More funding for Island businesses
Innovation PEI is temporarily increasing funding to eight programs to support PEI businesses impacted by COVID-19.
The programs that are being adjusted focus on business investment in the areas of planning, capital investments, marketing and promotion activities, and include the following:
- Capital Acquisition
- Small Business Investment Grant
- Information Technology Planning
- Information Technology Implementation
- Human Resources Planning
- Human Resources Implementation
- Marketing Assistance
- Web Presence Assistance
“COVID-19 has created significant financial challenges for Island businesses. We are committed to finding ways to help entrepreneurs right now, as we face the uncertainties of this pandemic together. Our hope with these funding increases is that we can support businesses in making investments that will help them prepare for the future as we learn to do adapt to a new normal.”
- Economic Growth, Tourism and Culture Minister Matthew MacKay
Increases to the programs will be in effect November 1, 2020 to March 31, 2021.
Media contact:
Hillary MacDonald
Department of Economic Growth, Tourism and Culture
902-394-6368
hpsmacdonald@gov.pe.ca
Backgrounder
| Program | Previous Reimbursement Rate | New Reimbursement Rate | Previous Maximum Contribution | New Maximum Contribution |
| Capital Acquisition | 25% | 50% | $10,000 | $20,000 |
| Small Business Investment Grant | 15% | 30% | $3,750 | $7,500 |
| Information Technology Planning | 50% | 75% | $2,500 | $2,500 |
| Information Technology Implementation | 40% | 50% | $16,000 | $16,000 |
| Human Resources Planning | 50% | 75% | $1,000 | $2,500 |
| Human Resources Implementation | 50% | 75% | $5,000 | $5,000 |
| Marketing Assistance | 40% | 50% | $16,000 | $32,000 |
| Web Presence Assistance | 40% | 50% | $500 | $1,000 (traditional website) $2,500 (e-commerce website) |