Apply for the PEI 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 eligible capital asset costs.
The P.E.I. government introduced the Small Business Investment Grant in its 2018 budget. This new 15% rebate on up to $25,000 of qualifying capital investments in the improvement of a business will save an eligible business up to $3,750.
Eligible capital assets must be purchased between April 6, 2018, and March 31, 2019 from an arm’s length supplier. An application can include the purchase of multiple qualifying assets up to the $25,000 threshold. If a business receives non-repayable support from any other program for the purchase of an eligible asset, then that asset will not qualify for the grant.
The grant is available to unincorporated and incorporated businesses operating on P.E.I. The business must be registered federally or provincially. The business must have at least one employee (minimum of 560 hours) or it must be the primary source of income for the applicant. A person who owns or controls multiple qualifying businesses can only receive a grant for one business per year. A business that is eligible for this grant and for Innovation PEI’s Capital Acquisition program may only apply to one program per year.
The following types of business are not eligible for the grant; fishers, farmers, not-for-profit organizations, banks and financial companies, realty businesses (including landlords and developers), professional services business, and consulting services business.
Subject to approval by Innovation P.E.I., the reasonable and proper costs of a capital asset will be eligible for the grant. The following costs are specifically excluded.
- allocated cost 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;
- development costs;
- speculative land acquisitions;
- vehicle acquisitions; and
- capitalized carrying costs.
The application for the grant must be submitted to Innovation P.E.I. through their on-line application system at https://cloud.garago.net/?siteid=innovationpei The complete terms and conditions of the grant are available at https://cloud.garago.net/terms.cfm Innovation P.E.I. staff are available to assist with the application process.
There is a limited budget for the grant. Applications for the grant will be processed on a first come first served basis. An application for the grant will not be considered received until all required information is submitted.