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.

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