Small Business Investment Grant
The Small Business Investment Grant helps Prince Edward Island’s small businesses improve efficiency and innovation by way of a non-repayable financial contribution toward the purchase of eligible capital asset costs.
Offered by Innovation PEI
Amount
Up to $3,750
15 per cent of the actual eligible cost as determined at the time of the request for payment, to a maximum grant of $3,750
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 as a for-profit entity;
- actively operating on Prince Edward Island; and
- be the primary source of income for the applicant OR employ at least one employee (minimum of 560 hrs).
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
The Small Business Investment Grant helps Prince Edward Island’s small businesses improve efficiency and innovation by way of a non-repayable financial contribution toward the purchase of eligible capital asset costs.
Payment will be based on 15 per cent of the actual eligible cost as determined at the time of the request for payment - resulting in a maximum grant of $3,750.
Regardless of the amount, one application will be accepted per fiscal year (April 1 - March 31) either through this program or Capital Acquisition Assistance.
The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
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An eligible business may access support for eligible capital costs related to (this list is representative, not exhaustive):
- equipment;
- leasehold improvements/building construction (land and building);
- technology upgrades; and
- energy efficient upgrades.
“Eligible Capital Costs” means those reasonable and proper costs identified on the Businesses Application which have been accepted by Innovation PEI and are deemed capital expenditures in accordance with generally accepted accounting principles. To be an Eligible Capital Cost, a capital asset must be purchased from a third party, unaffiliated, arms-length vendor.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Capital Acquisition Assistance | Grant | Up to $25,000 | Open |
| AgriScience Program – Projects | Grant, In-Kind Support | Up to $5 million per project and $10 million per applicant over the program's duration (2023 to 2028) | Open |
| Canadian Agricultural Strategic Priorities Program | Grant, Loan | AAFC contribution normally not exceeding $1 million per project, generally not more than $5 million over 5 years for each applicant | Open |
| Commemorative Partnership Program: Community War Memorial | Grant | Up to 50% of eligible expenditures, not exceeding a maximum of $25,000 (up to 100% of eligible expenditures, to a maximum of $50,000, for war memorial projects in Indigenous communities) | Open |
