How much funding can be received?

Get up to $20,000 to cover a maximum of 40% of the costs of up to 2 projects designed to make your business more productive, profitable and competitive.

grant_single_labels|projects

Yes, there are several projects and activities eligible for this grant.

Strategies to improve productivity, quality, food safety, or environmental management
Plans to integrate the most effective tools for communications, transactions, operations, and management (e.g., IT, project management, and systems integration services)
Human resource strategies
Initiatives such as workflow study, production planning, and logistics planning
Assessment and development of strategies for the integration of renewable/clean energy, energy use reduction, and environmental impact improvements
Intellectual property advice, planning, and strategy

grant_single|admissibleProjectsExample

$8,000

Montreal

Develop a robust human resource strategy to enhance team productivity

$8,000

Calgary

Obtain intellectual property advice to protect proprietary software

$8,000

Charlottetown

Implement a comprehensive food safety and quality management system

$8,000

Vancouver

Conduct a workflow study to enhance production planning

$8,000

Ottawa

Integrate new IT systems to streamline operations and improve efficiency

$8,000

Toronto

Develop a renewable energy strategy to lower operational costs

grant_single_labels|admissibility

To be eligible for the Strategic Improvement Assistance grant, a business must be located in Prince Edward Island and satisfy specific criteria. Here are the eligibility requirements:

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
Must not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry
Resolved any defaults on reporting, project completion, or financial obligations to Innovation PEI

grant_eligibility_criteria|who_can_apply

Yes, there are eligible types of companies for the Strategic Improvement Assistance grant in Prince Edward Island. Eligible businesses must be located in PEI, registered, actively operating, and primarily focusing on export in specific 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)

grant_eligibility_criteria|who_cannot_apply

Companies that are in default of outstanding debt obligations on file in the Province’s Central Default Registry and those in default on any reporting, project completion, or financial obligations to Innovation PEI are not eligible for this grant.

Businesses with defaulted outstanding debt obligations 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

Funding may be available for eligible costs related to assessment, planning, design, or implementation of projects aimed at improving operational efficiencies, internal planning, processes, or quality assurance. Primarily, costs to engage outside professional expertise are considered, along with other directly related eligible activity costs.

Strategies to improve productivity, quality, food safety, or environmental management
Plans for integrating effective tools for communications, transactions, operations, and management
Human resource strategies
Workflow study, production planning, and logistics planning initiatives
Assessment and development of renewable/clean energy integration strategies
Intellectual property advice, planning, and strategy

grant_eligibility_criteria|zone

The eligible geographic zone for this grant is Prince Edward Island. The business must be registered to conduct business and actively operating in this region.

Located in Prince Edward Island
Registered to conduct business on Prince Edward Island
Actively operating on Prince Edward Island

grant_single_labels|criteria

Yes, there are evaluation and selection criteria for the Strategic Improvement Assistance grant. Applications are evaluated based on factors such as the program’s objectives, potential for long-term viability, qualifications and financial capacity of the business, among others.

Objectives of the program
Potential for long-term viability
Qualifications and record of the business and senior management
Evidence the business has the financial capacity to complete the project
Level of assistance from other government programs offered or available
Export sales and/or import substitution
Economic benefit to the province
Availability of program funds
Employment creation

grant_single_labels|register

Step 1: Consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process.
Step 2: Prepare detailed business information including the history and description of the business, financial statements for the last two years for existing businesses, or a completed business plan for new businesses.
Step 3: Develop a detailed description of the proposed project or activity in relation to the products and/or services delivered by the business.
Step 4: Outline the economic benefits of the project to the organization and to Prince Edward Island.
Step 5: Collect detailed information on the estimated costs of the proposed project or activity, supported by written quotations.
Step 6: Identify the source of funds for the project, such as lending institutions, banks, government loans and/or grants.
Step 7: Explain the business's current market position and projected market, including any increases in market share.
Step 8: List all shareholders and key management personnel.
Step 9: Submit the application before any financial or legal commitment is made on the project.

grant_single_labels|otherInfo

grant_single_labels|contact

innovation@gov.pe.ca

902-368-6300

Apply to this program

Strategic Improvement Assistance Grant Summary

The Strategic Improvement Assistance Grant provides up to 40% of eligible costs, with a maximum assistance of $20,000 per approved project, to support Prince Edward Island businesses in undertaking strategic projects that enhance productivity, profitability, and competitiveness. The grant covers costs related to operational efficiencies, internal planning, and quality assurance projects, utilizing outside professional expertise.

Understanding the Strategic Improvement Assistance Grant

The Strategic Improvement Assistance Grant is a cornerstone initiative designed by Innovation PEI to propel the economic growth and sustainability of businesses located in Prince Edward Island (PEI). This grant program targets businesses that are seeking to enhance their operational efficiencies, improve internal processes, and ensure quality assurance through strategic projects. Below, we delve into the key aspects of this grant, including eligibility criteria, supported activities, funding levels, evaluation criteria, and the application process.

