Rural Economy Fund
The purpose of the fund is to support local and regional priorities that will grow local economies by addressing program/funding gaps and complementing, not duplicating, mandates of other government departments.
The fund is available to:
Incorporated legal entity such as not-for-profit, municipalities, Regional
Service Commissions and First Nations. For-profit organizations may be eligible under certain conditions.
Requests from for-profit organizations would be considered under the following circumstances:
• The for-profit organization qualifies under federal-provincial agreements requiring a provincial contribution.
• The project is a key sector, regional or provincial priority as identified and supported by the appropriate GNB Department or Agency; examples: strategic economic or tourism infrastructure requests that will increase development and/or competitiveness, pre-commercialization projects, or market development initiatives.
Applications will be evaluated against the following eligibility and assessment criteria:
The project benefits
• The proposed project benefits, and their value to the province / regionThe project viability
• The likelihood that the proposed project can be realized / completed as proposed
The project sustainability
• The probabilities that the project or the intended effects of the project can be maintained once it has been completed
The applicant viability
• The state of the operational and financial stability of the applicant
The applicant capacity
• The management and financial capacity of the client to meet costs associated with the delivery of the project
All proposal submitted for assessment are subject to applicable environmental assessment requirements and to the GNB duty to consult policy where applicable.
The amount of detail and supporting evidence to be provided in an application will be relative to the size, complexity and funding amount requested. Due to limited resources however, not all projects meeting eligibility criteria will necessarily be approved.
The Rural Economy Fund (REF) recognizes the important contribution rural communities make to New Brunswick’s economy, and the unique challenges they face in becoming prosperous.
The REF aims to help rural regions in strengthening and growing local economies by supporting local, and/or regional priority initiatives in the following categories:
• Develop or improve community / regional assets that stimulate and supports a local economy that allows businesses to grow and/or remain competitive
Diversification of Economy
• Support initiatives that enhance the diversity and competitiveness of a rural region’s economy
Strategic Tourism Growth
• Support tourism related facilities and/or infrastructure which demonstrates clear links to economic impact of a rural region
The Regional Development Corporation will be responsible for the overall management of the REF.
All funding applications under the REF will be received, assessed, and evaluated by the Regional Development Corporation. The President of the Regional Development Corporation will have authority to approve funding for projects.