Rental Incentive Assistance

Amount:

No Fixed Amount

Type of Program:

Subsidy

Description:

The Rental Incentive Assistance contributes to rental costs for Prince Edward Island companies to establish a new business or to expand existing production capabilities. Assistance may be as a contribution towards the cost of leasing additional space in any community in the province, or competitive rates and terms for leased space in a PEI business park (500-10,000 square feet).

Comments on Funding:

Funding is a maximum one-year rental subsidy up to $6.00 per square foot (excluding utilities, taxes, inside maintenance, etc.), payable on a monthly basis.
Lease space may be available in an Innovation PEI owned facility: Lease terms up to five (5) years; base rate is $6.00 per square foot (excluding utilities, taxes, inside maintenance, etc.)

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 defense, 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.

Retail and consumer services businesses are not eligible for assistance through this service.

Application Steps:

Applicant must:

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.