Rental Incentive Assistance
Rental Incentive Assistance contributes to rental costs for Prince Edward Island businesses to establish a new business or to expand existing production capabilities.
Offered by Innovation PEI
Amount
Maximum one-year rental subsidy up to $6 per square foot (excluding common area costs) on 500 up to a maximum of 10,000 square feet, payable monthly; combined non-repayable government funding cannot exceed 75 per cent of eligible costs
Quick eligibility check
Who can apply
To be an eligible applicant, a business must be located in Prince Edward Island and:
- be 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.
New project submissions from an applicant in default on any reporting, project completion or financial obligation to Innovation PEI will not be reviewed until a resolution to the default is reached.
The project must provide economic benefit to the province of Prince Edward Island.
About the funding
An eligible business can access support from Rental Incentive Assistance for a maximum one-year rental subsidy up to $6.00 per square foot (excluding common area costs such as utilities, taxes, inside maintenance, etc.), on 500 up a maximum of 10,000 square feet, payable on a monthly basis.
The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
An eligible business may access the Rental Incentive Assistance for eligible rental costs related to:
- cost of leasing additional space in any community in the province of Prince Edward Island; or
Show all funding details
- cost of leased space (based on availability) in a PEI business park (500 up a maximum of 10,000 square feet):
- lease term up to five (5) years; and
- base rate of $6.00 per square foot (excluding common area costs such as utilities, taxes, inside maintenance, etc.).
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Future Fisher Program | Subsidy, Grant | Interest relief of up to $4,000 per year for three years, to a maximum contribution of $12,000 (2% per year with Grade 12 or 1% per year without, on loans up to $200,000), plus up to $1,000 per applicant toward training costs, normally cost-shared 50-50 | Open |
| Self Employ PEI | Subsidy, Grant | Weekly living allowance or EI benefits, or a combination of the two, during the first year in business | Open |
