Opportunity Calgary Investment Fund
The Opportunity Calgary Investment Fund (OCIF), formerly known as Economic Development Investment Fund (EDIF), is a tool established by The City of Calgary to attract and support new high-quality business investments. The $100-million fund offers opportunities for private sector companies, non-profits and public institutions making transformative investments in Calgary that will be catalysts for economic growth, diversification, increased employment, and expansion of the property tax assessment base.
Although there is no set funding limit, Applicants will have to justify the level of impact their project will have in relation to their request.
Projects that include multiple partners and have significant benefits in all assessment areas will justify a higher contribution than projects that contribute to the success and growth of only one company.
In scenarios where the idea has potential for OCIF funding but the ask is deemed high in relation to the benefits created, OCIF may suggest an alternative funding contribution amount to what was proposed in the initial application.
To qualify for OCIF funding, the applicant:
- Must be registered to do business in Canada
- Cannot be an individual
- Can be locally, nationally or internationally based
- Can be for-profit, non-profit or a public institution
- Can be a partnership, although a lead applicant must be identified
To qualify for OCIF funding the project must:
- Be located in Calgary
- Be catalytic and innovative
- Create economic benefits that are realized in Calgary
- Create jobs
To be successful in receiving OCIF funding, applicants must demonstrate how their project is aligned with the following assessment criteria:
- Economic Benefits: Increases in direct investment, revenues, and property tax
- Job Creation: Increase in the quantity and quality of full-time direct and indirect jobs
- Innovation and Sector Benefits: Strategic projects that spur and facilitate growth
- Alignment with Key Industries and Emerging Sectors: Investment in key industries and emerging, high potential sectors
- Alignment with Strategic Initiatives: Align with other public and private initiatives
- Social Benefits: Benefits to citizens or the environment
Applicants with significant OCIF funding potential will progress to the next phase and will be required to submit a detailed business case.
Successful applicants who are approved for funding will be required to complete ongoing monitoring and reporting on the funds received during the development phase as well as during ongoing project operations.
The typical response time for submissions is two to four weeks. However, given the considerable interest the launch of the fund has generated, applicants that submit ideas from April 25th to May 25th will receive a decision notification by June 20th.