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By rdnewsNOW staff

Northern and Regional Economic Development Program

Alberta fund gets major boost to drive regional growth

Aug 21, 2024 | 1:39 PM

Alberta’s government says it is expanding the Northern and Regional Economic Development program to support a greater range of projects.

Established in 2022, provincial officials say the Northern and Regional Economic Development (NRED) program is helping to attract job-creating investment and support economic growth and diversification across Alberta. Starting next month, enhancements to the NRED program will include increasing the funding cap by $100,000, allowing longer-term projects to apply for funding and extending the application window to be more flexible to applicants, note government officials.

According to government officials, these changes will attract more applications from a larger range of communities across Alberta. This is expected to boost investments, support business retention and encourage infrastructure expansion across Alberta.

“Investing in regional economic development is a key priority for Alberta’s government,” says Matt Jones, Minister of Jobs, Economy and Trade. “Every year we see great examples of municipalities and communities working together to fuel their economic engines in regions across the province. Alberta’s government is pleased to continue investing in these vital initiatives that contribute to Alberta’s economic prosperity.”

After hearing feedback from former applicants, government officials say expanding the funding range from $20,000 to $200,000 per project to $10,000 to $300,000 per project will ensure both big and small projects can get the funding they need to drive economic growth in their communities. To date, the program has supported a total of 144 projects across Alberta, add government officials.

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“The NRED program’s expansion is a game-changer for northern and regional Alberta,” shares Bob Bezpalko, executive director, Northeast Alberta Information HUB (Alberta HUB). “By simplifying the application process and increasing funding amounts, this program will make it easier for our Alberta HUB consisting of 35 municipalities, four First Nations, four Metis Settlements, three colleges and local industry to secure resources that drive job creation and economic diversification. This means projects like our Northeast Alberta Sector Development Strategy will get the opportunity for funding we need to help diversify our rural economy and drive significant investment across our region.”

Officials say eligible projects can now be up to three years in duration instead of two years and the application window will be extended by a month. The government says this will give applicants more opportunity to collaborate and work on projects that have an even greater economic impact for communities across Alberta.

“The Town of Okotoks is deeply grateful for the support provided by the NRED program, which has been instrumental in advancing our economic development initiatives,” states Lorie Watson, economic development specialist, Town of Okotoks. “Through the program, we were able to develop a new Economic Development Strategy that will support our community with sustainable growth and prosperity. Moreover, the funding allowed us to begin work on a Tourism Strategy that will not only enhance our tourism offerings but also strengthen our local economy by attracting more visitors and investment to our town.”

“The NRED program changes will help the Town of Okotoks take further strides in achieving our long-term vision, and we look forward to the continued positive impact it will have on our community,” adds Watson.

Provincial officials say the program will continue to support projects with the same model, where successful initiatives receive up to 50 per cent of their total eligible project costs. Successful applications led by Indigenous communities will continue to receive up to 75 per cent of eligible project costs, officials point out.

Alberta government quick facts

• Through Budget 2024, Alberta’s government will continue to invest $3 million annually over the next three years in the NRED program.
• Prospective applicants that have questions or want to sign up for an upcoming information session can contact government at: 1-833-JET-NRED (1-833-538-6733) or via email.

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