If your business was suddenly granted $15,000 to adopt new digital technologies, how would your business benefit? As you can imagine, the possibilities are endless.
For any small to medium-sized business, technology is essential to the business’s survival. However, it can be difficult for businesses that are used to the traditional brick-and-mortar business model to adapt and develop a strong online presence.
This is why for many businesses, the kind of funding provided through the Canada Digital Adoption Program (CDAP) can be game-changing when utilized properly.
With a CDAP grant, businesses are given access to a Government approved digital adoption advisor who will guide them in the right direction and ensure their funding is invested properly. Wondering how to get started? Keep reading.
CDAP is an initiative created by the Canadian Federal Government designed to help small to medium-sized businesses adopt new digital technologies by providing up to $15,000 in funding. Over $4 billion has been pledged towards the program by the federal government over the next four years.
A CDAP grant must go towards the services of an approved CDAP advisor who will help your business develop a digital adoption plan.
A digital adoption plan will help your business:
There are two streams within CDAP.
The Grow Business Online stream of the CDAP offers micro-grants of up to $2,400 to over 90,000 businesses in Canada. The micro-grant is to help Canadian businesses offset the cost of adopting digital technologies and work with a designated eCommerce Advisor.
Your advisor must help your business:
The Boost Your Business Technology grant provides businesses that earned a minimum of $500,000 annual revenue (in one of the last three years) with 90% of the cost (up to $15,000) of a digital adoption plan prepared by an approved digital advisor. Of note: the maximum revenue threshold for stream 2 of Boost Your Business Technology is $100,000,000.
This funding will cover the costs of:
Businesses accepted into the Boost Your Business Technology stream can also obtain a 0% interest loan of up to $100,000 CAD from the Business Development Bank of Canada (BDC) to help implement their digital adoption plan.
Costs that are not covered by the CDAP grant include, but are not limited to, connectivity costs, shipping costs for goods purchased through the business’ eCommerce website or implementing any items in the created CDAP plan.
The Grow Your Business Online stream is only available to small businesses that are:
Participating businesses must also commit to maintaining a digital adoption strategy for six months after participating in CDAP and consent to:
The Boost Your Business Technology stream is eligible for businesses that:
Businesses that are ineligible for CDAP include:
While your CDAP advisor can help you with the application process, it’s important for you to understand what this process entails.
When applying for CDAP, you will complete the following steps:
Use the Canada Digital Adoption Program— Grant assessment tool to find out which stream you should apply for.
After you have used the assessment tool to find out which stream you are most eligible for, be sure to read through all of the eligibility criteria so that you know for sure that you qualify for CDAP.
This is where you begin the application process. For the Grow Your Business Online grant, you will apply through your local service provider in the province or region where your business is located.
For the Boost Your Business Technology Grant, you must sign in with a GCKey or through a Sign-In Partner on the Government of Canada website to apply.
Interested in applying for the Canada Digital Adoption Program but still trying to figure out where to start and how to find a knowledgeable advisor to join you on this journey? Look no further than Consultus Digital!
Consultus Digital is an official CDAP advisor that will work with you to transform your business through digital technology. Our goal is to educate you on what the CDAP grant entails, guide you through the application process to help ensure your application is successful, then work with you after you have been accepted to develop a successful digital adoption plan.
You're one step closer to a FREE 20-minute consultation with an industry leader!