August 28, 2023
The City of Edmonton announced a new $5 million funding program for businesses, entrepreneurs and nonprofit agencies looking to do something transformative in the city.
Phase 1 of the Edmonton Edge Fund, which provides project-based grants, helps address gaps in capital available to innovators and entrepreneurs by acting as a catalyst for innovation in the city. The fund increases Edmonton’s ability to attract and retain business and help generate job creation and investment opportunities. The Edge Fund applies special considerations to applicants from equity deserving communities who may have faced barriers accessing other types of funding.
“The Edmonton Edge Fund is an exciting new initiative for our city,” said Mayor Amarjeet Sohi. “It helps to level the playing field by giving both small and large businesses, and nonprofits, access to needed capital to finance their innovative ideas. Edmonton is a city of risk-takers and entrepreneurs, and this fund will help ensure creative, daring ideas can continue to grow and flourish in our city.”
Phase 1 is the pilot phase, with the intention to gain key learnings and insights that will help inform what a permanent version of the program could look like.
This year, the fund will provide support through two streams of grants:
- The Scale and Grow Stream, which offers large grants of $250,000 to $1 million
- The Start Stream, which offers smaller grants of up to $100,000
“These grants are for Edmonton-based businesses who are looking to do something transformative in our city,” said Kim Petrin, Acting Deputy City Manager of Urban Planning and Economy. “Current economic conditions, like high interest rates and increased supply costs, can impact the ability of businesses to access funding. Programs like the Edmonton Edge Fund introduce a new pool of non-repayable capital funding specifically for innovators and entrepreneurs proposing local investments in Edmonton.”
The Edmonton Edge Fund supports
The City Plan’s Big City Move of Catalyze and Converge and the principle of Thrive. It also supports principles of the
Edmonton Economic Action Plan, including support for new and established business, diversification of our economy and further establishing Edmonton as a destination of choice for talent and capital.
The application intake period for the Edmonton Edge Fund closes September 18.
