Food Product Development Assistance
$50,000
Grant
Description:
Food Product Development Assistance is available to Prince Edward Island businesses to access professional and technical assistance in creating or improving a new food product or process. This assistance can be used to develop and test new and improved products and processes, and other technical development-related activities.
Comments on Funding:
The program contributes 50 per cent of project costs to a maximum contribution of $50,000 per business.
Multiple projects may be submitted by one business; however, the maximum approval amount to one business in a twelve month period will not exceed $50,000.
Approved projects that have not started by the end of a twelve month period will expire and a new application will need to be submitted and approved.
The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
Continuous Intake
Eligibility:
Applicants must be:
1. a business must be located in Prince Edward Island and:
2. be registered to do business and actively operating in Prince Edward Island; and
3. be a food development, manufacturing or processing business;
Application Steps:
Applicans must consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process. If the project is not a good candidate for Food Product Development Assistance, the Business Development Officer may recommend alternative funding programs.
Documentation Needed:
Applicants must submit:
1. outline the history and provide a description of the business;
1. existing businesses will need detailed Financial Statements for the previous two years;
3. new businesses will need a completed business plan;
4. description of the proposed project or activity in relation to the products and/or services delivered by the business;
5. a detailed description of the economic benefits to the organization and to Prince Edward Island;
6. detailed information on the estimated costs of the proposed project or activity (cost estimates should be supported by written quotations);
7. source of funds for the project (for example, lending institutions, banks, government loans and/or grants);
8. explanation of the business’s current market position and projected market, outlining any increases in market share; and
a list of all shareholders and key management personnel.
Other Things to Note:
About the author
Maurice
