The federal government is setting aside $4 billion in loans and grants for medium and small businesses in an effort to help them launch their companies into the digital realm..The Canadian Digital Adoption Program (CDAP) will have the capacity to enable up to 160,000 businesses in Canada to develop their commercial web presence and adopt digital business tools to facilitate upgrades and commercial growth..Prime Minister Justin Trudeau hopes the initiative will lower operational costs, reduce overheads, improve profit margins and make Canadian businesses more competitive on the domestic and global e-commerce stage..“Today’s announcement is all about empowering small businesses with digital tools so that they can reach their full potential,” Trudeau said at a press conference with Trade Minister Mary Ng..Financial assistance, as well as training and work opportunities, will be available for young Canadians under the program. The government hopes that the CDAP will create thousands of job opportunities, including nearly 30,000 work experience placements for young Canadians to help them build professional skill sets while helping emerging businesses..The Government of Canada’s website page for the Canadian Digital Adoption Program showcases two streams for the business community to exploit. The first, called Grow Your Business Online and the second named Boost Your Business Technology. Loans and grants will be offered through the Business Development Bank of Canada. Grow-Your-Business-OnlineImage courtesy of the Government of Canada website .“In the digital age, it’s crucial for consumer-facing businesses to develop and implement e-commerce capabilities to remain competitive. The adoption of digital technologies enables businesses to serve existing customers more effectively and to attract new customers in the digital marketplace,” the web page says..“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,” the government says on the Boost Your Business Technology page of the CDAP web resource..To be eligible for 0% loans from the Business Development Bank of Canada, businesses applying under the Boost Your Business Technology tool must be federally or provincially incorporated, have between one and 499 full-time equivalent employees, and have at least $500,000 of annual revenues in one of the previous three tax years..In a new Statistics Canada survey, almost 20% of smaller businesses said that they expect sales to drop over the next two quarters and reported lower income last year compared to the year before.
The federal government is setting aside $4 billion in loans and grants for medium and small businesses in an effort to help them launch their companies into the digital realm..The Canadian Digital Adoption Program (CDAP) will have the capacity to enable up to 160,000 businesses in Canada to develop their commercial web presence and adopt digital business tools to facilitate upgrades and commercial growth..Prime Minister Justin Trudeau hopes the initiative will lower operational costs, reduce overheads, improve profit margins and make Canadian businesses more competitive on the domestic and global e-commerce stage..“Today’s announcement is all about empowering small businesses with digital tools so that they can reach their full potential,” Trudeau said at a press conference with Trade Minister Mary Ng..Financial assistance, as well as training and work opportunities, will be available for young Canadians under the program. The government hopes that the CDAP will create thousands of job opportunities, including nearly 30,000 work experience placements for young Canadians to help them build professional skill sets while helping emerging businesses..The Government of Canada’s website page for the Canadian Digital Adoption Program showcases two streams for the business community to exploit. The first, called Grow Your Business Online and the second named Boost Your Business Technology. Loans and grants will be offered through the Business Development Bank of Canada. Grow-Your-Business-OnlineImage courtesy of the Government of Canada website .“In the digital age, it’s crucial for consumer-facing businesses to develop and implement e-commerce capabilities to remain competitive. The adoption of digital technologies enables businesses to serve existing customers more effectively and to attract new customers in the digital marketplace,” the web page says..“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,” the government says on the Boost Your Business Technology page of the CDAP web resource..To be eligible for 0% loans from the Business Development Bank of Canada, businesses applying under the Boost Your Business Technology tool must be federally or provincially incorporated, have between one and 499 full-time equivalent employees, and have at least $500,000 of annual revenues in one of the previous three tax years..In a new Statistics Canada survey, almost 20% of smaller businesses said that they expect sales to drop over the next two quarters and reported lower income last year compared to the year before.
