Food Product Development Assistance

Amount:

$50,000.00

Type of Program:

Grants

Description:

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

Comments on Funding:

The funding is 50% of project costs to a maximum contribution of $50,000 per business. Multiple projects may be submitted by one business; however, the maximum approval amount to one business in a twelve month period will not exceed $50,000. The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be located in Prince Edward Island,
be registered to do business and actively operating in Prince Edward Island,
be a food development, manufacturing or processing business,
not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

are encouraged to consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process,

must submit the application online before any financial or legal commitment is made on the project,

must accept the letter of offer forwarded to them which shall create a contract between Innovation PEI and the applicants.

Documentation Needed:

The applicant must submit:

1
the description of the business and an outline of its history,
2
detailed Financial Statements for the previous two years, if an existing business,
3
a completed business plan, if a new businesses,
4
description of the proposed project or activity in relation to the products and/or services delivered by the business,
5
a detailed description of the economic benefits to the organization and to Prince Edward Island,
6
detailed information on the estimated costs of the proposed project or activity (cost estimates should be supported by written quotations),
7
source of funds for the project (for example, lending institutions, banks, government loans and/or grants),
8
explanation of the business's current market position and projected market, outlining any increases in market share,
9
a list of all shareholders and key management personnel.