Entrepreneurs

Aerospace and Defence Tax Rebate

Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

The Aerospace Tax Holiday provides all eligible aerospace and defence-related companies a full rebate annually on all corporate income tax paid to the province for operations conducted in Prince Edward Island. There’s also a full rebate annually of all real property tax attributable to ownership or rental of facilities in Prince Edward Island.

Comments on Funding:

The incentive is a tax rebate.

When It Ends:

Ongoing

Deadline:

December 2022

Eligibility:

Applicants must be:

new or existing aerospace firms operating in the Province of Prince Edward Island,
engaged in aviation or aerospace/defence-related businesses, which may include, but is certainly not limited to, original equipment manufacturers, strip and paint shops, repair and overhaul operations, training and various aviation support businesses,
aerospace companies in eligible activities that have 20 or more employees or a payroll in excess of $700,000,
aerospace companies engaged in eligible activities that categorize them in the “Aerospace and Defence” sector as defined by the Province of Prince Edward Island.

Program Contact:

Aerospace and Defence Tax Rebate

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

Startup & Expansion Loans

Amount:

$25,000

Type of Program:

Loan

Description:

The Startup & Expansion Loans are for small and medium-sized businesses run by entrepreneurs of all ages. Recipients get support to develop their business knowledge and skills in marketing, accounting, human resources and business planning. Low-interest loans of up to $25,000 are available, with flexible repayment terms and no penalty for early repayment of the principal.

Comments on Funding:

Funding ranges from $5,000 to $25,000 with a low interest rate of Prime + 2%, low principal payments and no penalty for early repayment.
All $5,000 loans are interest free for 6 months.
Up to $60,000 of Additional Funding Available Through CEED’s Community Partners.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

entrepreneurs of all ages,
businesses registered within the Halifax, Dartmouth and Bedford boundaries.

Application Steps:

Applicants must apply through the online form.

Other Things to Note:

CEED Programs are delivered in partnership with ACOA and the Province of Nova Scotia.

Program Contact:

Startup & Expansion Loans

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

Volta Cohort

Amount:

$25,000

Type of Program:

Investment

Description:

Volta Cohort provides mentorship, resources and investments of $25,000 through a microfund co-founded by Volta, BDC Capital, Innovacorp and the Atlantic Canada Opportunities Agency.

Comments on Funding:

Funding takes the form of investments of $25,000.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be a technology-based, early stage start-up,
be based in Atlantic Canada,
have an ambitious idea,
have not received previous investment (i.e. have not closed a financing round).

Application Steps:

submit their application online,

pitch their business at one of the pitch events hosted by Volta every six months, if selected,

pitch their business at the Volta Cohort Pitch Event – competing for investment, if selected among fifteen high potential applicants.

Other Things to Note:

This program provides mentorship, resources and investments of $25,000 through a micro fund co-founded by Volta, BDC Capital, Innovator and the Atlantic Canada Opportunities Agency. The next Volta Cohort event will take place in May 2022.

Program Contact:

Volta - Volta Cohort

Apply for Volta Cohort