How much funding can be received?

Financial support to help tourism-related businesses across a range of activities, including acquisition, expansion, debt consolidation, and repairing restaurants, accommodations and equipment.

grant_single_labels|projects

Projects eligible for this grant include the establishment, expansion, and refurbishment of tourism facilities, with a focus on extending the tourist season and providing greater incentives for off-Island guests to visit Prince Edward Island.

Purchase of businesses
Expansion of existing tourism operations
New construction
Repair or updating of fixed assets
Purchase of machinery and equipment
Real property and buildings
Recreational complexes including entertainment facilities and lodging
Conversion of accommodation units to other uses during off-season periods
Establishment of restaurants
Development of accommodations with at least three lodging units
Creation of recreational activities and attractions

grant_single|admissibleProjectsExample

$250,000

Stratford

Conversion of an old farmhouse into a bed and breakfast with local cuisine

$80,000

Summerside

Update and refurbishment of heritage museum for improved visitor experience

$250,000

Cavendish

Construction of eco-friendly cabins for sustainable tourism in a nature reserve

$200,000

Charlottetown

Expansion of boutique hotel to include an on-site spa and wellness center

$200,000

Montague

Development of an adventure park with zip lining and climbing facilities

$180,000

Kensington

Renovation of a historic theater to create a year-round performing arts venue

grant_single_labels|admissibility

The grant is designed to meet the needs of Prince Edward Island tourism operators for purposes such as business expansion, new construction, and fixed asset updates. Eligibility includes carrying on a business in the province and holding a valid tourism establishment license, among other criteria.

Carries on business, or intends to carry on business, in Prince Edward Island
Holds a valid tourism establishment license issued pursuant to the Tourism Industry Act Regulations
Projects must aim to achieve a minimum two and one half (2½) star rating under the Canada Select Accommodation Rating Program upon completion
Accommodation operations require a minimum of three lodging units, once complete, to qualify for capital financing
Loans shall not generally exceed 80 per cent of the fair market value or purchase price of the asset(s) being financed
The amortization period must coincide with the expected life of the asset being financed and not exceed 20 years
Vehicles that do not directly contribute to the business's income or sales are not eligible
Bed and breakfast operations, as defined by the Tourism Industry Act Regulations, are not eligible

grant_eligibility_criteria|who_can_apply

Yes, the grant is available for tourism operators in Prince Edward Island who meet specific criteria. Here are the eligible types of companies:

Companies carrying on or intending to carry on business in Prince Edward Island
Businesses other than bed & breakfast establishments, as defined by the Tourism Industry Act Regulations
Operations that have a valid tourism establishment license under the Tourism Industry Act Regulations
Projects that expand the tourist season and provide greater incentives to off-Island guests
Accommodation operations with a minimum of three lodging units once complete

grant_eligibility_criteria|who_cannot_apply

There are specific types of companies that are not eligible for this grant.

Bed and breakfast operations, as defined by the Tourism Industry Act Regulations

grant_eligibility_criteria|eligible_expenses

Eligible expenses for this grant include the purchase and improvement of various capital assets for tourism-related businesses, as well as specific operating and intermediate term expenses.

Purchase of business
Expansion and new construction
Repair or updating of fixed assets
Machinery and equipment
Real property and buildings
Other items of a capital nature
Operating capital for seasonal start up
Refurbishment of tourism facilities
Debt restructuring for tourism facilities
Intermediate term improvements (excluding non-income-generating vehicles)

grant_eligibility_criteria|zone

The grant is specifically designed for tourism operators operating or intending to operate in the province of Prince Edward Island.

Prince Edward Island (PEI)

grant_single_labels|criteria

The evaluation and selection criteria for the Tourism Financing Assistance program are focused on the project's ability to meet specific conditions and restrictions. These criteria ensure the projects align with the goals of enhancing and extending the tourism season in Prince Edward Island.

