Around $485,000 is being allocated by the federal government to support local small businesses.
On Monday, Navdeep Bains, Minister of Innovation, Science and Economic Development, announced the funds would go towards expanding the Back to Business Resource Centre and help Community Futures Wood Buffalo.
CFWB is looking to maintain their Recovery Loan Partnership Program.
The initiative has already given out 20 loans worth over $1 million to small business owners. It has also created 80 full-time and 79 part-time jobs.
Business Link, a non-profit organization which helps entrepreneurs, will get over $350,000 for the centre, while more than $135,000 is being sent to CFWB.
“These investments will help local businesses access the tools and resources they need to recover and grow as they meet the evolving needs of the region,” said Mayor Don Scott, in a release.
“We are pleased to collaborate with our community partners to help local businesses expand knowledge, develop skills, and access the capital they need to prosper.”
Since its creation in Wood Buffalo, Business Link has supported over 250 entrepreneurs and have delivered multiple educational events for businesses.