Rural Economic Diversification Initiative (REDI-BC)

The Rural Community Economic Diversification – BC (REDI-BC) project will provide much needed assistance to BC’s rural and remote communities as they seek to diversify their economies in response to changing economic and socio-economic conditions. This project will enhance the ability of BC communities to adjust and diversify their economies to mitigate the implications of a slowdown in the forest industry and the mountain pine beetle epidemic; the rapid increase in the value of the Canadian dollar; increasing transportation costs; and a slowdown in the BC fisheries. Further, REDI – BC encourages communities to take advantage of new economic drivers including the construction of a new transportation corridor through the Port of Prince Rupert, the rapid expansion of the mining, oil and gas industries, and increasing access to the global market place through high speed internet access and the international attention that will be generated through hosting the 2010 Olympic Games.

Over the course of 42 months, October 1, 2008 to March 31, 2012 Community Futures British Columbia will provide $3 million in funding to support REDI-BC projects submitted by its 34 affiliated Community Futures Development Corporations. Projects submitted for funding under REDI-BC must demonstrate a minimum total project cost of $100,000 and 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.

A project eligible for REDI – BC funding will:

            • Technology Commercialization
            • Trade and Investment
            • Business Productivity and Competitiveness
            • Rural Diversification