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What Are The Terms Of The Loan?
5 year term
12 months capital postponement
0% interest
No fees
Is My Business Eligible For The Loan?
You’re eligible for the loan under one of two circumstances:
What Can The Business Loan Be Used For?
Your loan can be used for anything informed by your approved Digital Adoption Plan
Acquiring IT Equipment
Installation of new technologies
Updating/expanding IT equipment
Training staff on onboarded technologies
Materials and support services directly related to onboarding the technology
Further advisory services on particular aspects of the digital adoption plan
Case Study: Janie increased commissions by 400% in the first 6 months, established effective sales retooling
Read case study
Adam Breuckner
Managing Principal at Silverstone Partners
“Incredibly knowledgeable and talented in their execution, very responsive to our timing, and easy to work with from the discovery stage, through implementation and finalization”
Frequently Asked Questions
What is the $15,000 grant for?
The CDAP (Canada Digital Adoption Program) is a government initiative that provides Canadian businesses with $15,000 in grant money to pay towards the development and execution of your digital adoption and transformation strategy.
Why is the government offering a grant for just a plan?
Short answer: The plan is everything.
Long answer: If you want to successfully implement technology and make that technology work for you, you need to plan. Our team has seen, time and time again, that failing to plan often results in a net loss and years of wasted business potential.
Technology solutions that are implemented without a proper plan lead to unmet ROI expectations. Your digital consultant’s role is to comprehensively assess your business needs and put together a strategic plan, aligning the right technologies with the right challenges.
The main reasons businesses don’t get great value out of digital solutions include:
- Lack of direction
- Lack of resources
- Lack of expertise
The CDAP grant helps bridge this gap and gives SMEs the tools necessary to implement a plan, to properly integrate technologies into their business, to scale revenues and profits.
Are there funds available to integrate the technology informed by the plan?
Once your plan is in place, you unlock access to a 0% interest loan of up to $100,000 (5 year term), earmarked specifically for the implementation of the digital solutions as detailed in your strategy.
This funding can be used for a range of digital solutions, spanning traditional business technologies like laptops and monitors, as well as more innovative options like robotics, drones, cameras, and beyond. It's also available for covering the costs of essential software such as CRM and eCommerce platforms, along with the consulting services needed to bring these solutions to life
Can we access the loan and wage subsidies if we already have a digital strategy in place?
Yes, if your digital adoption plan was created under another recognized digital adoption program and submitted to CDAP, you may be eligible to access up to $100,000 in the form of an interest free loan and $7,300 in wage subsidies.
What are the details of the $100,000 loan?
- The loan has a 5-year term with 12-month capital postponement (total of 6 years)
- There are no fees
- You have 6 months from the completion of your approved plan to make a loan request
- You must meet BDC credit worthiness requirements
What is the grow your business online grant?
The grow your business online grant is another $2,400 micro grant offered by the government of Canada for use towards setting up an e-commerce store.
You can get funding for the grow your business online grant through CDAP if your business:
- is a for-profit business (including for-profit social enterprises and co-operatives)
- is registered or incorporated
- is consumer-facing (sells goods and services directly to end consumers)
- has at least one employee (other than the owner) OR had at least $30,000 in annual revenue in the most recent tax year
- commits to maintaining a digital adoption strategy for six months
- agrees to participate in follow-up surveys, share data about the experience, and have its name published as a grant recipient
Do you also work with businesses looking to make use of the “grow your business online” micro grant?
Yes! Contact us through our online form and we’ll help you out.
Schedule a call with one of our consultants to start the application process.
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