Regional Development Fund

Overview of the Regional Development Fund program:

The Department of Industry, Energy and Technology provides support to organizations by way of non-repayable contributions for projects aimed at supporting economic development, innovation and capacity building in all regions of the province. The Regional Development Fund is comprised of two components: the Regional Development Program and Community Capacity Building. The Regional Development Program provides support by way of non-repayable contributions to organizations for the development and implementation of economic initiatives with respect to regional and sectoral development, diversification, innovation, and key emerging sectors. Projects submitted for consideration must clearly link non-commercial activities to economic diversification and/or business development. The four key themes of projects intended for funding are: infrastructure; capacity building; marketing; and, research.

Benefits of the Regional Development Fund program:

• Under the Regional Development Program, financial assistance is in the form of a non-repayable contribution, normally to a maximum contribution of 50% of total eligible costs. The client should normally contribute a minimum of 10% of the total project cost.

Eligibility criteria of the Regional Development Fund program:

• Eligible applicants are non-profit organizations, excluding federal and provincial government departments and agencies. Applicants include industry associations, municipalities, public educational institutions, and other non-profit groups including co-operatives and economic development organizations. Applicants must be incorporated.