Northern New Brunswick Economic Development and Innovation Fund
The Northern New Brunswick Economic Development and Innovation Fund will provide incremental assistance totaling $20 million per year over a six-year period from April 1, 2015 to March 31, 2021.
The Northern New Brunswick Economic Development and Innovation Fund will emphasize investments to existing businesses that already generate economic development. We will support local investments and we will strongly encourage new business startups. Areas eligible for assistance include those defined by the Victoria, Madawaska, Restigouche and Gloucester county boundaries.
The Northern New Brunswick Economic Development and Innovation Fund can support commercial and non-commercial initiatives. All initiatives must be sponsored by a department, agency or crown corporation in order to be eligible for funding under the Northern New Brunswick Economic Development and Innovation Fund. The fund may provide incremental assistance to existing business programs delivered by government and will provide the flexibility for projects which have the merit to proceed.
Financial support will be available for initiatives only if the best use possible has already been made of other relevant federal or provincial government programs and services. Assistance will be provided only to the level necessary to allow the initiative to proceed.
The Northern New Brunswick Economic Development and Innovation Fund has the following funding priorities:
Access to Capital
One of the biggest hurdles to businesses everywhere is access to capital for growth and development.
Remove growth restriction by improving access to capital to SMEs.
Invest in new online strategies to develop new markets.
Encourage academic and industrial research in order to increase their economic benefits and facilitate the transfer of newly acquired knowledge to industry.
-Planning and Active skills development
Support businesses that wish to offer new cutting edge learning opportunities to their workers to help develop and strengthen the quality of life and work in rural areas.
Support targeted initiatives that foster and cultivate the entrepreneurial spirit in youth as well as young entrepreneurs wishing to start up their own business.
Strategic infrastructure for economic growth
Providing the interventions required into existing infrastructure in order to address the accumulated deficiencies with timely, strategic investments.
-Strategic industrial park development
Inadequate infrastructure severely restricts the ability of our parks to attract new industry and retain existing ones.
-Strategic Communication Infrastructure
Ensure rural New Brunswick has access to cellular and broadband coverage at the necessary speeds to compete in the 21st century economy.
-Strategic Tourism Infrastructure
--Support and / or revitalize key tourism products.
--Maintenance and development of key bridges and trails for NB trails network (ATV, snowmobile, walking, cycling trail)
--New sustainable tourism development.
--New public infrastructure facilitating future private business development.