Innovation PEI – The Friend in Need for Businesses with Assistance Programs

Small businesses face several challenges while competing for relevance in today’s competition. From budget management to maintaining IT infrastructure and stimulating productivity to the professional execution of business activities, capital availability decides the implementation of these aspects.

Prince Edward Island serves these needs for a smooth functioning of small businesses. An easy online application process complements its cost-effective packages. This post will cover the salient features of all its services. Plus, it will also highlight the procedure that small businesses can follow to apply for them online.

Various assistance programs of Innovation PEI

The principal aim of the distinct assistance programs stated below is to provide funds, advice, and consultation for the execution of various IT strategies and successful management of other business aspects based on careful assessment. Together, they seek to maximize the profitability and productivity of a client company. At the same time, it also aims to offer it a competitive edge to stay ahead of its competitors.

Innovation PEI evaluates the performance of its client companies every three years. In the event of the successful approval of the assistance program, it sends a letter of approval to the client company to inform it about the same. If, for some reason, the assistance application is rejected, the company requests the grant’s payment.

Here is a list of some popular assistance programs offered by Innovation PEI.

Technology Implementation Assistance

All local companies, whether existing or new, are eligible for it. The only requirement is for such companies to have a functional export-based business coupled with an effective business strategy. The businesses in question involve all kinds of companies: limited liability, cooperative: partnership, and proprietorship.

This program supports activities that lead to wealth creation, including IT assets, system integration services, and project management, among others. PEI Innovation collaborates with the companies that deal with the projects involving these aspects and provide funds for meeting 40 percent of implementing a new IT system. The only condition is that the overall expenses must not exceed the $40,000 mark. Also, the project must clear the evaluation criteria for fund assessment.

Also, Innovation PEI necessitates companies to furnish a set of documents to obtain funding for its various projects. Companies need to provide the agency with requisite business information at the time of applying for financial assistance, as mentioned in the online form.

Detailed information about the requirements mentioned above is available on the official website of the company.

Technology Planning Assistance

PEI assists non-IT companies in the form of a non-repayable grant to hire one of its experts to explore the possibilities for enhancing business outcomes by implementing information technology. There are some set eligibility criteria, available on the official website, that small businesses need to meet in order to qualify for receiving assistance.

As far as qualifying for the assistance program’s approval is concerned, PEI Innovation also recommends that a potential client company goes through the necessary information before beginning the process of filling up the online form. Plus, to stay clear, it also recommends that the latter consult one of its staff members to confirm the eligibility for assistance even as it meets the minimum assistance criteria for its projects.

Productivity Improvement Assistance

As the name suggests, the productivity improvement assistance program is directed towards maximizing the capacity of a company in enhancing its productive outcome. Companies of all types and sizes are eligible for this assistance program provided it leads to the financial benefits of local companies without posing any threat to other businesses.

The program covers a wide range of services. These include food development, bioscience, information, and communication technology, and manufacturing. It is not applicable to retail and consumer service-based businesses. Innovation PEI assists its client companies in this regard by offering requisite funds for the expansion of business activities, professional expertise, and development and implementation of training programs that are promising enough to improve a company’s productivity.
The company’s official website provides detailed information about the criteria to qualify for the approval of financial assistance.

Apply for Professional Services Assistance

You can consult a professional business consultant of Innovation PEI by paying 50 percent of the actual charges for the following services:

• Business or marketing strategy up to a limit of $1,000
• Management skills training for fields such as marketing and production, HR, and accounting and finance within the monetary value of $500.

Requirements for completing the online application

In order to accomplish this task, you need to provide the following information about your business:

• The name and contact information of your business
• HST number (only applicable to those companies that have it)
• Description of your project stating how it will contribute to your business
• The type of help you need

Duration of completing the application form

Once you start working on the form, you need to fill it up within 30 minutes. You cannot download it. So, make sure you have the requisite information handy before working on the application form.

Quality Improvement Assistance

Companies from bioscience, information and communication technology, manufacturing, and food development industry can apply for this assistance program. Retail consumer service-based companies are not eligible for it.
Whether one owns a proprietorship or belongs to a partnership business or a limited liability company (LLC), one can apply for it online by filling up a form. The grant for this program’s approval depends on the successful furnishing of details as stated on the form.

Other than providing the requisite information, a company seeking financial assistance must also furnish the necessary documents. For smooth submission of the online application and ensure the likelihood of the approval of the online application, Innovation PEI recommends an applicant to gather the necessary information beforehand.
The program covers a select number of activities and seeks to boost the quality of business outcomes for promoting the turnover of a client company. By virtue of this program, the latter can hire one of the expert professionals at Innovation PEI to draw up a quality improvement and productivity plan. Plus, it also supports several other activities.

Detailed information regarding the range of assistance and the eligibility criteria is available on the company’s official website.

Other key assistance programs of Innovation PEI for businesses in Prince Edward Island

Other than the aforementioned assistance programs, Innovation PEI also assists its client companies with some additional services in the following ways:

• Professional Services Assistance
• Web Presence Assistance
• COVID-19 Business Adaptation Advice Program
• Marketing Support Assistance

Conclusion

From the above, it stands out that Innovation PEI offers several assistance programs to its client companies. It caters to the needs of companies of all types and sizes, with its primary focus on small businesses in Prince Edward Island based on an online application system. Also, it has a transparent procedure for evaluating the eligibility of a company for obtaining loans. With that said, a client company needs to consult an Innovation PEI staff member to confirm the approval of an application even as it meets the minimum project requirements.

So, after exploring the several assistance programs offered by Innovation PEI and matching your business vertical, let’s digitize.To get more ideas about Innovation PEI Assistance Programs, please contact us.