Funding Resources

The information provided here provides an overview of funding resources, programs and services that provide small business financing from government, community organizations, and the private sector. This list is not exhaustive and we cannot guarantee the accuracy of external sources.  

Contrary to popular belief, grants for business start-ups are few and far between. Aside from there being a limited pool of accessible money, the application process and reporting requirements can be a serious drain of your time. And remember, you should never have to pay for grant information! (via womensenterprise.ca)

Loans

Finance PEI Micro-Loan Program categories include: trades; qualification recognition; small-scale food production; business start-up; and winter production financing. Finance PEI will provide loans up to $15,000 per applicant for new and expanding businesses to further respond to the capital needs of entrepreneurs. For more info contact financepei@gov.pe.ca or (902) 368-6200

Urban Seed Loan Program urban entrepreneurs (residents of Greater Charlottetown) of any age can apply for loans of up to $20,000 to start a new business. Business owners under age 35 also have the opportunity to apply for loans to expand. Furthermore, the program offers training and counselling services. For more information, please contact the CBDC at (902) 888-3793 or 1 (844) 239-3793 or email tania.bernard@cbdc.ca

Rural loan applicants - check the CBDC links immediately below

Contribution Funds

Pilot and Discovery Fund supports new and existing businesses with the initial stages of developing a innovative new products, services or processes in the strategic sectors. Approved projects are eligible for up to 50% to a maximum of $25,000 in funding for eligible project expenses. 

Development and Commercialization Fund assists new and existing businesses with final stage product refinements and commercialization costs in developing a new product, service or process. Approved projects are eligible for up to 50% to a maximum of $80,000 in funding for expenses directly tied to the approved project. 

Both of these funds are deadline-based, and competitive in nature.

Grants & Competitions

The Startup Canada Women Entrepreneurship Fund is now open for applications from individuals, businesses and organizations. Micro grants of up to $3000 are available; deadline is February 21 2017. Apply online!

Ignition Fund is a competition for entrepreneurs seeking startup funding.  Innovation PEI will award up to $25,000 to the winning applicants. This investment will not require a matching contribution. 

 Stay tuned for 2017 call for applications.  

Website Development

The Web Presence Program from Innovation PEI provides a non-repayable contribution to Prince Edward Island businesses to assist them in establishing a website - service provider must be a PEI company and application must be approved before work begins. 

The contribution is limited to 40 per cent of the cost to a maximum contribution of $500 per small business.

Business Development

Innovation PEI offers a variety of financial supports and services to business development in Prince Edward Island. Business development professionals are available to help determine which supports and services are best for your business. 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.

Rural Entrepreneurs

Providing business loans and development programs, PEI CBDC has 3 offices across the province to help business entrepreneurs launch new ventures or grow and improve existing ones. With support from ACOA, CBDC offer general business loans, social enterprise and technical innovation loans. CBDC can also help finance business startups, students and young entrepreneurs. 

Prince Edward Island CBDCs can help provide entrepreneurs with access to a variety of business development services, including consulting and advice. The Consulting Advisory Services Program (CAS) can provide SMEs with financial assistance to access professional services and expertise such as:

  • Business Diagnostic Assessment;
  • Business Management Skills Development;
  • Market Readiness and Export Potential; and
  • Productivity Improvement and Business Efficiency.

EI Eligible

Skills PEI provide a number of programs to support EI eligible applicants who wish to start a business or find employment. 

Self-Employ PEI is an employment program developed to help job seekers who want to launch their own business. You must have an active EI claim or have had one in the last three years, or have had a maternity / parental claim in the last five years; you cannot currently be operating or have started your business; and you must attend an info session and develop a business plan to be considered. 

Other programs include Training PEI, Work Experience, Graduate Mentorship, Post Secondary, and Career Prep.

Youth

Futurepreneur Canada - helping youth aged 18-39 start a business with financing up to $45,000 and mentoring for up to 2 years 

Young Millionaires Program summer business and entrepreneurship program for youth aged 8 to 16 years with training, events, and seed funding

Junior Achievement - promoting business education for kids in grades 3-12

Arts and Culture

Arts Grants Program is now open for applications - deadline is November 8 2016.

PEI Crafts Council has a number of programs and grants -membership of the Council is a requirement for eligibility.

  • Craft Education Program
  • Craft Apprenticeship Program
  • Craft Mentorship Program
  • Professional Development Grant (up to $500)
  • Production Loan Program
  • Scholarship (deadline May 15 2016)

Music PEI has three funding programs; members can apply at any time but they are evaluated twice a year in April and October: 

  • Emerging Music Program 
  • Export Development Program
  • Career Investment Program 

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