Bringing Cost Certainty to Business | The Island Incentives
The City of Summerside and partners work collaboratively together and offer incentive programs designed to stimulate and encourage targeted development and redevelopment in key geographic areas of Summerside. These programs demonstrate our commitment to being a partner in business and provide enterprises with cost certainties in the development process. The focus of these programs remain on addressing gaps and the city’s strategic direction of enabling infrastructure that addresses employment growth in Summerside as a priority.
Our Partners Programs:
Innovation PEI
Innovation PEI offers a variety of financial supports and services to business development in Prince Edward Island. Business development professionals are available to help determine which supports and services are best for your business.
Innovation Development Labour Rebate
A refundable labour rebate which may apply to projects in support of the development and/or commercialization of new products, processes and services that will be sold primarily outside of PEI.
Specialized Labor Tax Rebate
The Specialized Labour Trade Rebate is used to hire and recruit key leadership personnel in the management and technical specialist areas for companies establishing operations in PEI where the knowledge or skill is not yet available in the local labour market.
Check Innovations website for a full listing of programs available: https://www.princeedwardisland.ca/en/topic/business-development-supports
Atlantic Canada Opportunities Agency
ACOA offers a number of capital programs designed to assist private enterprise as they grow and expand their business. http://www.acoa-apeca.gc.ca/eng/ImLookingFor/ProgramInformation/Pages/Home.aspx
Below is a small sample of some of our partners' programs tailored to the support of labour and capital needs:
Business Development Program
Atlantic Canada Opportunities Agency can provide unsecured, interest-free loans toward the eligible costs of a new establishment, expansion, and modernization or contribute to a project that improves your competitiveness. The Agency’s contribution is repayable on a time schedule (up to eight years) tailored to your business plan.
Atlantic Innovation Fund
Aimed at increasing innovation capacity, the Atlantic Innovation Fund can provide assistance of up to 75% of total eligible costs for commercial, private sector projects. Eligible costs include wages, salaries, capital costs and other operating expenses directly related to a research and development project.
Scientific Research and Experimental Development
This program is the largest single source of federal government support for industrial R&D and it provides open-ended access to tax credits.
Low-Interest Loans
The Government of Prince Edward Island provides secured, asset-based, low-interest, repayable loans for eligible companies that are establishing or expanding operations in the Province. The loan applications are reviewed on case-by-case basis and the amount of a loan is calculated on the capital needs outlined in a viable business plan.
For more information, contact:
Mike Thususka
Director of Economic Development
[email protected]
902-432-0103
City of Summerside, 275 Fitzroy Street, Summerside, PE C1N 1H9
Related Documents:
Economic Development Action Plan
External Links:
BigPossibilities.ca
Innovation PEI Programs & Services
ACOA Programs
CRA Tax Credit
Invest PEI Programs