Rental Incentive Assistance

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.