Strategic Improvement Assistance
Charlottetown, PE, Canada
Financial support to improve PEI businesses
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
- grant_single|allIndustries
grant_single|grantors
- Innovation PEI
- Government of Prince Edward Island
grant_single|status
grant_card_status|open
grant_single_labels|preview
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
This grant is available to companies located in specific geographical areas determined by the funding body. The eligible locations are targeted to ensure alignment with regional development goals.
- Companies based within the European Union member states.
- Organizations operating in rural or underserved areas within the United States.
- Businesses located in provinces or territories eligible under Canadian federal funding programs.
- Entities registered in developing countries recognized by the funding body.
grant_single|admissibleProjectsExample
$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
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
Innovate and Thrive with Targeted Grant Opportunities
This grant initiative is structured to provide financial aid to businesses and organizations engaged in projects that align with specified strategic goals. The aim is to boost innovation and sustainable practices within key sectors that shape the future economic landscape.
In-Depth Insight into Grant Specifications and Expected Outcomes
The grant scheme in question is meticulously crafted to foster innovation across various strategic sectors, supporting projects that reflect the priorities identified by the granting authority. This initiates inclusive opportunities for enterprises of varying sizes, especially focusing on small and medium-sized enterprises (SMEs) as they are pivotal in fueling sustainable economic advancement. The overarching aim is to enable projects that do not solely cater to immediate operational accomplishments but also lay down preparatory steps for prolonged economic viability and community enrichment.
Recipients of the grant are expected to exhibit adeptness in resource management and achieving quantifiable results. The financial assistance offered can be channelized towards a spectrum of specified activities, including the acquisition of essential equipment, advancing research capacities, and executing novel technological applications. Furthermore, alongside fiscal support, beneficiaries may be granted access to technical expertise, education-oriented resources, and a strategic blend of partnerships to substantially leverage project outcomes.
A distinct feature of this grant lies in its versatile nature. Although the funds are allocated towards defined expenditures, grantees are afforded a degree of flexibility, enabling them to adapt their plans in response to market dynamics or emergent opportunities. This adaptability ensures that the projects continue to remain impactful and responsive over their lifecycle, enhancing efficacy and relevance.
Ultimately, projects aiming to secure the grant must meet stringent assessment criteria designed to evaluate innovation, viability, potential impact, and coherence with the grant’s strategic objectives. Such rigorous standards guarantee that only the most promising and impactful projects receive funding, thereby optimizing the utilization of invested resources.
This grant represents an invaluable chance for entities eager to innovate and contribute significantly to societal advancement and economic growth. By engaging with this program, businesses and organizations can not only fortify their operational foundations through substantial support but also actively partake in propelling a sustainable and thriving future.
