Energy Transition and Economic Diversification in the West Yellowhead
Rural communities across Canada are an important part of the Canadian landscape. The West Yellowhead region is unique in the province as it holds five rural communities within its boundaries.
The communities are closely linked to primary sectors of the economy such as agriculture, energy, forestry, and natural resource extraction. The range in diversification of core industries has supported Community Futures West Yellowhead in their goal to hold a diversified loan portfolio and to provide supports to a range of businesses across most of the main economic sectors driving the Albertan economy.
In recent years, the West Yellowhead region is challenged to have a successful economy in some of our sectors. Mountain Pine Beetle and Federal Net Zero Emission Goals by 2050 have put immense pressures on industry to adapt operations as a result.
Our region’s citizens and families are affected by coal mine closures in both Hinton and Grande Cache. Citizens and families are empowered to make their own decisions with regards to their employment and residency and we wish to support that by providing an economic climate that is positive, caring, optimistic and realistic.
We want the West Yellowhead to remain a viable option for people to live and work when transitioning to other opportunities due to coal mine closures. As well, we want to ensure that our current businesses are also cared for in supporting them as they build and maintain their role in the regional economic system.
The focus of this project is on workforce transition, business retention, capacity building and enhancing stakeholder relationships while offering CF basic services of coaching, training, and financing.
Our team is working to encourage regional diversification with a focus on emerging industries and tourism through the development of entrepreneurship and self-employment as an option within the region. In addition, our project team works closely with stakeholders to support advancing entrepreneurship in our new Canadian population.
This project is designed to provide local existing businesses with supports like business retention and expansion coaching, training, and financing while also helping them to understand the changes in the local economy and how those changes may impact their business in the future.
Business Retention and Expansion (BR&E) is an economic development tool designed to strategically understand the business community by asking standardized questions of each business in a set area.
For the staff at CFWY, it is also an opportunity to coach clients directly in their business, understand their business needs, celebrate their successes and to understand and alleviate any problems that they may be experiencing.
If you have an innovative business idea or are looking to maintain or expand your current business portfolio, we provide free one-on-one coaching to discuss your business goals.
COVID-19 recovery and public safety is top of mind, please contact us to book a virtual appointment.
