Northern New Brunswick Economic Development and Innovation Fund
The Northern New Brunswick Economic Development and Innovation Fund will provide incremental assistance totaling $200 million over a four-year period from April 1, 2011 to March 31, 2015.
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 will concentrate on five prioritized areas of investment:
-Growth and Development capital
Invest in initiatives which will enable our existing businesses to accelerate their growth and contribute directly to: new business creation, the implementation of innovation and new technologies, and job creation that will grow and strengthen the overall economic fabric of the region.
-Adoption of Information and Communication Technology
Invest in ICT to increase productivity, increase knowledge of the environment, improve human resources management, and develop new markets.
-Research, Development & Innovation
Encourage academic and industrial research in order to increase their economic benefits and facilitate the transfer of newly acquired knowledge to industry.
-Improving strategic infrastructure
Invest in strategic infrastructure that will enhance the region’s capacity to support job creation and improve economic development prospects in the region.
-Advanced workforce 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