The Economic Development department assists members of Cold Lake First Nations reserve in building business plans, providing information, and helping bridge the gap between aboriginal and non-aboriginal communities for further development of band members. The long term goal of economic development is to establish a healthy on-reserve business community that will attract both band member and non-native spending. Duties of the department include:

• Seeking and utilizing all governmental funding sources pertaining to economic development initiatives
• Assisting band members with business ideas, market research and financial planning
• Advising committee members of viability of business proposals
• Establishing and maintaining a communication link with economic development programs
• Attending meetings, conferences and workshops pertaining to economic development issues and trends
• Establishing and maintaining a communication link with economic development programs and initiatives within the Tri-town i.e. Chamber of commerce, Lakeland Community futures committee and business development centre.
• Completing annual report and submitting annual departmental budget to band administrator by January 15th of each year.

The Economic Development Opportunity Fund (EDOF) provides financial aid in the form of matching equity funding. The objective is to use the funding to obtain conventional debt financing (such as a loan from a bank) to start or expand a business.

First Nations, Inuit and Innu businesses may apply through their Community Economic Development Organization (CEDO).

Applicants must:

• Submit a business plan;
• Demonstrate the need for matching equity funding to complete their financing
• Demonstrate the knowledge and experience needed to manage or participate in the proposed venture.

The CEDO must have the organizational development capacity, a proven record in business development, and a record of regular and acceptable reporting. Successful applicants receive the funding from their CEDO.