Sylvan Lake is benefiting from the provincial government’s Community and Regional Economic Support (CARES) program after receiving a grant.
The Town of Sylvan Lake was awarded a grant for $25,600 from the program which will be used for the Investment Attraction Strategy. This strategy will help the waterfront redevelopment currently in process by attracting new businesses to the area.
This is the second time the Town has received funding through this grant, according to Vicki Kurz, economic development officer for the Town of Sylvan Lake.
“We got the money back in March,” Kurz said in a recent phone interview. “We used it to host an economic forum April 4 and 5.”
The Investment Attraction Strategy has multiple stages, the first two of which have already occurred through the CARES funding.
The first stage is pre-qualifying investors with a “proven track record.” The second stage is hosting the forum with the chosen investors.
“Right now I am looking at contacting those vendors about the forum for some feedback,” said Kurz.
The grant will help to bring in new businesses to Sylvan Lake through the strategy Kurz is using.
She says the residents can expect “good things to come from the funding.”
The Town is one of 62 other municipality benefiting from this program through this, the third, selection of the program.
The third intake of the program offered just over $3.9 million in funding for various projects.
In total there have been more than 170 projects funded by CARES for a total close to $9 million.
“We launched the CARES program two years ago, so local leaders could build on their economic strengths and create new jobs. This funding will help communities with common interests tackle projects that they might not have been able to alone,” said Deron Bilous, minister of economic development and trade, in a press release.
Through the program, communities across the province apply for funding to help pay for locally developed projects that promote “long-term economic growth and diversification,” according to a government press release. These projects are generally ones the municipalities could not necessarily fund on their own.
The Government of Alberta announced the CARES program will be extended for another two years. This will give municipalities more chances to work through the projects that are more difficult to fund.
“With more than 170 CARES initiatives across the province, we are growing and diversifying our economy,” Bilous said.