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By rdnewsNOW Staff

PROVINCE-WIDE GRANTS

Economic development program aims to boost investment and tourism in central region

Apr 10, 2025 | 2:57 PM

The 2024-25 round of the Northern and Regional Economic Development (NRED) program saw triple its typical investment at $9.8 million, and multiple central Alberta projects are set to be recipients of the funding.

One of these recipients is the Sustainable Red Deer Society, which is receiving $15,000 to conduct a feasibility study on agrivoltaics to explore inclusive employment and renewable energy opportunities.

In past years, the NRED budget has been $3 million; government officials say tripling its investment into the program has also doubled the number of grants awarded from the previous fiscal year. NRED grants can now provide up to $300,000 in funding for projects meant to help businesses, municipalities and organizations expand, communities grow and industries innovate.

“The NRED program is empowering communities to attract investment, grow economies and create high-value, stable jobs for Albertans. This program unlocks new opportunities for Albertans in every corner of the province, ensuring Alberta remains the best place to live, work, invest and raise a family,” commented Matt Jones, Minister of Jobs, Economy and Trade.

The other central Alberta projects funded through this round of grants, specifically in the Red Deer region or with the potential to be, include:

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• Alberta Community and Co-operative Association: $81,200 to support a province-wide co-op sector tour, conference and marketing campaign, with a goal of promoting investment readiness and regional collaboration.
• Central Alberta Economic Partnership Ltd.: $95,000, meant to support regional investment promotion at the SiteLink Conference to attract international interest.
• Digital Media Association of Alberta: $22,500 to support mentorship, events and investor engagement to grow the gaming industry and boost visibility for local studios.
• Métis Settlements General Council: $138,800 will support a tourism feasibility study and asset assessment to promote growth across Alberta’s eight Métis Settlements. Another $150,000 will also help develop economic strategies for these settlements.
• NeurAlbertaTech Neurotechnologies Ltd.: $250,000 has been allocated to support neurotechnology and AI talent development through workshops, hackathons and startup support across the province.
• Central Alberta Tourism Alliance: $133,200 will be used to conduct a tourism economic impact study to help businesses in the region adapt, grow and attract investment.
• Society for Joint Economic Development Initiatives: $40,000 to develop a regional economic tourism strategy for Wetaskiwin County and Maskwacis.

The full list of central Alberta recipients, plus northern and southern region recipients, is available online.

In addition to expanding the number of programs receiving NRED grants this year, enhancements were made to make the grants more accessible and flexible. Specifically, officials say the application process was simplified, the maximum amount of funding per project increased by $100,000, the grant amount range was widened to between $10,000 and $300,000 and applicants can now apply for up to three years of funding.

This year’s round of funding supported a total of 81 projects, providing up to 50 per cent of project costs.