Small Business Assistance Program
The Small Business Assistance Program helps small businesses in Prince Edward Island improve productivity and competitiveness. It supports eligible costs related to accessing expert advice for strategic planning and improving operations. New businesses can also get support for marketing and promotional costs in their first year of operations.
Offered by Innovation PEI
Amount
Up to $5,000
Up to 50 per cent of eligible costs, to a maximum contribution of $5,000 in the first year of business only (marketing and promotions up to $2,500 plus professional fees up to $2,500), and to a maximum contribution of $2,500 for professional fees support in any other year
Quick eligibility check
Who can apply
To be an eligible applicant, a business must be located in Prince Edward Island and:
- be registered to do business in Prince Edward Island;
- actively operating on PEI; and
- is the primary source of income for the applicant or employs at least one employee (minimum of 560 hours).
Access to business plan and market research support may be available to a Prince Edward Island resident that is actively planning to start a business in Prince Edward Island, where the proposed business would meet the above requirements once operating.
Applications from any business or individual that is in default on any reporting, project completion or financial obligation to Innovation PEI may not be reviewed until a resolution to the default is reached.
Not eligible:
Non-eligible applicants include
not-for-profit organizations or associations (with the exception of website development
a business or individual that has a defaulted debt obligation with the Province of PEI
a business whose primary activity is fishing, farming, banking/financing, or property development (including commercial/residential landlords and developers
About the funding
Small Business Assistance may provide financial assistance of up to 50 per cent of eligible costs:
- to a maximum contribution of $5,000 in the first year of business only, for applicants that access the maximum support for both marketing and promotions activities (up to $2,500) and professional fees (up to $2,500); and
- to a maximum contribution of $2,500 for professional fees support in any other year.
The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
Show all funding details
- The Grant shall be disbursed once the Business has submitted a complete Request for Payment to Innovation PEI and provided any additional information requested by Innovation PEI to confirm the Business has complied with these Terms and Conditions.
- The Grant will be paid using direct deposit provided that the Business provides complete and accurate business banking information by providing a sample, void cheque or equivalent document generated by its bank (available through online banking).
Professional fees associated with the development of plans or strategies related to increasing competitiveness or efficiencies within the business can be supported at 50% of eligible costs, to a maximum grant of $2,500.
Eligible activities include:
- Business plans;
- Marketing plans and/or market research;
- Human resource or operational efficiencies plans; and
- Website creation for applicants that do not have a website or are upgrading an existing website to add e-commerce for the first time.
Other activities may be considered; please contact Innovation PEI to discuss.
Marketing and Promotion activities for a business within its first year of operations can be supported at 50% of eligible costs, to a maximum one-time only grant of $2,500.
Eligible activities include:
- Design, development, and implementation of new advertising and promotional materials;
- Signage and branding (excludes clothing and uniforms);
- Advertising development costs and ad placements; and
- Social media implementations.
The costs for all activities must be purchased from arm's length vendors/providers to be eligible for support.
“Eligible Project Costs” means those reasonable and proper costs identified on the Business’s Application which have been accepted by Innovation PEI and are deemed eligible expenditures in accordance with generally accepted accounting principles. Costs must be related to purchases of goods or services from a third party, unaffiliated, arms-length vendor.
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