NEW FUNDING PROVIDED TO REGIONAL ECONOMIC DEVELOPMENT AUTHORITIES

Released on May 4, 1995

Economic Development Minister Dwain Lingenfelter today unveiled details
of new government financial assistance to the province's Regional
Economic Development Authorities (REDAs).

"The funding, first announced in the 1995-96 provincial budget,
represents the second phase of the REDA initiative," Lingenfelter said.
"Assistance will be on a 50 per cent, cost-shared basis to a maximum of
$60,000 per REDA per year."

REDAs provide regional umbrella structures under which municipal
governments, businesses, co-operatives, development organizations and
communities can co-ordinate and pool their organizational,
professional, and financial resources to encourage new jobs and new
investment.

The new operational funding will help REDAs hire professional economic
development officers, establish permanent offices, and deliver specific
economic development services to their regions.

"This phase two funding provides stability to these grassroots
organizations in their formative years as they consolidate their
membership structures and operations, undertake fund-raising
activities, and offer critical economic development services."

The REDA initiative was launched in June, 1993, as a key component of
the Partnership for Renewal economic strategy. Ten REDAs have formed
since then and another 15 are expected to be established in 1995.

The first phase of the REDA initiative provided cost-shared assistance
to each REDA of up to $25,000 for start-up activities. This start-up
funding has been extended for another year.

Existing REDAs offer their member organizations and communities such
diverse services as business retention programs, entrepreneurial
training and marketing and promotion.

"REDAs have been successful in mobilizing groups with common interests
to work together to address economic challenges, to explore economic
opportunities and to streamline provision of services," Lingenfelter
said. "They have built on the province's traditions of co-operation
and self-help, traditions that will serve REDAs well in the years
ahead."

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For more information, contact:

Terry Crowe
Economic Development
Regina
Phone: 787-2753