New economic development program to support growth and diversification

Please note that the information session dates hosted by the department have been updated.

Today, Economic Development Minister Ranj Pillai announced the launch of a new program to maximize the impact of funding investments in response to the needs of Yukon businesses. The new Economic Development Fund provides greater funding flexibility so clients can undertake a wider range of projects that will increase local spending and employment opportunities throughout the territory.

The new program reduces red tape by implementing a standardized application process, and expands the range of eligible expenses, such as capital purchases. All eligible projects will now have equal access to funding regardless of their size, and new multiple intake dates will ensure funds are better allocated.

The new program replaces the Regional Economic Development Fund, the Strategic Industries Development Fund and the Enterprise Trade Fund. The amalgamation of funds follows public engagement in 2019 on how to modernize and improve these programs.

This new economic development fund benefits businesses through all stages of planning and will offer local businesses funding flexibility that is more responsive to their needs. This will maximize the impact of our funding investments and support innovation, job creation and private sector growth throughout the Yukon. Our government will continue to foster business innovation and sustainability to support Yukon’s dynamic business community and diversify the territory’s economy.

Minister of Economic Development Ranj Pillai

Quick facts 
  • The department is hosting online information sessions:

  • The Economic Development Fund has an annual budget of $1.96 million.

  • Funding is divided into three tiers with the following application deadlines:

    • Tier 1 for applications up to $30,000, applications accepted throughout the year.
    • Tier 2 for applications between $30,001 and $100,000, on February 15, May 15, August 15 and November 15.
    • Tier 3 for applications over $100,000, on January 15 and June 15.
  • Project applications will also be evaluated according to their potential climate impacts and alignment with Yukon’s goals for climate change adaptation and mitigation as identified in Our Clean Future, the Government of Yukon’s strategy for climate change, energy and a green economy.

  • The new program was developed following a public engagement process. The department contacted 83 stakeholders and partners to gather feedback and received 210 responses during the survey period.

  • Projects underway under the existing funds will continue until completion.

  • Complete applications for any of the three existing programs received before April 1 will be assessed under those existing programs.

Contact 

Renée Francoeur
Cabinet Communications
867-334-9194
renee.francoeur@yukon.ca

Jason Seaton
Communications, Economic Development
867-667-5907
jason.seaton@yukon.ca

News release #: 
21-070