How much funding can be received?

Funds up to 40% of admissible expenses, capped at $20000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Strategic Improvement Assistance?

Strategic Improvement Assistance is funded by Innovation PEI, Government of Prince Edward Island

What are Strategic Improvement Assistance's eligibility criterias?

Eligibility criteria not mentioned

Strategic Improvement Assistance

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Charlottetown, PE

Financial support to improve PEI businesses

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Grant and Funding

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Innovation PEI
Government of Prince Edward Island

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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.

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$ 8,000

Develop a robust human resource strategy to enhance team productivity

$ 8,000

Obtain intellectual property advice to protect proprietary software

$ 8,000

Implement a comprehensive food safety and quality management system

$ 8,000

Conduct a workflow study to enhance production planning

$ 8,000

Integrate new IT systems to streamline operations and improve efficiency

$ 8,000

Develop a renewable energy strategy to lower operational costs

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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

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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)

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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

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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

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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

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Consultation with an Innovation PEI Business Development Agent

Schedule an appointment to discuss the relevance of the project
Discuss the various possible funding options

Preparation of the Application

Develop a detailed description of the company’s history and activities
Prepare detailed financial statements for the last two years for existing businesses
Draft a complete business plan for new businesses
Detail the proposed project or activity in relation to the company’s products and/or services
Provide a detailed description of the economic benefits for the organization and for Prince Edward Island
Gather detailed information on estimated project costs (including written quotes)
Indicate the sources of project funding (banks, government loans, grants, etc.)
Explain the company’s current market position and projected market shares
Establish a list of all shareholders and key management personnel

Submission of the Application

Fill out and submit the online application form
Attach all required documents (business plan, financial statements, cost estimates, etc.)

Receipt of the Offer Letter

Receive the offer letter outlining the terms and conditions of approval
Accept the offer letter to formalize the contract between Innovation PEI and the business

Implementation of the Project