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Rural Diversification Initiative Program Grant

The RDI initiative provides funds to Community Futures organizations for economic diversification projects in Alberta. The total amount available for project funding is $3.48 million over 3 years from April 1, 2008 to March 31, 2011. Total costs for each RDI project will be at least $100,000. RDI funding will cover a maximum of 60% of eligible project costs. This initiative is funded through Western Economic Diversification Canada and is administered by Community Futures of Alberta

Goals:
Rural economic diversification is a process with the long-term goal of building a community that has long-term sustainability, resiliency in the face of change, and a broad economic base with a variety of types of businesses and jobs. As a process, rural economic diversification is community-based and rooted in a strategic analysis of the community’s strengths and advantages. RDI funds will be used to facilitate informed, strategic investment decisions within coherent regional development strategies with a goal of regional competitiveness. All projects funded by RDI will be rooted in a community economic development strategy that is based on the region’s unique strengths and comparative advantages.

RDI will support projects under the following categories. Please note that RDI projects do not have to address all of these areas to be eligible for funding – targeting one (or more) of the following areas is acceptable.

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Innovation

• Support for and Promotion of Productivity Enhancement: This includes helping firms enhance efficiency or productivity through the adoption of technology, using new materials, using new processes, introducing lean manufacturing, industry training, encouraging the mobility of skilled labour to help pass ideas from one firm to another, improved access to information, shared equipment or services through a business incubator-type project, etc.
• Support for and Promotion of New Products/Services: This includes the development of innovative products or services.
• Support for and Promotion of New Technology: Examples include assistance with commercialization, support for inventors, technology demonstration sites, exposing firms to ideas and R&D from other countries, or linking firms to university and R&D companies.
• Import Replacement: Examples include identification of gaps and business attraction, business expansion, reverse trade projects, and shop local projects.
• Development of New Markets: This includes export development or developing new markets in targeted sectors like procurement.
• Innovative Access to Capital: This includes the development of local or cluster angel investor networks, programs that encourage innovative funding for business, and innovative access to growth capital.

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Cluster Development

• Cluster Development: This includes assistance with industry development or assistance with cluster development such as developing business incubators targeted at a sector, assisting with building demand for a cluster product, organizing support services (like venture capitalists, market research companies, R&D companies), helping to build management expertise in a cluster, etc. Examples of emerging sectors include tourism, manufacturing, agri-food, nutraceuticals, or alternative energy production.
• Value-Adding to Traditional Sectors: This includes assistance with value-adding in agriculture, oil and gas, forestry, and mining.

All projects must be submitted through a Community Futures office. If you have a project that you feel could be eligible for RDI funding, please contact us.