On March 3rd 2022 the Government of Canada has announced the investment of $4 billion over the next four years to support up to 160, 000 small and medium enterprise (SMEs) through the Canada Digital Adoption Program (CDAP).
Through the CDAP, Canadian SMEs will be able to assess their digital readiness and apply for grants and loans online. Small and medium businesses would be able to leverage e-commerce opportunities, upgrade or adopt digital technologies and digitize their operations to stay competitive and meet customer needs in the digital world.
The program is divided into two streams, each applicable to different sized SMEs. Understand which grant you qualify for.
Stream One: Grow Your Business Online
- Will provide up to $90k micro-grants and up to 11.2k youth job placements to help customer-facing small businesses develop and implement their e-commerce strategies
- Access digital advisors who can help you discover and implement new e-commerce tools
Stream Two: Boost Your Business Technology
- Grants of up to $15k for advisory services to develop a digital adoption plan.
- Access to a network of Canadian digital advisors
- Potential to get up to a $100k, 0% interest BDC loan to implement your digital plan
- Access to a youth placement for SMEs undertaking digital transformation
The Boost Your Business Technology grant can be leveraged to adopt the services of a digital advisor. These advisors will work with companies to recommend digital pathways and strategies that will help you achieve your business goals and increase your competitiveness in the digital economy.
The grant covers up to 90% of the eligible cost of retaining the services of a digital advisor, up to a maximum grant value of $15,000 per SME, to develop a digital adoption plan.
Businesses also have the opportunity to secure a 0% interest loan from the Business Development Bank of Canada (BDC) to facilitate the acquisition of new technology. In addition, applicants can leverage the help of talented post-secondary students and recent graduates through subsidized work placements.
Before applying, your business must meet all of the following eligibility criteria:
- Be incorporated federally or provincially, or be a Canadian resident sole proprietor
- Be a for-profit, privately owned business
- Have between 1 – 499 full time equivalent employees
- Have at least $500,000 of annual revenues in one of the previous three tax years
iTransform has been delivering adapted digital roadmaps since 2018 and is a qualified digital advisor for the CDAP program. From our clients’ feedback, our methodology has always stood out. Clients feel a sense of clarity in what their next steps should be and are confident enough to take it.
As a qualified digital advisor, iTransform will work with you to leverage the CDAP program and modernize your SME in the most simple, practical and affordable way.