Equipment Purchase and/or Renovations

The Capital Acquisition Support provides financial help to Prince Edward Island businesses in getting the infrastructure needed from start-up to international exporting. Through this program, business and government work together at those times when the business is most exposed to financial risk. Government will provide financial help during the start-up period and during growth of product lines or production of new products.

Am I eligible?

• You are eligible if you are a manufacturer or processor and provider of exportable services.
• You must be sole proprietorships, partnerships, cooperatives or limited liability companies with well developed business and marketing plans.
• Services to primary industries will be eligible for help for expansions only, provided the activity clearly contributes to import replacement.
• If you are engaged in retailing and services (to businesses or consumers), you are ineligible for assistance.

New project submissions from an applicant in default on any reporting, project completion or financial obligation to Innovation PEI will not be reviewed until a resolution to the default is reached.

What activities will this support?

• New Product Development
• Research, design or development of new products

What is the level of assistance available? 

• The maximum assistance available is 75 per cent of the eligible project expenses.  The maximum is $1,000 for eligible activities for new product development, training and marketing.
• You are eligible on a one time only basis for marketing projects.
• Repeat applications will be assessed on the basis of proven business growth and the proven worth of your project.

What process will be followed to assess the applications?

• potential for long-term viability
• qualifications and track records of managers
• cost benefit to the province
• employment creation
• level of assistance from other government programs offered or available
• export sales
• import substitution
• environmental impact
• availability of support funds

Performance Monitoring

The Capital Acquisition Support will monitor your project for a two year period. You must also be ready to offer financial statements and information, as needed, on the ongoing activities of your business.

If your project is approved, a letter of offer will be sent to you. This will create a contract between yourself and Innovation PEI.

Should your project fail to comply with the terms of the contract it will be discontinued. The Corporation may at its sole discretion:

• declare your business to be in non-performance (default) of the contract
• request that you repay in full the amount received
• take necessary legal action to collect the amount in full with interest

Application must be submitted before any financial or legal commitment is made on the project. 

*This information is provided for information purposes and is not comprehensive and reflective of all Innovation PEI policies.  Not all projects meeting the minimum assistance criteria outlined will receive funding.  Please consult with an Innovation PEI staff member for guidance specific to your company's situation.

General Contact Information

94 Euston Street, PO Box 910
Charlottetown, PE     C1A 7L9
Telephone:     (902) 368-6300
Facsimile:       (902) 368-6301
Toll-free:       1-800-563-3734
Email:    business@gov.pe.ca