The economic development readiness program provides communities, First Nations, sectoral organizations, non-profits and regional collaboratives located in the ICET region with funding to support economic development and investment readiness.  Funding can be used to access expertise or resources which are not available within the organization and to fund activities which are incremental to the organization’s day to day business and activities.

“FIND YOUR FIT”

The economic development readiness program is designed to provide support for communities, First Nations and organizations as they move along the economic development continuum. The program has six focus areas. Find your fit from the options below. See complete EDRP program guidelines for further details.

ECONOMIC DEVELOPMENT STRATEGY

Funding: Up to $30,000 (one time).
For: Development of a formal, comprehensive, economic development strategy.  This could include asset mapping, data analysis, community consultation process, strategy and action plan.
Target: Communities with little or no economic development strategy and limited financial and organizational capacity

QUICK START IMPLEMENTATION

Funding: Up to $15,000 (up to twice a year).
For: Implementation funding for easy to realize objectives arising from a recent economic development strategy or development of business planning or project planning required to access funding or implement key strategic objectives arising from a recent economic development strategy.
Target: Communities with a recent economic development strategy and limited financial and organizational capacity to implement strategic priorities.

INVESTMENT ATTRACTION TOOLS

Funding: Up to $30,000 (up to twice a year).
For: Long lasting tools required to attract investment.  Examples include community profile development, community or sectoral investment attraction website, sectoral investment attraction website, development of community investment response teams or other investment attraction tools.
Target: Communities with economic development strategies and financial and organizational capacity to effectively manage the tools and respond to opportunities.

TECHNOLOGY ATTRACTION STRATEGY/ COMMUNITY BROADBAND STRATEGY

Funding: Up to $10,000 each for a technology strategy or a broadband strategy
For: Development of a community strategy to attract the tech sector; Development of a community broadband strategy to increase community broadband capacity; or Development of a regional technology cluster attraction strategy or regional broadband strategy.
Target: Communities with economic development strategies and financial and organizational capacity to effectively implement the strategies and respond to opportunities.

SECTORAL DEVELOPMENT STRATEGIES

Funding: Up to $30,000 (up to twice a year).
For: Development of targeted sectoral strategy to attract investment and/or increase sector productivity and/or grow business opportunities.
Target: Sectoral organizations, regional economic development organizations or other non-profit organization with the capacity to analyse and implement recommendations.

REGIONAL COLLABORATION OR MARKETING STRATEGIES

Funding: Up to $30,000 (up to twice a year).
For: Regional collaboration or marketing initiatives which enable communities or organizations to jointly reach new or broader markets and/or use resources more efficiently.
Target: Non-profit organizations, industry organizations or regional collaborative structures (community, FN, non-profits) with the capacity to develop/implement regional initiatives.
   

Application process:

This process is designed to be time-sensitive and to provide applicants with a final decision within 60 days of receiving a complete application. Applicants must first contact ICET staff to discuss and validate their project idea, then complete a simple application form. The application will be reviewed and a final decision will be made by the Board of Directors at the next available meeting date.

Application intake:

  • Continuous

 Application Form & Guidelines

The specific region where the Trust may invest is defined on the map.

2,570
person years employment created (construction phase)
50
locally elected officials and MLAs working together
$10.4
million annual provincial government revenue generated
2,595
post completion jobs created
4.61
dollars leveraged for every ICET dollar invested
$270
million leveraged into the region
46.5
million disbursed
49.6
million committed
160
economic development projects
130
projects completed
38%
projects in small (less than 5,000) communities
50+
communities with ICET projects

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