A strong digital foundation is essential for any business to grow and thrive. Whether it’s implementing new software, upgrading to an e-commerce platform or launching a digital marketing campaign that converts, Canadian small businesses need to be prepared to keep pace with their competitors and take advantage of the opportunities available to them.
As part of the government’s $4 billion investment in digital technology, the Canada Digital Adoption Program was created to help Canadian small and medium-sized enterprises (SMEs) adopt new technologies, digitize their operations and leverage e-commerce opportunities. The program provides funding and advice to help companies develop and implement a digital transformation plan. It also helps with the costs associated with deploying these technologies, including training expenses.
The Canadian Digital Adoption Program is available to SMEs across the country. It is designed to help businesses adopt new digital tools to become more efficient, expand their e-commerce capabilities and be more competitive in domestic and international markets. SMEs can apply for either the Grow Your Business Online or Boost Your Business Technology grants.
Applicants will need to assess their digital readiness by completing a Digital Needs Assessment and then be directed to the local service providers in their province where they can access the services of a registered digital advisor. The advisor will work with the business to understand their specific needs and then develop a digital adoption plan tailored to those needs. In addition, the program offers wage subsidies of up to $7,300 for hiring young Canadians for short-term placements in a business to assist with developing the digital elements of the business. It also offers interest-free loans up to $100,000 through BDC to help SMEs implement their digital adoption plans.
There are two streams of funding available through the Canadian Digital Adoption Program, Stream 1 and Stream 2. Stream 1 is geared toward businesses that need help getting their business online and can be used to cover up to 90% of the cost of hiring a digital advisor. In this stream, a business will be required to partner with an advisor that the government approves of. This will ensure that the advisor has the experience and expertise to work with a business on its digital transformation.
To qualify for Stream 1, a business must have a digital footprint and have at least $500,000 in revenue from one of the past three years. It must also be an independent business that is not controlled by another entity or person.
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