The governments of Canada and Manitoba have announced support for the construction of the $95.4-million Innovation Centre at Red River College’s Exchange District Campus.
RRC will use government and private-sector funding to develop the new Innovation Centre, the first of its kind in Western Canada. The Innovation Centre will attract an additional 1,200 students to the Exchange District, stimulating economic development and further growth of this historic part of downtown Winnipeg. It will bring together industry, students, instructors, researchers, and community members to work on commercialization projects for start-ups and SMEs. The Centre will also enable social enterprise and indigenous entrepreneurship and will help ensure students are job-ready and able to thrive in the new economy.
Of the $95.4-million investment, $40.6 million will come from the federal government and $54.8 million from RRC, which will be launching a major fundraising campaign in the coming months. Manitoba is supporting the Innovation Centre through a loan guarantee to RRC for up to $54.8 million. This guarantee will help move the project forward by enabling RRC to secure a better interest rate on its project financing as it implements its fundraising campaign.
Federal funding for this project is being provided through the Post-Secondary Institutions Strategic Investment Fund. This fund is designed to promote economic activity across Canada and help Canada’s universities and colleges develop highly skilled workers, act as engines of discovery and collaborate on innovations that help Canadian companies compete and grow internationally.