As governments around the world try and come up with ways to survive the economic impact of the COVID-19, the Provincial Government of Prince Edward Island, Canada has put together one of the smartest plans yet. While there are many programs available to offer financial assistance through these turbulent times, wage subsidies, and loans are only a band-aid and offer little long term benefit for the business or the country. These types of programs were designed to help business operate as usual without having to shut down or lay-off workers. Realistically, it only helps for the short term, and does not put the business in a better position to come out of the pandemic and grow.
The COVID-19 Business Adaptation Advice Program is different. It is an economic stimulus plan designed to help local businesses and entrepreneurs grow and come out of the pandemic stronger than they went into it. This program will help Prince Edward Island businesses by allowing them access to expert consultation surrounding issues like:
- human resources and financial planning and advice
- transitioning to digital or IT solutions
- exporting, marketing, and logistics
- other professional services which may be of assistance in adapting or recovering from the impacts of COVID-19
What this means for local island businesses is they are not alone in the fight against COVID-19. They have a partner in the provincial government willing to see them through this and come out better for it.
The Business Adaptation Advice Program will cover up to 100% of the cost (to a maximum of $2500) to engage a professional consultant. As previously mentioned these consultants may cover off any number of facets related business, from HR and account, sales & marketing, as well as operations. Any aspect of the business negatively effected by COVID-19.
In order to qualify for the funding the business must identify the challenge they are looking to overcome as a result of the pandemic, and how the previously mentioned professional services will help them. Applicants are encouraged to discuss with an Innovation PEI representative to determine if the activity is eligible for funding before making any legal commitments or payments.
How to apply
The first step to applying for funding is to speak with a representative of Innovation PEI. Once it is determined that need is sufficient and the activity is eligible for funding you may proceed with the online application process.
For more information on this program, and other provincially sponsored programs visit https://www.innovationpei.com/ or call 1-800-563-3734.