Atlantic Canada Business Grants

Food & Beverage

Business Investment Fund – Business Investment Program

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Amount:

$1,000,000.00

Type of Program:

Loan & Investment

Description:

The Business Investment Program provides term loans and equity investments to Newfoundland and Labrador SMEs in strategic growth sectors as identified by Industry, Energy and Technology (IET). The fund is also available to businesses which have export potential and require assistance to enter or expand in external markets.

Funds are provided to complement funding from conventional sources, where a need has been demonstrated, and are also intended to increase the capital base of businesses allowing them to leverage new private-sector investments.

Comments on Funding:

Funding is in the form of repayable term loans  at the department's base rate of 4,5%.

Equity funding is in the form of redeemable preferred shares to a maximum of $500,000 per project and a maximum aggregate of $1 million is available.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a SME based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales,
  • demonstrate its ability to undertake the work identified in the project proposal,
  • demonstrate its ability to access the financial capital required to complete the project,
  • operate in a strategic sector as defined by IET,
  • be in good standing with the Government of Newfoundland and Labrador.

Strategic sectors: Advanced Technologies, Aerospace, Agri-foods, food and beverage, Aquaculture, Biotechnology and Life Sciences, Craft, Gift and Apparel, Energy, Environmental Industries, Fishery (excludes fish harvesting and primary processing), Forest Products, Information and Communications, Technology, Manufacturing, Ocean Technology, Mineral Resources, Natural Stone, and Tourism and Cultural Industries.

Application Steps:

1

The applicant must submit a signed, completed application with supporting documentation to the office of Industry, Energy and Technology (IET) in his area.

Documentation Needed: 

The applicant must submit:

  • the application form,
  • a business plan and project summary & Benefits,
  • financial statements for the current and previous two to five years of operation including notes to the financial statements and the most recent interim statements. If a proprietorship, include recent and previous two to five years personal income tax returns including CRA T2125 form and Notice of Assessment, if an existing business,
  • a copy of the Articles of Incorporation,
  • a Personal Net Worth Statement for all shareholders and key management personnel (loans/equity investments only),
  • a Cash Flow Statement and pro forma statements for the next two to five years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if an existing business,
  • Income Statement and Opening Balance Sheet, a Cash Flow Statement and pro forma statements for the next two years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if a new business,
  • any supplementary information that may be relevant to his operation.

For larger, more complex projects a more detailed Business Plan, a Feasibility Study and/or Market Study may be required.

Program Contact:

Business Investment Program

Application for Assistance

Export Trade Assistance

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Amount:

$3,000.00

Type of Program:

Grants

Description:

The Export Trade Assistance provides a grant to active exporters and export ready companies on Prince Edward Island. Support may be available for Innovation PEI’s Global Trade coordinated trade activities, including virtual trade initiatives, focused on international and domestic exporting; and bringing buyers and business partners to Prince Edward Island to strengthen business relationships or close sales.

Comments on Funding:

Funding for travel related activity is up to 40% of pre-determined eligible costs for participation in approved Innovation PEI Global Trade coordinated trade activities, including outbound trade missions and trade shows.

Funding for virtual trade activity is up to 40% of pre-determined eligible costs, to a maximum Innovation PEI contribution of $3,000, to assist a business to prepare for and participate in Innovation PEI Global Trade coordinated activities within the virtual trade environment resulting from COVID-19.

Funding for incoming buyers assistance is up 75% of pre-determined eligible costs, to a maximum Innovation PEI contribution of $3000, to bring a qualified buyer/partner to the province for a facility visit or familiarization tour. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be active exporters and export ready companies,
  • be registered to conduct business and actively operating in Prince Edward Island,
  • export products and/or services that they manufacture, process, or develop primarily for export,
  • operate within one of these strategic sectors: bioscience, aerospace and defense, advanced manufacturing and processing, food, seafood, beverage processors/manufacturers, renewable energy and clean technology, information and communications technology, professional services and creative and cultural industries, (First-of-its-kind exportable services in other sectors may be considered),
  • not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

1

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

2

must submit their application forms to be reviewed by Innovation PEI before any financial or legal commitment is made on the project,

Documentation Needed:

The applicant must submit: 

  1. 1
    the online application form,
  2. 2
    a description of the business and an outline of its history,
  3. 3
    annual sales and market details,
  4. 4
    a 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
    detailed budget of estimated costs of the proposed project or activity (cost estimates should be supported by written quotations),
  7. 7
    export details i.e. per cent of business is export, largest export markets (3), markets of interest. 

Other Things to Note:

Incoming Buyers Assistance program became part of this program.

Program Contact:

Export Trade Assistance

Food Product Development Assistance

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Amount:

$50,000.00

Type of Program:

Grants

Description:

Food Product Development Assistance is available to Prince Edward Island businesses to access professional and technical assistance in creating or improving a new food product or process. This assistance can be used to develop and test new and improved products and processes, and other technical development-related activities. 

Comments on Funding:

The funding is 50% of project costs to a maximum contribution of $50,000 per business. Multiple projects may be submitted by one business; however, the maximum approval amount to one business in a twelve month period will not exceed $50,000. The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must: 

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

must submit the application online before any financial or legal commitment is made on the project, 

3

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

Documentation Needed: 

The applicant must submit: 

  1. 1
    the description of the business and an outline of its history,
  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
    detailed information on the estimated costs of the proposed project or activity (cost estimates should be supported by written quotations),
  7. 7
    source of funds for the project (for example, lending institutions, banks, government loans and/or grants),
  8. 8
    explanation of the business's current market position and projected market, outlining any increases in market share,
  9. 9
    a list of all shareholders and key management personnel.

Other Things to Note:

No other details available.

Program Contact:

Food Product Development Assistance

PEl Product Development Assistance

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Amount:

$50,000

Type of Program:

Grants

Description:

The PEl Product Development Assistance is available to Prince Edward Island companies to access professional and technical help when creating or improving a new food product or process. This technical help can be used to develop and test new and improved products and processes, and other technical development-related activities.

Comments on Funding:

Funding is 50% of project costs to a maximum contribution of $50,000 per company.
Multiple projects may be submitted by one company; however, the maximum approval amount to one company in a 12 month period will not go above $50,000.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

Application Steps:

The applicant must:

1

complete the online Business Development Application Form,

2

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

Program Contact:

Food Product Development Assistance