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Application Deadline Extended to
April 15, 2017

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Student Biz Guidelines

Through Student Biz you can start your own business with two key factors to enhance your probability of success.

1. Start-up money to kick-off a new summer business
2. Idea development and business plan training

Who is eligible?

You could be eligible, if you:
• go to high school, college or university
• are a resident of Prince Edward Island
• are a Canadian citizen or permanent resident
• are between 16-24 years old (if under 18: a parent needs to sign the application)
• are not already running a business
• are not working more than 15 hours week at another job during the program
• are returning to school after the program ends

Program Assistance:
Successful applicants get:
• $1,000 non-repayable contribution for start-up costs
• $1,000 loan repayable by Oct 1 in the year of the award.
• $500 towards tuition or into a RESP when you successfully complete the program requirements.

Start Date
Participants must commit to completing the business workshops and preparing their business plan between March and June.

Business Workshops:
1. The Business Planning Process
2. Market Research
3. Financial Statements
4. Advertising and Marketing

What type of business is eligible?

You can choose to start almost any type of business, as long as it:
• is a registered sole proprietorship or corporation (where you are the majority shareholder)
• is an NEW or EXPANDED independent business venture
• qualifies as “self-employed” for income tax purposes
• operates in PEI on a full-time basis
• keeps its own books and records (for accounting/financial reporting purposes)
• maintains a separate business bank account
• follows government rules for operating a business

How to apply?
Complete and submit the application electronically HERE

Students can also print the application forms and email, fax, mail or drop off in person to:

Central Development Corporation
Box 3981; 106 Linkletter Avenue, Central Bedeque, PE C0B 1G0
Telephone: (902) 887-3400; Facsimile: (902) 887-2400
Email: info@centralpei.ca
Website: www.centraldevelopmentcorp.com

Application deadline

Application Deadline Extended to April 15, 2017

Click Here To Sign Up

After you’re accepted
You will need to:
• sign an agreement
• agree to follow program guidelines and implement your business plan
• verify you’ve registered your business name
• provide any other required licensing documents
• open a separate bank account for the business
• agree to at least one site visit from your business mentor
• meet your local business mentor every two weeks, with at least 4 structured meetings, over an 8-week period

Businesses not eligible for Student Biz PEI include:
• partnerships
• franchises
• distributorships
• incorporated businesses that are controlled directly or indirectly by a person who would not be eligible for the Student Biz PEI Program
• business ventures that are subsidiaries or divisions of an existing business
• business ventures that are continuations of existing commercial endeavors
• commissioned sales
• not-for-profit or charitable enterprises
• multi-level marketing ventures
• single event such as musical ventures bands, DJs or dance/party event organizations
• businesses that are strictly pay per click
• 1-900 businesses

Note: Central Development Corporation or its sponsors may, at their sole discretion, determine a particular business is inappropriate for the Student Biz PEI Program

To be eligible to receive the second part of the Student Biz PEI Program award for post secondary education contribution or RESP contribution of up to $500 you must:

• have implemented your project substantially in accordance with your business plan and attended the exit interview at the end of the summer,
• submit a signed affirmation confirming of your return to school,
• repaid loans received through Finance PEI under the program,
• in a professional and business-like manner submit to Central Development for review:
a) a cash flow record of your business operations
b) copies of all your bank statements
c) copies of all business receipts and invoices organized, totaled and reconciled to the cash flow and award allocation
d) complete the participant survey
e) satisfy Central Development Corporation that you have fulfilled all program requirements

 

 

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