Capital Acquisition Assistance

The Capital Acquisition Assistance program provides financial assistance to businesses for purchasing new and innovative equipment or technology. The program aims to help businesses improve their efficiency, productivity, and competitiveness.

Innovation PEI

Overview of the Capital Acquisition Assistance program:

The Capital Acquisition Assistance program in Prince Edward Island is designed to support primary producers and value-added processors in the agriculture sector. This program offers financial assistance to help cover the costs associated with acquiring new equipment or technology that can enhance efficiency, productivity, and sustainability within agricultural operations. Eligible applicants can receive funding for up to 25% of their approved expenses, with a maximum contribution of $40,000 per project. The program aims to encourage the adoption of innovative practices and technologies, such as advanced machinery, specialized equipment, and state-of-the-art technology, to improve the overall performance and competitiveness of agricultural businesses. This assistance is crucial for producers and processors looking to invest in upgrades or new installations that can lead to cost savings, improved product quality, or reduced environmental impact. The program supports a wide range of projects, including those that focus on energy efficiency, waste reduction, automation, and other advancements that contribute to the modernization of the agriculture sector on Prince Edward Island.

Benefits of the Capital Acquisition Assistance program:

The program benefits applicants by covering up to 25% of eligible project costs, with a maximum of $25,000. Additionally, it ensures that total funding from non-repayable government sources does not exceed 75% of eligible costs.

Eligibility criteria of the Capital Acquisition Assistance program:

To qualify, a business must:
Be located and registered in Prince Edward Island.
Actively operate on the island.
Produce goods or services primarily for export.
Operate in strategic sectors like bioscience, aerospace, advanced manufacturing, renewable energy, ICT, or creative industries.
Exclusions:
Businesses with defaulted debts to the province.
New applications from businesses with unresolved issues with Innovation PEI.
Evaluation Criteria
Funding decisions consider:
Long-term viability.
Export potential.
Management qualifications.
Import substitution.
Economic benefits to PEI.
Environmental impact.
Program fund availability.
Job creation.
Other government assistance levels.