All Sectors

Emergency Working Capital Financing

Amount:

$100,000.00

Type of Program:

Loan

Description:

The Emergency Working Capital Financing provides emergency working capital financing to assist PEI’s small business during this unprecedented economic disruption to business, caused by the Covid-19 pandemic. This loan program is to assist qualifying companies maintain normal business operations during these difficult times.

Comments on Funding:

Funding is up to $100,000 with a fixed interest rate of 4% per annum to be used to assist with fixed operating costs (including payroll, rent, utilities etc) with principal & interest payments deferred for a minimum of 12 months.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be an existing small businesses (startups not eligible) located and operating in the Province of PEI, and have been generating revenue on PEI,
be registered to conduct business within the Province of PEI,
have a satisfactory credit rating,
not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

must submit an application and supporting documentation to Finance PEI,

will be issued a Letter of Offer outlining the complete terms and conditions of the loan, if successful.

Documentation Needed:

Applicants must submit:

1
financial statements for the most recent year end,
2
interim financial statements for the current year to date,
3
detailed listing of what the loan proceeds will be used for and when funding will be needed,
4
statement of personal financial affairs (personal net worth statement) from all applicable shareholders,
5
eligible working capital expense worksheet.

Ongoing financial reporting will be required.

Program Contact:

Emergency Working Capital Financing

COVID-19 Wage Rebate for Impacted Industries

Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

The COVID-19 Wage Rebate for Impacted Industries provides a 25 per cent wage rebate on payroll for businesses of impacted industries, such as full-service restaurants and fitness centers, for the period of January 19 to 31, 2022.

Comments on Funding:

The funfing is a wage rebate calculated at 25 per cent of payroll costs to a maximum of $25/hour for PEI employees, including salary/wages and MERC’s.

When It Ends:

Ongoing

Deadline:

March 21, 2022

Eligibility:

Applicants must:

be businesses that closed to in-person services restricted by the enhanced public health measures introduced on January 18, 2022,
be operating in PEI,
be physically located on PEI,
be operated by a PEI franchiser, if a franchise.

Application Steps:

submit a completed online application,

make a Request for Payment, if the application was determined to be eligible.

Documentation Needed:

Applicants must submit:

1
appropriate payroll documentation to validate payroll costs,
2
the Active Canada Revenue Agency (CRA) Business Number,
3
the estimated number of employees the business will be claiming,
4
a description of business operations,
5
a description of how the enhanced public health measures impacted the business,
6
a monitored email address and contact information,
7
the completed online application.

Program Contact:

COVID-19 Wage Rebate for Impacted Industries

Equity Investors Incentive

Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

The Equity Investors Incentive provides new and expanding businesses in Prince Edward Island with a tool to encourage and attract private sector investment. The program provides a non-repayable incentive to investors to encourage investment in an approved Prince Edward Island-based investee business by increasing the return-on investment to investors.

Comments on Funding:

Funding is in the form of a direct rebate to investors (individuals or companies) and is calculated at up to 20 percent of the purchase price of the equity investment in the investee company. The maximum investors’ rebate for all eligible investors will not exceed $200,000 per approved investee company.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

An eligible investee company must:

be a taxable, private Canadian corporation,
be registered to do business in Prince Edward Island,
have its head office and its primary business operations in Prince Edward Island,
have been in operation in PEI for a minimum of one year,
be a provider of exportable goods or services in one of the following strategic sectors: bioscience, aerospace and defense, advanced manufacturing and processing, renewable energy and clean technology
information and communications technology, creative and cultural industries (first-of-its-kind exportable goods or services in other sectors may be considered),
pay at least 75% of its payroll to employees residing in Prince Edward Island and must have ewer than 50 employees,
have assets less than $10 million,
ensure compliance with securities legislation,
have a well-developed business plan and demonstrate appropriate use of funds raised to support expansion and/or ongoing operations in Prince Edward Island,
not have any defaulted outstanding debt obligation on file in the Government of Prince Edward Island Central Default Registry.

