Rural Economic Development Initiative Program (REDI)

The Rural Economic Diversification Initiative of BC (REDI-BC) is a joint initiative between Western Economic Diversification Canada – BC Region and Community Futures British Columbia. The initiative will be in place until March 31, 2012 and will provide $3 million to support economic development projects in rural BC.

 
The goals of this initiative are:

• To build rural economic diversification.
• To enhance regional competitiveness.
• To support community economic development strategies based on each region’s unique strengths and competitive advantages.

Who is Eligible?

 
Community organizations, associations, private companies and government at all levels are encouraged to work with CFTC if the project is located within the CFTC region. Projects must have a broad impact and involve active partners with a stake in the growth and prosperity of their community.

 
To be eligible for REDI-BC funding, a project must focus on Rural Diversification which can include one or more of the following strategic areas: 

• Technology Commercialization.
• Trade and Investment.
• Business Productivity and Competitiveness.

In addition:

• Projects seeking funding must demonstrate a minimum total project cost of $100,000.
• Projects must also demonstrate that at least 40% of the funding is coming from sources other than REDI-BC.
• REDI-BC’s contribution will not exceed $200,000 for any one project.
• Projects seeking more than one year of funding are eligible.
• Costs incurred after March 31, 2012 will not be reimbursed.

How Selections are Made

Once a project has been deemed eligible, it will be assessed using the following criteria:

•  Rural diversification outcomes.
• The project must diversify the local or regional economy, and create short-term economic impact, with the potential for long-term impact.
• Need and Support.
• The project must be part of a larger strategy, and have Board support from the lead Community Futures office.
• Evidence of private, community, government and industry support must be provided.
• Partnership and Collaboration.
• The project will be assessed based on the number of active partners from other development groups, community organizations, municipalities, government and/or the private sector.

Planning

  
The project proposal must clearly indicate how project management, terms of reference, and roles and responsibilities will be addressed; clearly describe the project rationale; show that a CF is actively involved; and demonstrate that all activities and timelines are achievable.

All projects will be assessed using the “REDI-BC Common Indicators”: 

• Number of project partners.
• Number of new products and/or services developed.
• Number of new or expanded businesses.
• Number of jobs created, maintained or expanded.
• Number of new markets (geographic or target markets) explored or developed.
• These indicators are used in addition to indicators specific to your particular project idea.

How to Apply

 
All projects must be submitted through Community Futures Thompson Country if the project is to be located in the Thompson Country Region.  Project applications will be adjudicated on a quarterly basis.  Applications must be received by the REDI-BC Project Officer by March 15, June 15, September 15 and December 1 annually.

For more information contact us or click here.

Supported by the Government of Canada through Western Economic Diversification Canada.