Small Business Assistance Program
$5,000
Grant
Description:
To encourage the creation and viability of small businesses in Prince Edward Island, Small Business Assistance supports activities that increase productivity and competitiveness. The program supports eligible costs related to internal planning and processes. A new business is eligible for support for marketing and promotion activities.
Comments on Funding:
Small Business Assistance may provide financial assistance of:
50 per cent of eligible costs;
to a maximum contribution of $4,000 over a 24 month period; and
subject to the maximum eligible costs for specific activities, as specified in the “What activities and costs are supported” section.
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. registered to do business in Prince Edward Island (business registration may not be required for business planning support);
2. actively operating on PEI; and
3.the primary source of income for the applicant or employs at least one employee (minimum of 560 hours).
Application Steps:
Applicants must:
consult with an Innovation PEI Business Development Officer for guidance on suitability of the project, other program offerings, and the application process. If the project is not a good candidate for Small Business Assistance, the Business Development Officer may recommend alternative funding programs.
Documentation Needed:
Applicants must submit:
1. business registration number and date of incorporation (if applicable);
2. description of the business operations;
3. business information;
4. detailed information on the estimated costs of the proposed project (cost estimates should be supported by written quotations);
5. detailed description of the project and how it will benefit the business; and
6. if the application concerns a study, please provide the consultant’s proposal(s) and the study’s terms of reference (costs should be supported by written quotations).
Other Things to Note:
About the author
Maurice
