Strategic Improvement Assistance

Amount:

$20,000

Type of Program:

Grants

Description:

Strategic Improvement Assistance supports Prince Edward Island businesses undertaking strategic activities to become more productive, profitable and competitive.

Comments on Funding:

Strategic Improvement Assistance provides up to 40 per cent of eligible costs to a maximum of $20,000 in assistance per approved project. Up to two applications per business will be accepted within a twelve-month period, totaling to a maximum of $20,000 in assistance. The combined project funding from all non-repayable government sources cannot exceed 75% of eligible costs.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be registered to do business and actively operating in Prince Edward Island,
manufacture, process, or provide exportable services in one of the following sectors: aerospace and defence, advanced manufacturing and processing, information and communications technology, bioscience, renewable energy and clean technology, creative and cultural industries, (First-of-its-kind exportable services in other sectors may be considered),
propose a project that provides economic benefit to the province,
not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

is 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 completed application form before any financial or legal commitment is made on the project,

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

Documentation Needed:

The applicant must submit:

1
the online application form,
2
a description of the business and an outline of its history,
3
detailed Financial Statements for the previous two years, if existing business,
4
a completed business plan, if a new businesses,
5
a description of the proposed project or activity in relation to the products and/or services delivered by the business,
6
a detailed description of the economic benefits to the organization and to Prince Edward Island,
7
detailed information on the estimated costs of the proposed project or activity,
8
source of funds for the project,
9
explanation of the business's current market position and projected market, outlining any increases in market share,
10
a list of all shareholders and key management personnel.