$1.8 MILLION IN FUNDING AVAILABLE FOR ECONOMIC INFRASTRUCTURE AND INNOVATION PROJECTS

Friday, February 21, 2020

Island Coastal Economic Trust’s 2020 intake dates scheduled for May and October

COURTENAY – After a highly successful intake of proposals in 2019, the Island Coastal Economic Trust (ICET) is now accepting applications for economic diversification projects and interested parties are encouraged to contact ICET staff early for information and support.

The  Economic Infrastructure and Innovation Program (EIIP), provides up to $300,000 in matching funding support for projects located on Vancouver Island (north of the Malahat) and on the Sunshine Coast. Specific sectors of focus include business and industry support, downtown revitalization, strategic tourism infrastructure, destination trails, innovation infrastructure and innovation support.

“Our priority is to ensure our communities have what they need to be successful in tomorrow’s economy,” says ICET Chief Executive Officer Line Robert. “Consequently, one of our key goals is to support economic  diversification through innovation and adaptation, and that includes a strong focus on technology and the knowledge economy.”

Ensuring incremental economic benefits, in the short to medium term, is a key criteria for any successful EIIP project. Past investments that have made noteworthy impact on the regional economy include unique projects such the This Fish traceability app, which enabled local commercial fishers to develop a creative solution to a global problem; the Ucluelet Aquarium, which capitalized on community strengths and values to develop a state of the art aquatic learning centre; the Elk Falls Suspension Bridge, a community led project that doubled the number of park visitors in the first year alone; or the 180km Sunshine Coast Trail, Canada’s longest hut-to-hut hiking trail.

Recently approved projects are supporting the development of remote tourism hubs and indigenous experiences, such as the Huu-ay-aht First Nation’s Anacla-Bamfield Walking Trail; technology and the creative sector, with the Powell River Entrepreneurial Ecosystem incubator; or the rise in food innovation centres, such as the Alberni Valley’s Regional Food Hub, a handling and processing facility that will provide cost-effective solutions for small scale food producers and processors.

“Our funding model is built to provide full lifecycle support and we work with applicants from concept to completion,” says Ms. Robert. “Staff is available to review proposals prior to the upcoming submission dates and we encourage applicants to contact us as early as possible in the project development process.”

More detailed information on the EIIP application process can be found on ICET’s website. The submission deadline for the the North Island and Sunshine Coast Region and the Central-South Island Region is May 1st.

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For further information:

Line Robert, CEO
Island Coastal Economic Trust
Tel. 250-871-7797 (Ext. 227)

Amanda Fortier, Communications Officer
Island Coastal Economic Trust
Tel. 250-871-7797 (Ext. 232)

To request media images, please contact Amanda Fortier, ICET Communications Officer.

ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

3,650
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$236
million leveraged into the region

ICET By The Numbers

$50.5
million disbursed

ICET By The Numbers

$52.1
million committed

ICET By The Numbers

212
economic development projects

ICET By The Numbers

170
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

2019-2020 ANNUAL REPORT

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