Tourism can have a significant impact on greater economic development in several ways:
Job Creation: The tourism industry is labor-intensive and can create jobs in various sectors such as hospitality, transportation, entertainment, and more.
Revenue Generation: Tourism brings in revenue from various sources, including accommodation, transportation, food and beverage services, guided tours, and more. This influx of money can boost our local economy and support our local businesses.
Infrastructure Development: Tourism can help fund improvements to our infrastructure such as public transportation networks, roads, and public facilities, which in turn assists in welcoming visitors. These developments can have long-lasting benefits for our residents, improving their overall quality of life.
Diversification of Economy: Tourism provides diversification by creating an additional revenue stream that can help buffer against economic downturns in other sectors.
Cultural Preservation: Tourism can provide an incentive for the preservation of cultural heritage sites, traditions, and crafts, as these attractions are often appealing to visitors. This helps maintain our region's uniqueness and contributes to cultural identity.
Entrepreneurship Opportunities: Tourism can encourage the growth of small and medium-sized enterprises
as locals often start businesses catering to tourists' needs, such as restaurants, souvenir shops, and boutique accommodations.
Tax Revenues: The tourism industry generates various taxes, including sales taxes and accommodation taxes. These tax revenues can be used to fund public services and infrastructure improvements.
Multiplier Effect: Tourism spending doesn't just affect one sector; it creates a multiplier effect as money spent by tourists circulates through the local economy, benefiting various businesses and individuals.
Improved Standard of Living: The economic growth generated by tourism can lead to higher incomes, increased job opportunities, and an overall improvement in the standard of living for local residents.
Skill Development: The demands of the tourism industry can lead to the development of a skilled workforce in various fields, from hospitality management to tour guiding, which can be valuable even beyond the tourism sector.
Community Pride: Welcoming visitors who have chosen to come see us can help foster a renewed positive confidence in ourselves.
Application Scoring Criteria Directive
To further assist in facilitating the application process for funding from the Tourism Development Fund, the Board considers that it would be helpful to set out further parameters to better guide anyone or any business or organization considering applying to the Fund.
• The Board is aware that Economic development funding may be available to enterprises seeking to establish themselves in the marketplace or to grow their business. Accordingly, and even though a business concern may feel that it will likely draw some visitors from outside the community, funding can only be attributed to entities/organizations whose primary purpose is tourism focused and not to entities whose tourism impact may only be incidental. The Board respectfully urges applicants who do not meet this criterion to consider applying for other forms of assistance.
• Any event which has a strong tourism component may be considered for funding.
• The Board wishes to clarify that funds may be awarded to both for-profit and not-for-profit corporate entities.
• The Board considers that one of its core mandates is to help develop new initiatives in tourism. Accordingly, applicants must not count on repeatedly receiving annual funding for their projects as the Board will wish to focus its assistance in accordance with its mandate. The TDC will not provide operational or capital funding, for the purpose of running the applicant’s business and paying for its infrastructure costs
• Eligible applicants need to demonstrate proven organizational ability, technical capacity and fiscal prudence. This includes the applicant’s capacity, proven track record, financial stability and tourism business expertise.
Funds May be awarded as follows:
Event / Festival
1 Day max $5,000
2 Day max $10,000
3 Plus days max $25,000 ($15,000 maximum for second+ application)
Local / regional = Max $7,500
Provincial/ national/international = Max $25,000 ($15,000 maximum for second+ application
Conference / Convention
Local / regional = Max $5000
Provincial/ national/international = Max $10,000
New Start-Up business or New tourism asset for an existing business
Max = $25,000
Second application tourism business
Max = $15,000