SMEs

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

Small and Medium Industry Incentives – Industrial Energy Efficiency Program

This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Industrial Energy Efficiency Program provides funding to small and medium scale industry customers for both electric and non-electric saving opportunities for projects reducing electricity, for energy audit or feasibility studies, and for projects reducing non-electric fuels (propane, natural gas, etc.).

The custom stream provides incentives on energy saving projects, including: process upgrades, HVAC systems, refrigeration, building envelope, and compressed air.

Comments on Funding:

Funding for energy audit or feasibility studies for projects reducing electricity is 50% of eligible costs, up to a maximum of $10,000.
Custom incentives for projects reducing electricity are the lesser of $0.108/kWh or 50% of eligible costs, up to a maximum of $75,000 for small industries and up to a maximum of $150,000 for medium industries.
Custom incentives for projects reducing non-electric fuels start at 25% of capital costs.

When It Ends:

Closed

Deadline:

Rolling deadline
March 31, 2022

Eligibility:

The applicant must:

be a small scale industry, for-profit businesses with a small industrial rate code and a consumption of less than 500 MWh per year,
be a medium scale industry, for-profit businesses with a small industrial rate code and a consumption of 500 MWh or more per year,
operate in Prince Edward Island.

Application Steps:

Applicants must complete and submit the online application form.

Other Things to Note:

The Industrial Energy Efficiency Program for large industries and the Industrial Energy Efficiency Program for small and medium industries were merged under The Industrial Energy Efficiency Program.

Program Contact:

Small and Medium Industry

Small and Medium Industry Incentives – Industrial Energy Efficiency Program, Prescriptive Incentives

This program is currently closed.

Amount:

$60,000

Type of Program:

Rebate

Description:

The Prescriptive Incentive option offers rebates to small and medium scale industry businesses on select energy efficiency measures from a defined list that includes per unit incentives for simple one to one retrofits. Measures include: lighting, compressed air equipment and motor drive upgrades.
The Industrial Energy Efficiency Program has funding available for both electric and non- electric saving opportunities.

Comments on Funding:

Funding is available for eligible products at set rebates, up to a maximum of $40,000 for small industries and up to a maximum of $60,000 for medium industries.

When It Ends:

Ongoing

Deadline:

Rolling deadline
March 31, 2022

Eligibility:

The applicant must:

be a small scale industry, for-profit businesses with a small industrial rate code and a consumption of less than 500 MWh per year,
be a medium scale industry, for-profit businesses with a small industrial rate code and a consumption of 500 MWh or more per year,
operate in Prince Edward Island.

Application Steps:

Applicants must complete and submit the online application form.

Other Things to Note:

The Industrial Energy Efficiency Program for large industries and the Industrial Energy Efficiency Program for small and medium industries were merged under The Industrial Energy Efficiency Program. The link is not valid.

Program Contact:

Small and Medium Industry

Internship Program

Amount:

No Fixed Amount

Type of Program:

Wage Subsidy

Description:

VFC offers Canada’s only Internship Program that exposes driven university and college students to entrepreneurial & work-readiness training so they can contribute from day one.

Comments on Funding:

Funding is a 50-70% wage subsidy (capped at $7,000), per student per term. Employers are required to pay Interns a minimum wage of $15.00/hour or higher via payroll.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be SMEs, start-ups, social enterprises, not-for-profit organizations, or charities.
Have a physical office (pre-Covid) in one of the following Canadian provinces: the Northern Territories, BC, AB, SK, MB, QC, NB, NS, PE or NL
have between 1 - 500 employees,
provide a safe and supportive internship that develops innovation or entrepreneurial skill-building opportunities,
pay Interns a minimum wage of $15.00/hour or higher via payroll,
hire a student from an underrepresented group (such as: a women studying in STEM, a disabled student, an indigenous student, a newcomer to Canada, a first-year student) to receive a 70% wage subsidy.

Interns must be:

full-time or part-time post-secondary students,
Canadian citizens, permanent residents or refugees.

Application Steps:

Employers must submit a Hiring Request form.
After students submit the application, Venture Canada will connect them with employers.

Program Contact:

Internship | Venture for Canada

Hire an Intern | Venture for Canada

Business Development Program (Agriculture)

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Business Development Program supports the agriculture sector by providing funding for skills training, business planning and implementation, benchmarking and risk management activities which will expand domestic and international markets for Prince Edward Island producers and small to medium sized agri-businesses.
There are three funding categories: Training, Business Planning, and Benchmarking and Risk Management.

Comments on Funding:

Funding for Training is as follows:

50% of the eligible expenses, up to $2,000 per participant per fiscal year for eligible agri-skills individualized training expenses and up to $1,000 for eligible software expenses per participant over the life of the CAP Framework Agreement (2018-2023),
90% of the eligible expenses, up to $20,000 per project for eligible group training for agricultural producers, agri-processors, and/or agri-businesses,
50% of the eligible expenses, up to $10,000 per project for eligible training for executives and up to $15,000 per project for eligible board capacity training expenses.

The maximum funding for agri-skills training is 50% of assistance per participant (maximum two per operation/organization) up to a maximum of $10,000 per farm entity over the life of the CAP Framework Agreement (2018-2023).

The maximum funding for Group Training expenses is $60,000 over the life of the CAP Framework Agreement.

Funding for Business Planning is 50% of eligible expenses, up to:

$5,000 per project for eligible financial assessment and financial action plan expenses over the life of the CAP Framework (2018-2023),
$10,000 per project for eligible succession plan expenses over the life of the CAP Framework (2018-2023),
$2,500 per project for eligible business plan expenses for beginning farmers who are part of a bonafide farm operation over the life of the CAP Framework (2018-2023),
$10,000 over the life of the CAP Framework Agreement (2018-2023) for groups of two farming entities’ eligible project expenses,
$15,000 over the life of the CAP Framework Agreement (2018-2023) for groups of three or more farming entities’ eligible project expenses.

Eligible applicants completing an on-line Self-Assessment process for the first time will be eligible for an additional 10% of funding assistance for eligible program expenses.

Funding for Benchmarking and Risk Management is as follows:

90% of the eligible expenses, up to $15,000 for first time benchmarking or risk management initiatives,
30% of the eligible expenses, up to $15,000 for approved repetitive benchmarking or risk management initiatives.

When It Ends:

Ongoing

Deadline:

2023

Eligibility:

The applicant must:

Mi’kmaq First Nations and other Indigenous Organizations,
agricultural producers,
spouses of agricultural producers,
farm employees,
agriculture industry organizations, clubs, and associations,
agri-processors,
small to medium sized agri-businesses.

Others may be considered upon request.

Application Steps:

Applicants must submit their completed applications via regular mail or email to the attention of the Business Development Program Officer.

Documentation Needed:

The applicant must submit:

the completed application form,
a project proposal (for Business Planning application the proposal must be completed by the proposed consultant which outlines what work is to be completed, the time required to complete the plan as well as the cost of the plan),
the instructor or consultant’s Resume, if applying for Training,
the proposed consultant’s resume, and documentation verifying consultant’s professional certification(s) and references, if applying for Business Planning or Benchmarking and Risk Management,

Other Things to Note:

This program is part of the Canadian Agricultural Partnership (2018-2023).

Program Contact:

Business Development Program (Agriculture)

Business Development Program Guide

Business Development Program Category: Training

Business Development Program Planning Application

Business Development Program Category: Benchmarking and Risk Management