Atlantic Canada Business Grants

Government of Prince Edward Island

Agri-Food Growth Program

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Amount:

$10,000.00

Type of Program:

Grants

Description:

The Agri-Food Growth Program aims to build and enhance local markets, and increase the awareness, sale and consumption of Prince Edward Island produced agri-food products. The program has five funding streams:

  1. 1
    Signage and Promotion Stream,
  2. 2
    Farm Market And Farmers’ Market Compliance Stream,
  3. 3
    New Product Market Readiness Stream,
  4. 4
    Season Extension Stream,
  5. 5
    Sector Growth Initiatives Stream.  

Comments on Funding:

Funding for:

  1. 1
    Signage and Promotion Stream is up to 50% of eligible expenses to a maximum of $5,000 for individual agri-businesses and up to 75% of eligible expenses to a maximum of $5,000 for agricultural commodity/marketing
    boards/farmers’ markets,
  2. 2
    Farm Market And Farmers’ Market Compliance Stream is up to 75% of eligible expenses to a maximum of $2,000 per project,
  3. 3
    New Product Market Readiness Stream is up to 50% of eligible costs to a maximum of $5,000 for project,
  4. 4
    Season Extension Stream is up to 50% of eligible costs to a maximum of $5,000 for project,
  5. 5
    Sector Growth Initiatives Stream is up to 75% of eligible costs to a maximum of $10,000 for project.

Maximum contribution per applicant per fiscal year for all components combined is $10,000.

When It Ends:

Ongoing

Deadline:

March 1, 2023

Eligibility:

Applicants must be:

  • Mi’kmaq first nations or indigenous organizations,
  • farmers,
  • farmers' markets,
  • farm markets,
  • agricultural commodity/marketing boards.

Others may be considered upon special request.

Application Steps:

1

Applicants must submit their completed applications via regular mail or email to the attention of the Agri-Food Growth Program Officer.

Documentation Needed: 

Applicants must submit:

  1. 1
    the completed application form,
  2. 2
    a project proposal.

Other Things to Note:

Published date: May 9, 2022.

Guideline updated April 2022.

Program Contact:

Agri-Food Growth Program

af_agri-food_growth.pdf

af_agri-food_growth_application.pdf

Fishers Low-Interest Loan

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Amount:

$500,000.00

Type of Program:

Loan

Description:

The Fishers Low Interest Loan assists Prince Edward Island fishers experiencing financial difficulties due to the uncertainty surrounding the global markets for this product.  

Comments on Funding:

Funding is a loan with a 4 per cent interest rate for a 5 year term, amortized over a 15 year period, to a maximum loan amount of $500,000. Finance PEI will require a first position security interest over all fishing-related assets including all fishing licenses. Other security deemed necessary by Finance PEI may be required.

When It Ends:

Ongoing

Deadline:

Next deadlines to be determined

Eligibility:

Applicants must: 

  • hold a valid Prince Edward Island-based lobster license during the 2020 fishing year,
  • have a net income on a cash basis for tax purposes of less than $60,000 per year, based on the information contained in the Statement of Fishing Activities, as reported in their 2019 or 2020 income tax filing,
  • be current clients of Finance PEI,
  • be fishers in lobster fishing area 24, 25 and 26A. 

Only fishing-related assets purchased before April 1st, 2020 will be considered as eligible expenses. 

Application Steps:

No specific steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

The previous intake deadline was on July 15, 2022.
Published date: July 15, 2020

Program Contact:

Fishers Low Interest Loan

Equity Investors Incentive

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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: 

1

must submit the online application form, 

2

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

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Equity Investor Incentive Guidelines will be available soon upon approval.  

Program Contact:

Equity Investors Incentive

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

Innovation Fund

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Amount:

$50,000.00

Type of Program:

Grants

Description:

The Innovation Fund assists businesses to bring a new product, service, or process (“product”) to market by providing financial support for the costs to refine and commercialize an innovative product that has demonstrated potential for export market uptake.

The Innovation Fund has two streams: 

  1. 1
    The New Product stream can support the transition from a demonstrated beta/pilot/prototype product to the final stage refinements for scale-up and full commercial development of the product.
  2. 2
    The Product Diversification stream can support the adaptation of an existing product for a new market segment, where refinement and enhancement changes are required to function in a new geographical area, vertical or industry (to adjust to different requirements, such as regulatory/legal, business environment, industry requirements, culture, etc.).  

Comments on Funding:

The Innovation Fund provides up to 50 per cent of eligible costs to a maximum of $50,000 in assistance per approved project. The Innovation Fund may be accessed once per product; the business should consider the stage at which the support will be most beneficial.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be registered to conduct business and actively operating in Prince Edward Island,
  • export products that it manufactures, processes, or develops,
  • operate within one of these strategic sectors: bioscience, aerospace and defence, 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),
  • 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 Business 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,

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 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.

Other Things to Note:

No other details available.

Program Contact:

Innovation Fund