If your online business is struggling, or if you’re not sure if going digital is right for you, new funding from the federal government could provide the perfect opportunity. The Canadian Digital Adoption Program makes the move to digital business solutions more accessible and affordable by providing funding for advice and new digital technologies that improve efficiency in business operations or grow your online presence.
The Canadian Digital Adoption Program, referred to as CDAP, is offering two distinct funding streams: The Grow Your Business Online Grant and the Boost Your Business Technology Grant and Business Loans. If you’re unsure which funding stream you can apply for, speak with your accountant or give us a call here at McNabb Lucuk LLP in Grande Prairie.
Grow Your Business Online Grant
The Grow Your Business Online grant provides small businesses with access to a network of e-commerce advisors for advice and support to take their business to the next level through digital technologies. Applicants of the grant can receive a microgrant of up to $2,400 to help offset the costs of new e-commerce tools.
What are E-Commerce Tools?
The term “e-commerce” is often used to describe a business with an online store, but e-commerce goes beyond a digital storefront. E-commerce can include the business systems used to manage inventory, processes for order processing and shipping, and the cyber security enhancements required to safeguard customer databases.
Who is Eligible?
Small Canadian businesses that meet all of the following criteria are eligible for the Grow Your Business Online Grant:
- for-profit business including for-profit social enterprises and co-operatives
- registered or incorporated with at least one employee
- accessible or provides in-person services to customers
- commits to maintaining a digital adoption strategy for six months
- consents to participating in follow-up surveys, sharing information with the Government of Canada (ISED and Statistics Canada), and having the name of the business published as a recipient of funding
Boost Your Business Technology Grant and Business Loans
The Boost Your Business Technology grant provides up to $15,000 to small and medium-sized Canadian businesses to develop a plan to digitally transform or enhance their business. The grant is designed to subsidize up to 90% of the costs of developing the plan with an expert digital advisor.
Some examples on how technology can transform business operations include:
- reducing overhead costs
- shortening customer transaction and order fulfillment timelines
- improving customer satisfaction and service
- finding efficiencies in supply chain and inventory management
Who is Eligible?
If you are a small to medium sized business owner or director, and your business meets the following criteria, you may be eligible to apply for the Boost Your Business Technology Grant:
- be incorporated federally or provincially, or be a Canadian resident sole proprietor
- have 1 to 499 employees
- have had at least $500,000 in annual revenue in 1 of the last 3 years
Funding for Implementation
Applicants of the Boost Your Business Technology grant who are ready to implement new technologies can choose to apply for a 0% loan of up to $100,000 from the Business Development Bank of Canada (BDC).
Additionally, recipients of the grant have the opportunity to hire a subsidized work placement to directly offset the costs of implementing digital adoptions.
Investment in digital technologies could be your answer to staying competitive and expanding your business beyond Grande Prairie by reaching new customers in the modern, digital marketplace. If you’ve been looking for an opportunity to leverage e-commerce opportunities, upgrade or adopt digital technologies, or digitize your operations, the CDAP could be the federal boost you’ve been waiting for.