Innovative small and medium-sized enterprises (SMEs) in Calgary are an economic driver of the city’s economy, but they often face significant challenges staying competitive in today’s rapidly evolving market. Recognizing these hurdles, the Opportunity Calgary Investment Fund (OCIF) has launched OCIF Express, a simpler, quicker funding mechanism to address specific gaps within the city’s economy. OCIF Express’ first funding round is focused on fueling SMEs with the resources they need to hire in-demand skilled employees and train their current workforce.
OCIF Express: A streamlined solution
OCIF Express simplifies the process of accessing essential funding, and the first round offers two distinct streams tailored to meet the unique needs of Calgary-based companies — job creation and talent development. The new funding program aims to fast-track the allocation of resources by providing a streamlined process for Calgary-based businesses to address targeted needs in the city’s economy.
“OCIF Express is being established to help local small-and-medium-sized enterprises bridge gaps and enhance their workforce capabilities, providing them with timely support to build a stronger, more skilled team,” says Brad Parry, CEO of Opportunity Calgary Investment Fund and President and CEO of Calgary Economic Development. “By streamlining the application process, we’re ensuring that local businesses can focus on what they do best— growing and innovating.”
These identified areas of growth and innovation are crucial for maintaining competitiveness in today’s market and align with priorities outlined in Calgary’s economic action plan, Uplook.
Two streams to support business growth and innovation
The first stream of OCIF Express addresses one of the most pressing challenges faced by companies: hiring employees with high-demand skills. With this stream, businesses can access funding to help fuel the addition of new employees in critical positions to tackle their next project. This support is particularly vital for sectors experiencing rapid growth and technological innovation where the demand for specialized talent is high.
The second stream focuses on talent development within organizations. SMEs can receive funding to implement in-house training programs, fostering their workforce with the skills they need to succeed. This proactive approach helps businesses stay ahead of industry trends, preparing their teams for upcoming projects and ensuring they remain competitive in the market.
“Our research shows that targeted investment in talent development is key to sustaining Calgary’s economic growth,” Parry adds. “OCIF Express ensures that local businesses have the tools they need to adapt, innovate, and continue contributing to Calgary’s dynamic economy.”
OCIF Express aids in economic diversification
As Calgary continues to position itself as a hub for innovation and entrepreneurial excellence, this inaugural round of OCIF Express will play a vital role in ensuring that local SMEs have the support they need to succeed. By addressing the workforce challenges faced by these businesses, this round not only fuels individual growth but also contributes to a stronger, more diversified economy for the entire city.
By offering a simplified, expedited application process, the talent and training streams of OCIF Express ensure that businesses can quickly access the resources necessary to overcome workforce challenges. Whether it’s hiring new talent or upskilling existing employees, the program provides vital support for businesses looking to stay competitive and contribute to Calgary’s economic resilience.
OCIF Express’ first round will distribute a total of up to $5 million in funding and is open to innovation-driven Calgary-based SMEs that are looking to expand their project teams in high-demand, high-skill positions or that wish to enhance their workforce through targeted training programs. OCIF Express focuses on fueling key sectors including clean energy transition, ag/agTech, life sciences, aerospace, advanced manufacturing, logistics, and creative economy/digital industries. Projects eligible for funding should have a lifecycle of less than 24 months, allowing businesses to see quick results from their investment.
For Calgary SMEs ready to take the next step in workforce development, OCIF Express offers a unique opportunity. To learn more and apply for one or both streams, visit the OCIF Express application page before November 8. OCIF Express is a competitive process and submitting an application does not guarantee funding.
This round of OCIF Express is partially funded by a grant from Alberta’s government, supporting innovation and economic diversification in Calgary.
Visit the Opportunity Calgary Investment Fund page for more information on the City’s investments to drive innovation and spur transformative economic development in Calgary.