Rental Incentive Assistance

Rental Incentive Assistance contributes to rental costs for Prince Edward Island businesses to establish a new business or to expand existing production capabilities.

Innovation PEI

Overview of the Rental Incentive Assistance program:

The Rental Incentive Assistance contributes to rental costs for Prince Edward Island companies to establish a new business or to expand existing production capabilities. An eligible business can access support from Rental Incentive Assistance for a maximum one-year rental subsidy up to $6.00 per square foot (excluding common area costs such as utilities, taxes, inside maintenance, etc.), on 500 up a maximum of 10,000 square feet, payable on a monthly basis. The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs.

Benefits of the Rental Incentive Assistance program:

Space availability;
Potential for long-term viability;
Export sales;
Qualifications and track records of managers;
Import substitution;
Economic benefit to the province;
Environmental impact;
Availability of program funds
Employment creation; and
Level of assistance from other government programs offered or available.

Eligibility criteria of the Rental Incentive Assistance program:

To be an eligible applicant, a business must be located in Prince Edward Island and:
- Be registered to conduct business and actively operate on Prince Edward Island;
- Manufactures, processes, or develops goods or services primarily for export;
- Operates within one of these strategic sectors:
- Bioscience
- Aerospace and defense
- Advanced manufacturing and processing
- Renewable energy and clean technology
- Information and communications technology
- Creative and cultural industries
- First-of-its-kind exportable goods or services in other sectors may be considered.
A business that has a defaulted outstanding debt obligation on file in the Provinces Central Default Registry is not eligible for Innovation PEI assistance.
Ineligible applicants include:
Retail and consumer service businesses;
A business that has a defaulted outstanding debt obligation on file in the Provinces Central Default Registry.