Established in 2022, the Northern and Regional Economic Development (NRED) program is helping to attract job-creating investment and support economic growth and diversification across Alberta. As of September 2024, 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.
These changes will attract more applications from a larger range of communities across Alberta. This will boost investments, support business retention and encourage infrastructure expansion across Alberta.
“Investing in regional economic development is a key priority for Alberta’s government. 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. We are committed to ensuring Alberta remains the best place to live, work and raise a family, no matter where in the province you live or work."
After hearing feedback from former applicants, 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.
“The NRED program’s expansion is a game-changer for northern and regional Alberta. 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.”
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. 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. 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.”
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.
Alberta’s government highly values applications from Indigenous communities and organizations. Alberta’s government recognizes the important role Indigenous communities have played in contributing to Alberta’s economic prosperity.
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.
Related information
Related news
- Regional economic growth bolstered by grant program (April 9, 2024)
- Promoting regional economic growth (October 25, 2023)