There are plenty of grants available for small business owners who want to improve the way they do business, whether that be through a more efficient back office system or better cybersecurity tools. But finding one that fits your needs can be difficult.
One grant worth checking out is the boost your business technology grant from the Government of Canada. It offers up to $15,000 of funding for businesses to work with an approved digital advisor and develop a plan tailored to their specific needs. This strategy development phase is a significant portion of the grant, so it’s important that you work with an approved digital advisor and develop & implement your plan in order to maximize its value and impact.
The Canadian Government has set aside $4 billion CAD to help businesses improve their online presence and keep up with digital trends through the Canada Digital Adoption Program (CDAP). There are two streams of CDAP, including Grow Your Business Online and Boost Your Business Technology. Both have their own requirements, so use the assessment tool on the CDAP website to determine which one is right for you.
Grow Your Business Online focuses on supporting small, consumer-facing businesses with yearly revenues under $500k to seize e-commerce opportunities. This stream of CDAP offers micro-grants to cover up to $2,400 of the cost of partnering with an approved advisor and developing an e-commerce strategy. This is a great opportunity for retail and online service businesses.
Boost Your Business Technology is a slightly broader stream of CDAP, and supports SMEs to adopt new technologies in order to remain competitive. This stream of CDAP is targeted at SMEs that need to use digital technology to engage with customers, connect geographically dispersed workforces or acquire more insight into business drivers. Once your Boost Your Business Technology plan is developed and approved, you can apply for up to $100,000 of interest free money from the Business Development Bank of Canada (BDC) to implement the technologies laid out in your digital adoption plan.
As a certified Boost Your Business Technology digital advisor, The Answer Company can help you navigate the process of securing this grant funding and developing your strategy. We can help you understand the specifics of the program and ensure your proposal is both compelling and compliant with the terms and conditions set out by BDC.
It’s never been more important to keep up with the digital trends and opportunities that are rapidly advancing across our economy. With so much competition, it’s imperative that you take advantage of all the resources available to you and work with an expert to make sure your business has the tools it needs to succeed in this increasingly digital world. Let’s chat about how we can support you in achieving your digital transformation goals! Contact us today.