Running a business in rural New Brunswick can be challenging. There are often fewer customers, higher transportation costs, and less access to capital. The Rural Economy Fund helps address these gaps by supporting projects that strengthen rural economies across the province. The Government of New Brunswick delivers this fund. Its main goal is to support long-term economic growth, not just short-term fixes.
The Rural Economy Fund (REF) is a provincial program that supports local and regional projects. It aims to help rural communities grow their economies. Instead of paying for ongoing business costs, the program funds projects that create broader economic benefits. These include building new infrastructure, helping key sectors grow, and supporting community development.
Key facts:
Communities often use the Rural Economy Fund to create conditions where rural businesses can start, expand, or attract investment.
The Rural Economy Fund is not usually a direct grant to businesses. Most applicants are:
Rural businesses still benefit directly when they are part of a funded project. For example:
If you own a rural business, the best way to benefit from the Rural Economy Fund is to partner with your municipality or a local economic development group. These partnerships are often key to getting support.
Projects must match local or regional economic priorities and clearly show their economic impact. While eligible activities can vary, the fund often supports:
Economic development initiatives:
Projects that attract investment, support key sectors, or help the local economy grow in new ways.
Community capacity building:
Efforts that strengthen planning, coordination, or readiness for growth in rural areas.
Infrastructure for economic outcomes:
Investments that help business activity, like shared workspaces or facilities for certain industries.
Regional collaboration projects:
Projects involving more than one community to solve shared rural challenges or take advantage of opportunities.
Funding amounts are not set in advance. The amount depends on the project’s size, location, and expected impact.
The Rural Economy Fund uses a project-based application process. The steps usually include:
Project development:
The applicant plans a project that matches local or regional economic goals.
Submission and review:
The province checks applications for economic impact, how realistic they are, and whether they fit the program’s goals.
Approval and funding agreement:
Approved projects get funding, with terms and reporting requirements set out.
For businesses involved as partners, you might need to write letters of support, join consultations, or promise to take part in future economic activity tied to the project.
Thinking the fund covers daily business expenses:
The Rural Economy Fund supports projects, not routine operating costs.
Not aligning with regional priorities:
Projects that don’t fit local or regional economic goals are unlikely to be approved.
Waiting too long to involve partners:
Strong applications usually include municipalities or regional groups from the start.
Focusing only on short-term job creation:
The fund looks for projects with lasting economic impact, not just quick results.
Q: What is the Rural Economy Fund in New Brunswick?
The Rural Economy Fund is a provincial program that supports projects to grow rural economies. It focuses on long-term economic development, not one-time business subsidies.
Q: Who can apply for the Rural Economy Fund?
Eligible applicants include municipalities, Indigenous communities, non-profits, and regional economic organizations. Businesses usually take part as partners, not as direct applicants.
Q: How much funding can you receive?
There is no fixed maximum. Funding depends on the project’s size, location, and expected economic impact.
Q: Is the Rural Economy Fund a loan or a grant?
The fund is usually non-repayable project funding, not a loan.
Q: Can a rural business apply on its own?
Most businesses benefit through community-led or regional projects. Partnering with a local organization is usually required.
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