One-Year Program Will Fund Indigenous and Rural Communities to Support Local Businesses
AARON STONE
COURTENAY – Island Coastal Economic Trust announced the Rural Advisory program, supported by the second round of funding for the Province of British Columbia’s Rural Business and Community Recovery Initiative. The Rural Advisory program will provide funding for new community-based and regional business advisors to support Indigenous and rural businesses and communities impacted by forest policy changes and other economic effects on the forest sector.
“The forestry sector has been at the economic heart of many coastal communities for generations,” says Aaron Stone, Chair, Island Coastal Economic Trust. “This partnership with the Province comes at a crucial time — we need to shift from high-volume to high-value and find new and innovative ways to transition, diversify, and adapt these economies while safeguarding the jobs of community members and the ecological integrity of our forests.”
Island Coastal Economic Trust will open the Rural Advisory program to applications across its service region on February 20, 2023. Two funding streams are available:
- Community-based Advisors— 15 available grants of up to $70,000 for Indigenous and rural communities to create a one-year term position that provides community and/or business advisory services; and,
- Regional Business Advisors— three available grants of up to $100,000 for non-profit business consulting and/or financial services organizations to create a one-year term position that provides specialized and/or sectoral business advisory services.
Advisor positions will support local businesses and communities in their economic diversification and transition process. Services provided will focus on the impacts from changes in forest policy and other economic effects on the forest sector.
“By funding a new round of advisor positions, we’re ensuring rural communities and businesses have access to the supports and help needed as they transition toward building sustainable, resilient economies,” said Brenda Bailey, Minister of Jobs, Economic Development and Innovation. “We are appreciative of Island Coastal Economic Trust’s continued efforts to support inclusive economic development, diversification, and innovation led by Indigenous and rural communities across Vancouver Island and the coast.”
The new Rural Advisory program builds upon the successes and learnings from a previous partnership between the Province of B.C. and Island Coastal Economic Trust that invested in rural economic development recovery from the pandemic. Under the prior program, 37 rural recovery advisors directly secured over $15 million of new investment into economic development and diversification priorities in rural communities across Vancouver Island and the coast.
“With the closure of our pulp mill and the uncertainty in the fishing and forestry industries it is even more crucial for us to explore economic development opportunities,” says Bonnie Danyk, Chief Administrative Officer, Village of Port Alice. “Without the funding from Island Coastal Economic Trust and the Province under the 2021-22 Rural Recovery program, we would not have been able to hire Ryan Nicholson, our Economic Development Coordinator, which would have been a huge loss to the community.”
The Province is providing $1.5 million to Island Coastal Economic Trust to deliver the Rural Advisory Program. This is part of a total $4.5 million commitment by the Province of BC being delivered across the province by Island Coastal Economic Trust, Northern Development Initiative Trust, and Economic Trust of the Southern Interior.
The Rural Advisory program will be available on February 20, 2023 from the Island Coastal Economic Trust website: www.islandcoastaltrust.ca.