Photo 4340430 © Maksym Filipchuk | Dreamstime.com

By rdnewsNOW Staff

Investment and Growth Fund

Province aims to attract investment to rural Alberta

Oct 5, 2022 | 2:21 PM

Alberta’s government says it is committed to the economic recovery of rural communities and the Investment and Growth Fund is helping to attract investment that will boost local economies.

In order for Alberta to continue to be the country’s economic engine, all regions in the province need to be able to attract investment, say government officials. As a result, the government has allocated part of its Investment and Growth Fund specifically to rural Alberta.

“We continue to work hard to make Alberta the best place to do business,” says Tanya Fir, Minister of Jobs, Economy and Innovation. “Our Investment and Growth Fund is one more tool we have to attract investment and jobs to our province. It is a signal to investors that we are serious and laser focused about growing our economy and working with businesses to make that happen.”

Southland Trailer Corp., a family-run business, is the first recipient of funding through the IGF rural stream.

Working with Invest Alberta Corporation, the government awarded $2.06 million from the rural stream of the Investment and Growth Fund to support the company’s expansion, including doubling its production and creating 250 jobs, says the government.

HOUSING STARTS, NEW SCHOOL, AND MORE

2024 in Penhold: Preparing for growth

1h ago

A "ROBUST" YEAR FOR THE TOWN

Growing and grieving: 2024 in Innisfail

5h ago

LIKELY SHEPHERD'S FINAL TERM

2024 wrap up: Success grows in Lacombe County

Dec 25, 2024

“This investment is great news for our province and a prime example of the important role rural areas play in our economy. This is the first use of the fund’s rural stream, and I look forward to many more exciting, innovative investments in Alberta businesses outside larger centres,” adds Nate Horner, Minister of Agriculture, Forestry and Rural Economic Development.

The province says it first introduced the $10-million deal-closing fund in 2021. In Budget 2022, it expanded the Investment and Growth Fund to $15 million annually by adding $5 million dedicated to rural economic development.

The government says the fund was developed to increase Alberta’s competitiveness to encourage investment in the province. Its rural stream aims to ensure areas outside of Alberta’s major centres benefit and can attract investment.

“As rural Alberta is the province’s economic driver, the government’s announcement of an additional five million dollars to attract investment and growth to rural communities is great news,” exclaims Paul McLauchlin, president, Rural Municipalities of Alberta. “This funding will support more rural innovation, economic diversification, and job creation. It will also further increase the profile of rural Alberta as a prime investment destination for companies seeking a strong workforce and willing municipal partners.”

Government officials say the project with Southland Trailers Corp. builds on the IGF’s previous success.

In 2021, the government announced it attracted Ontario-based GoodLeaf Farms to build a 74,000-square foot indoor vertical farm in Calgary with the help of a $2.73-million award from the IGF.

In July 2022, wallboard manufacturer CGC announced it would build a plant in Wheatland County, thanks to a deal-closing award of $3.74 million from the fund.

Alberta government quick facts

• The IGF allocates $15 million annually to attract high-impact investments to the province, $5 million of which is dedicated to investments outside Alberta’s major urban centres.
• IGF is geared to attract investment to Alberta or retain investment that might otherwise leave the province.
  • Funding is disbursed when companies demonstrate that their projects have met milestones determined through the application process and resulting grant agreement, such as the number of jobs created, wage levels and the size of the capital investment.
• Alberta’s IGF was created to meet Alberta’s unique needs, while drawing on investment-support programs in other jurisdictions.
• Texas, Arizona and Oklahoma all have funds to attract investment to their jurisdictions.