PEl Food Product Development Assistance

By mmuise
Description:

The PEl Food Product Development Assistance is available to Prince Edward Island companies to access professional and technical help when creating or improving a new food product or process. This technical help can be used to develop and test new and improved products and processes, and other technical development-related activities.


Comments on Funding:

Funding is 50% of project costs to a maximum contribution of $50,000 per company. Multiple projects may be submitted by one company; however, the maximum approval amount to one company in a 12 month period will not go above $50,000.

Deadline: Continuous Intake
Eligibility:

The applicant must:

  • be registered to do business and actively operating in Prince Edward Island,
  • be a food development, manufacturing or processing business,
  • be proposing projects that are expected to provide economic benefit to the province,
  • not have defaulted outstanding debt obligation on file in the Province‚Äôs Central Default Registry.
Application Steps:

The applicant must:

1. complete the online Business Development Application Form,

2. accept the letter of offer forwarded to him which shall create a contract between Innovation PEI and the applicant.

Documentation Needed:

The applicant must submit:
1. the online application form,
2. a description of the business and an outline of its history,
3. detailed Financial Statements for the previous two years, if existing business,
4. a completed business plan, if a new businesses,
5. a description of the proposed project or activity in relation to the products and/or services delivered by the business,
6. a detailed description of the economic benefits to the organization and to Prince Edward Island,
7. detailed information on the estimated costs of the proposed project or activity,
8. source of funds for the project,
9. explanation of the business's current market position and projected market, outlining any increases in market share,
10. a list of all shareholders and key management personnel.

Other Things to Note:

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About the author
mmuise