Small Business Investment Grant
The Small Business Investment Grant helps Prince Edward Island’s small businesses improve efficiency and innovation by way of a non-repayable financial contribution toward the purchase of eligible capital asset costs.
To be eligible for Small Business Investment Grant applicant, a business must be located in Prince Edward Island and:
- be registered to do business in Prince Edward Island as a for-profit entity;
- actively operating on Prince Edward Island; and
- be the primary source of income for the applicant OR employ at least one employee (minimum of 560 hrs).
Ineligible applicants include:
- a business that has a defaulted outstanding debt obligation on file in the Province’s Central Default Registry;
- not-for-profit organizations or associations;
- fishers, farmers, and realty companies (including commercial/residential landlords and developers); and
- banks and financial companies, including pawnbrokers, payday loans, cheque cashing, and white-label cash machines.
Businesses with an export focus that are eligible to apply to Innovation PEI’s Capital Acquisition Assistance program are encouraged to do so.
An eligible business may access support for eligible capital costs related to (this list is representative, not exhaustive):
- leasehold improvements/building construction (land and building);
- technology upgrades; and
- energy efficient upgrades.
Ineligible costs include:
- receipts under $50.00;
- allocated costs or value of goodwill;
- any portion of the cost of an asset that, in the opinion of Innovation PEI, exceeds the fair market value of the asset;
- HST or any other federal or provincial tax which may be eligible to be fully or partially refunded;
- intangible assets and/or development costs;
- speculative land acquisitions;
- general operating costs and supplies;
- cost of goods sold;
- any costs related to personal use;
- personal and passenger vehicles (excludes specialty vehicles); and
- shares of a small business.
Small Business Investment Grant runs from April 1 to March 31, 2023. The program is completed in two steps – application and claim.
Payment will be based on 15 per cent of the actual eligible cost as determined at the time of the request for payment – resulting in a maximum grant of $3,750.
Regardless of the amount, one application will be accepted per fiscal year (April 1 – March 31) either through this program or Capital Acquisition Assistance. The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.
- An application must be submitted in the year in which the eligible capital asset(s) is purchased.
- The application will include a list of all the capital assets the business has purchased since April 1st and/or a list of eligible capital assets the business intends to purchase up to March 31st.
- The application is reviewed and if approved, an email notification will be sent to the applicant including application details and instructions on the request for payment process.