Eligibility Criteria

To qualify for the Strategic Improvement Assistance Grant, businesses must meet specific eligibility criteria. Firstly, the business must be registered to conduct and actively operating within Prince Edward Island. Moreover, it should predominantly manufacture, process, or develop goods or services intended for export. This grant focuses on businesses operating within strategic sectors such as bioscience, aerospace and defense, advanced manufacturing and processing, renewable energy and clean technology, information and communications technology, and creative and cultural industries. Additionally, first-of-its-kind exportable goods or services in other sectors may also be considered for funding.

However, businesses with defaulted outstanding debt obligations in the Province’s Central Default Registry are disqualified from receiving funding. Furthermore, ongoing project submissions from businesses in default on any commitments to Innovation PEI will not be reviewed until the default is resolved.

Supported Activities and Costs

The grant supports a variety of activities aimed at improving a business’s operational framework. Eligible activities include, but are not limited to:

Strategies to improve productivity, quality, food safety, or environmental management.
Plans to integrate the most effective tools for communications, transactions, and operations, such as IT and project management systems.
Human resource strategies.
Initiatives such as workflow study, production planning, and logistics planning.
Assessment and development of strategies for integrating renewable energy, reducing energy use, and improving environmental impact.
Intellectual property advice, planning, and strategy.

While the primary focus of the funding is to engage outside professional expertise, other costs directly related to these eligible activities may be considered. Notably, the purchase of capital equipment is excluded from this grant; however, support for such expenses may be available through other Innovation PEI programs.

Level of Assistance

The Strategic Improvement Assistance Grant provides up to 40% of the eligible costs up to a maximum of $20,000 per approved project. Each business can submit up to two applications per year, with the total assistance capped at $20,000 annually. Additionally, the combined funding from all non-repayable government sources must not exceed 75% of the total eligible project costs. This ensures that the business also invests a significant portion of their own resources, aligning interests, and promoting responsible financial management.

Evaluation Criteria

Meeting the minimum criteria does not guarantee funding. Each application undergoes a rigorous evaluation process based on multiple factors, including:

Program Objectives: The project’s alignment with the overarching objectives of the Strategic Improvement Assistance program.
Long-term Viability: The potential for the project to contribute to the business’s long-term success and sustainability.
Qualifications and Record: The past performance and credentials of the business and its senior management team.
Financial Capacity: Evidence that the business can financially support and complete the project.
Other Government Assistance: The level of assistance the business is receiving from other government programs.
Market Position: Export sales, import substitution, and the business’s current and projected market share.
Economic Benefit: The potential economic impact of the project on Prince Edward Island.
Program Funds: Availability of funds within the program.
Employment Creation: The project’s capacity to generate employment opportunities.

It is crucial for the project to demonstrate clear economic benefits to Prince Edward Island. Furthermore, Innovation PEI holds the right to deny any grant application or payment request if there are suspicions or evidence of fraudulent intent.

Performance Monitoring

Upon approval, the business will receive a letter of offer from Innovation PEI that outlines the terms and conditions of the grant. Acceptance of this offer constitutes a formal contract between Innovation PEI and the business. The business must comply with all the terms and conditions, ensuring that the project adheres to all stipulated requirements. Regular performance monitoring and reporting may be required to track progress and ensure funds are utilized appropriately.

Application Process

Innovation PEI encourages businesses to consult with a Business Development Officer before submitting their application. This consultation can provide valuable insights and guidance on the suitability of the project for the grant, ensuring a thorough and well-prepared application. If the project does not align with the Strategic Improvement Assistance program, the Business Development Officer may recommend alternative funding programs.

Required Documentation

Applicants need to prepare and submit detailed business information and supporting documents, including:

An outline of the business’s history and a comprehensive description.
Financial statements for the previous two years for existing businesses.
A completed business plan for new businesses.
A detailed description of the proposed project or activity and how it relates to the business’s products and services.
A clear explanation of the economic benefits to both the organization and Prince Edward Island.
Detailed cost estimates for the proposed project or activity, ideally supported by written quotations.
Information on the source of funds for the project, such as loans, grants, or internal financing.
An explanation of the business’s current market position and projected market share.
A list of all shareholders and key management personnel.

This comprehensive documentation is crucial as it allows the evaluators to understand the business thoroughly and assess the potential impact and viability of the project.

Conclusion

The Strategic Improvement Assistance Grant provides significant financial support for PEI businesses looking to undertake strategic projects aimed at enhancing operational efficiencies, improving internal processes, and assuring product and service quality. By following the detailed guidelines and preparing a robust application, businesses stand a better chance of securing the funding needed to drive their strategic initiatives forward, thereby contributing to the economic vitality of Prince Edward Island.