Eligible investors include: any Canadian person, Canadian-controlled private corporation or other Canadian-controlled company that is at arm’s length to the investee company as defined under Section 251 of the Income Tax Act (Government of Canada).

Application Steps:

Applicants:

must submit the online application form,

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

Other Things to Note:

Equity Investor Incentive Guidelines will be available soon upon approval.

Program Contact:

Equity Investors Incentive

LaunchPad

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

LaunchPad PEI is a non-profit incubator managed by Innovation PEI that supports the growth of innovative companies in Prince Edward Island. LaunchPad PEI is a designated incubator for the Start-up Visa Program and engages a network of partners to offer access to a Business Development Office, office and/or laboratory space, and other services to assist local and immigrant entrepreneurs to overcome challenges in PEI.

Comments on Funding:

An eligible business may access support for eligible costs related to: offsetting operating costs, offering office rental incentive, or balancing financial risk (this list is representative, not exhaustive).

No details concerning the amount are available.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be a new business starting in Prince Edward Island or an established business from outside the province intending to actively operate in Prince Edward Island,
demonstrate the potential to create new jobs and wealth in Prince Edward Island,
operate within one of these strategic sectors: advanced manufacturing and processing, aerospace and defense, bioscience, information and communications technology, renewable energy and clean technology, and first-of-its-kind exportable goods or services in other sectors may be considered such as: battery storage, financial technology (FinTech), healthcare technology, and biotechnology,
not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry is ineligible for assistance from Innovation PEI.

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,

can apply through two streams:

apply as a PEI Start-up by submitting a business plan to saconrad@gov.pe.ca
apply as an immigrant entrepreneur at Start-Up Visa

Documentation Needed:

The applicant must submit:

1
an outline of the history and a detailed description of the business,
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
explanation of the business's current market position and projected market, outlining any increases in market share,
7
a list of all shareholders and key management personnel.

Program Contact:

LaunchPad | Government of Prince Edward Island

Emergency Income Relief for Self-Employed

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Emergency Income Relief Fund is a temporary support for self-employed Prince Edward Island residents who do not qualify for the Canada Worker Lockdown Benefit and have substantially lost income (50% minimum) as a result of the Temporary COVID-19 Measures announced on December 17, 2021. Self-employed individuals may apply for reimbursement for each of the following periods:

Period 1 - December 18, 2021 to December 25, 2021;
Period 2 - December 26, 2021 to January 1, 2022;
Period 3 - January 2, 2022 to January 8, 2022;
Period 4 - January 9, 2022 to January 15, 2022;
Period 5 - January 16, 2022 to January 22, 2022;
Period 6 - January 23, 2022 to January 29, 2022.

Comments on Funding:

Applicants will be reimbursed 100% of their loss in revenue, but in no event shall it exceed the maximum reimbursement of $300 per week. Losses will be calculated by comparing the applicant's income during the reporting periods, with the applicant's highest weekly income from the preceding four weeks prior to December 18, 2021.

When It Ends:

Ongoing

Deadline:

February 28, 2022

Eligibility:

An eligible self-employed individual must:

have business income as their primary source of income (more than 50%),
be actively earning income in PEI during the claim period (sole proprietorship, partnership, or corporation),
clearly demonstrate loss in self-employment income of at least 50% due to the recent Temporary COVID-19 Measures announced on December 17, 2021,
be in good standing with the Province.

Application Steps:

The applicant can submit his application form and the required documentation to Innovation PEI via online web form or can mail or fax a hard copy.

Documentation Needed:

The applicant must submit:

1
business banking information, including a copy of a VOID cheque,
2
most recent Statement of Business or Professional Activities (T2125, if a sole proprietorship or partnership, or Schedule 125, if a corporation) found in the personal tax return or most recent HST form,
3
a completed application form.

Other Things to Note:

An individual can apply for one business only, regardless of the number of businesses owned.

Program Contact:

Emergency Income Relief for the Self-Employed