LAKELAND – The Alberta government’s expansion of the Northern and Regional Economic Development (NRED) program is expected to help fund a northeast Alberta project aimed at attracting economic investments in the region.
The Government of Alberta created NRED in 2022 to attract investments that would provide jobs and boost the economy in the province by funding projects that “support economic development and diversification,” according to information from the provincial government.
In the past two years, eligible projects were able to receive $20,000 in funding, up to a maximum of $200,000. A total of 144 projects benefited from the program.
On Aug. 21, the Alberta government announced it would be expanding the program by increasing the funding cap for projects. This means eligible projects can now receive between $10,000 and $300,000 in funding.
The expansion is part of the government’s commitment to boost regional economic development, said Matt Jones, Minister of Jobs, Economy and Trade.
Bob Bezpalko, executive director of Northeast Alberta Information Hub (Alberta HUB), spoke positively of the expansion. Alberta HUB is the Regional Economic Development Alliance (REDA) of Northeast Alberta, which includes several member municipalities from the Lakeland.
Alberta HUB previously received $86,830 in NRED funding for its Northeast Alberta Sector Development Strategy project, raising the total funding for the project to around $180,000, according to Bezpalko.
Approximately a third of the project is funded by Alberta HUB, and another third by the federal government’s CanExport Community Investments (CECI) program.
The ongoing project is studying ways to attract investment to the region.
Bezpalko said that in addition to the government increasing NRED’s funding cap, Alberta also extended the application window for applicants. This makes it easier for organizations like Alberta HUB, individual municipalities and First Nations, to access vital funds for regional projects, he said.
“It really opens up the ability for us to move forward,” Bezpalko told Lakeland This Week.
“In Alberta HUB’s case, we did apply for the NRED grant last year and was successful. It allows us to put together marketing documents, our value proposition and the awareness of why our region is a great place to invest and to start a business,” he said, explaining Alberta HUB’s project is more than a feasibility study.
The project also involves gathering and compiling a variety of information specific to northeast Alberta – including business profiles and marketing documents – to attract potential investors either locally, regionally, provincially, or globally, he said.
“We also use these funds to deliver specific marketing documents like an investment fact sheet or a quality-of-life fact sheet, a transportation profile and agricultural profile,” as well as regional transportation, energy, and oil and gas development profiles for Alberta HUB members.
These marketing materials are available to member businesses, municipalities, First Nations, or post-secondary institutions to help them promote themselves.
“So, [the project] is all about profiling our region and increasing awareness that we have a lot to offer here,” Bezpalko said. “The bottom line is increased investment... that’s what the ultimate goal is.”
More investment means more taxation and employment opportunities, he said.
The project is expected to be wrapped up by March 2025.
