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  • Prince Edward Island
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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:

1

must submit an application and supporting documentation to Finance PEI, 

2

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

Documentation Needed: 

​Applicants must submit:

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

1

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:

1

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

2

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. 1
    an outline of the history and a detailed description of the business,
  2. 2
    detailed Financial Statements for the previous two years, if an existing business,
  3. 3
    a completed business plan, if a new businesses,
  4. 4
    description of the proposed project or activity in relation to the products and/or services delivered by the business,
  5. 5
    a detailed description of the economic benefits to the organization and to Prince Edward Island,
  6. 6
    explanation of the business's current market position and projected market, outlining any increases in market share,
  7. 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:

1

submit their application online,

2

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

3

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​​​

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