Ensuring a resilient economic future for Calgary

The Opportunity Calgary Investment Fund (OCIF) is a $100 million fund, created from the City of Calgary’s existing reserve in 2018. It was originally created to diversify Calgary’s economy, and it has delivered on that mandate over the past five years.  
  
Looking ahead to the next five years, OCIF is continuing to build a diversified and resilient economy by investing in projects that will accelerate innovation and equip working Calgarians with the skills they will need to succeed – this includes ensuring equity-deserving groups can effectively participate in Calgary’s economy.  

OCIF operates as a wholly owned subsidiary of the City of Calgary, governed by an independent Board of Directors and administered by Calgary Economic Development. 

• OCIF finds opportunities with the highest potential benefit to Calgary’s economic future.
• It fuels these opportunities through funding that ensures impact
• It fosters their success by integrating each investment into network of support

OCIF exists because something as important as our city’s economy cannot be left to chance. A thriving, growing, and diversifying city is not something to hope for; it’s something to cultivate. Our city deserves to have big ambitions for the future. OCIF is one of the most financially efficient tools to ensure those ambitions are realized. 

Yes. For every dollar committed by OCIF, Calgary has received $11 back in additional economic activity, spurring a total of $920 million in economic activity. To date, OCIF has committed $85.4 million to 33 projects. These projects, in turn, have resulted in: 

• The creation or retention of close to 3,000 jobs
• The creation or expansion of 876 companies
• $592 million indirect capital raised by other governments and private investors
• Absorption of 594,000 square feet of office or industrial space

All projects are assessed on the same criteria; the degree to which the investment creates benefits and is aligned with the assessment areas:

• Economic benefits
• Job creation
• Alignment with key industries
• Innovation and sector benefits
• Alignment with strategic initiatives
• Social benefits

The program is funded entirely from the City of Calgary’s existing fiscal reserves and will have no impact on property tax rates.

The City of Calgary’s goal for the Fund is to support development of innovation networks across downtown Calgary and all quadrants of the city, train individuals, create jobs and increase the municipal property assessment base. The City is prohibited from providing loans or becoming a partner in commercial ventures.

Funding is a non-repayable contribution. Stringent reporting requirements ensure the recipients meet the provisions of the agreement to receive the funding. Recipients not in compliance with the terms of the agreement may be subject to repaying all or some of the funds.

To qualify for funding, which can account for up to 50 per cent of the proposed project’s budget, 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 funding the project must:

• Be located in Calgary
• Be catalytic and innovative
• Create economic benefits and jobs in Calgary

Ineligible costs include but are not limited to:

• Working capital
• Marketing
• Market research
• Prototype development