. **Follow-Up and Communication:** After registering for an Information Session, applicants will receive a Microsoft Teams invitation email by the end of the day on the Thursday before the session. If they do not receive this email, they should contact SkillsPEI at 1-877-491-4766 for assistance.
Business Plan Development
Developing a robust business plan is a critical component of the Self Employ PEI application. The business plan should include the following elements: 1. **Executive Summary:** A brief overview of the business, including its mission, vision, and objectives. 2. **Market Analysis:** Detailed research on the target market, including customer demographics, market needs, and competitive analysis. 3. **Marketing Strategy:** A comprehensive plan for reaching and acquiring customers, including marketing channels, promotional tactics, and sales strategies. 4. **Operations Plan:** An outline of the day-to-day operations of the business, including production processes, supply chain management, and staffing requirements. 5. **Financial Projections:** Detailed financial forecasts, including projected income statements, cash flow statements, and balance sheets. These projections should demonstrate the business's potential for long-term viability. 6. **Funding Requirements:** An explanation of the funding needed to start and sustain the business, including any initial investment or financing already secured.
Additional Resources and Support
In addition to the financial support and business counseling provided by the Self Employ PEI program, participants can access various resources to aid in their entrepreneurial journey: 1. **SkillsPEI Offices:** Applicants can visit SkillsPEI offices in Charlottetown, Summerside, Montague, and West Prince for additional support and guidance. 2. **Templates and Guides:** SkillsPEI provides templates and guides for creating business plans and financial projections, helping applicants develop comprehensive and professional documents. 3. **Online Resources:** The SkillsPEI website offers a wealth of information, including checklists, self-assessment tools, and detailed guides on starting and running a business.
Conclusion
The Self Employ PEI program is an invaluable resource for unemployed individuals in Prince Edward Island who aspire to launch their own businesses. By providing financial support, business counseling, and other essential resources, the program helps new entrepreneurs navigate the challenges of starting a business and increases their chances of long-term success. If you meet the eligibility criteria and are committed to pursuing self-employment, the Self Employ PEI program could be the perfect opportunity to turn your business dreams into reality. For more information and to start your application process, attend an Information Session and connect with a Program Officer at SkillsPEI.