What is the Canada Digital Adoption Program?
Canadian businesses need to stay competitive in today's growing digital marketplace. To help business owners keep up with fast-paced digitization, the Canadian Government recently announced a new Digital Adoption Program for Canadian businesses.
Source: Canada Digital Adoption Program
This newly announced program will help small and medium-sized businesses (SMEs) in accelerating their digital transformation. As part of the government's recent budget announcement, the program comes on the heel of Canada’s need to fuel economic recovery.
This new commitment will enable businesses to better boost their eCommerce presence and digitize business processes so that they can better perform in the modern marketplace.
What Does This Mean for Canadian Businesses?
Eligible SMEs may qualify for the Canadian Digital Adoption Program, which includes 0% interest loans from the Business Development Bank of Canada (BDC) to finance the implementation of digital adoption. There are two separate streams that business owners can apply for, each offering a unique form of support.
The first stream, Grow your Business Online, will help SMEs take advantage of eCommerce opportunities. Through this stream, business owners will be eligible for microgrants to put towards eCommerce modifications. The microgrant also enables owners to access a network of digital experts, which will help them use the tools and techniques required. The grant total includes $2400 for digital marketing modifications. Stream 1 is searching for not-for-profit organizations that can support small businesses in the development and implementation of e‑commerce strategies. Interested applicants can apply here.
The second stream, Boost Your Business Technology, will help businesses with the development, implementation, and adoption of digital strategies. This stream also offers grants, but with funding aimed at supporting digital advisory services as well as employment for technology adept youth. Grant funding will be available for 90% of the digital plan development cost (with a maximum cost of $15,000). There is also an additional interest-free loan available to support the development of this digital plan, with a maximum of $100,000. Stream 2 includes a wage subsidiary for hiring technology-skilled youth, with a maximum amount of $7300. Stream 2 is currently looking for digital advisors to register in support of this program. Interested applicants can apply here.
Canadian business owners interested in applying to the Canadian Digital Adoption Program for funding purposes can take this survey to better understand which of the two streams they fit.
How do Businesses Apply?
Applications for the Canadian Digital Adoption Program are not yet open. Interested applicants can sign up for email notifications regarding their irrespective streams and be notified of any upcoming dates or updates.
The Canadian business landscape has changed and with it, the level of digital adoption required to run an effective business. For additional resources and programs designed to help provide digital skills, visit our past article: Top 5 Digital Marketing Courses in Canada.