Project must expand the tourist season, with special encouragement for recreational complexes featuring entertainment facilities, lodging, and dining.
The project must achieve a minimum two and one-half (2½) star rating under the Canada Select Accommodation Rating Program upon completion.
Accommodation operations require a minimum of three lodging units, once complete, to qualify for capital financing.
Loans shall not generally exceed 80 per cent of the fair market value or purchase price of the asset(s) being financed, and not exceed a period of 20 years.
Intermediate-term loans will not exceed 10 years and should coincide with the expected life of the asset being financed.
Vehicles that do not directly contribute to the business's income or sales are not eligible for financing.

grant_single_labels|register

Step 1: Ensure Eligibility
Confirm that your business operates within Prince Edward Island.
Verify that your business holds a valid tourism establishment license as per the Tourism Industry Act Regulations.
Step 2: Determine Loan Type
Identify the purpose of the loan, such as purchase of business, expansion, new construction, or updating fixed assets.
Ensure your project meets other conditions, such as achieving a minimum 2½ star rating under the Canada Select Accommodation Rating Program upon completion.
Step 3: Prepare Required Documentation
Prepare a detailed business plan outlining the project, its benefits, and how it will extend the tourist season or improve tourism facilities.
Collect financial statements or documentation demonstrating the financial health of your business.
Step 4: Contact Finance PEI
Reach out to Finance PEI for consultation on your project and to understand the specific loan terms and conditions that apply.
Phone: 902-368-6200
Email: financepei@gov.pe.ca
Step 5: Submit Application
Complete the formal loan application form available through Finance PEI.
Include all necessary supporting documents as requested by Finance PEI.
Step 6: Await Approval
Finance PEI will review your application and may request further information or clarification.
Await a decision on your application.
Step 7: Finalize Loan Agreement
If approved, review the loan terms and conditions provided by Finance PEI.
Sign the loan agreement and fulfill any initial requirements or conditions set by Finance PEI.
Step 8: Implement Project
Use the funds as specified in your loan agreement to complete your project.
Ensure all project goals and requirements are met, including the Canada Select Accommodation Rating Program's 2½ star rating if applicable.

grant_single_labels|otherInfo

This grant offers a range of financial assistance options specifically tailored to meet the needs of tourism operators in Prince Edward Island, with a focus on capital expenditures, seasonal business improvements, and projects promoting off-season tourism.

Projects must have a minimum two and one-half (2½) star rating under the Canada Select Accommodation Rating Program upon completion.
Bed and breakfast operations are ineligible for borrowing from Finance PEI.
Accommodation operations need a minimum of three lodging units to qualify for capital financing.
Loans generally cover up to 80% of the fair market value or purchase price of the asset being financed, with a maximum period of 20 years.
Intermediate term loans are limited to a maximum of 10 years.
Operating loans can provide up to 100% financing for pre-season preparation of tourist facilities.

grant_single_labels|contact

financepei@gov.pe.ca

902-368-6200

Apply to this program

Enhancing Innovation and Economic Growth Through Strategic Grant Support

This grant offers pivotal financial assistance to businesses and organizations dedicated to advancing projects that align with specific strategic objectives focused on innovation and sustainable growth. It is a key tool for fostering progress in crucial sectors, prioritizing projects that have a significant impact on economic development and social well-being.

Detailed Insights on the Grant: Objectives, Uses, and Benefits

The grant is meticulously structured to stimulate growth in strategic sectors by providing targeted funding to initiatives that reflect and support the objectives of the funding body. It opens doors for businesses of varying sizes, particularly targeting small and medium-sized enterprises (SMEs), which are vital to the fabric of sustainable economic development. The central aim of the grant is to back initiatives that successfully address pressing economic challenges and deliver long-term growth outcomes.

Recipients of the grant are required to exhibit proficiency in resource management and display the capacity to achieve and demonstrate measurable results. The allocated funds can be utilized for a wide array of qualified expenses, such as acquiring state-of-the-art equipment, conducting vital research, or implementing cutting-edge technological solutions. In addition to financial backing, beneficiaries may also receive access to technical expertise, educational tools, and a network of strategic partners to amplify the success and impact of their projects.

One of the notable aspects of this grant is its adaptable framework. Although funding is earmarked for specific uses, there is some accommodation for recipients to refine their projects in response to dynamic market conditions or emerging opportunities. This flexibility ensures that supported projects maintain their relevance and effectiveness throughout their implementation period.

It is crucial to understand that the selection of projects for grant funding is contingent upon meeting strict evaluation criteria. These criteria assess innovation, potential impact, project feasibility, and alignment with the overarching strategic goals of the grant. This rigorous evaluation process ensures that the funding is directed towards projects that demonstrate the highest potential for success and societal impact, thereby optimizing the allocation of resources.

This grant represents a substantial opportunity for organizations aiming to innovate and expand their impact, enabling them to contribute positively to their communities. By engaging with this program, businesses and organizations not only secure essential support but also play an integral role in fostering a more sustainable and prosperous future for the broader community.