Canada Digital Adoption Program: Stream II Boost Your Business Technology loan
If you are a small or medium-sized business owner in Canada, you may be eligible for a zero per cent interest loan of up to $100,000 to adopt digital technologies that can boost your competitiveness and productivity. This loan is part of the Canada Digital Adoption Program (CDAP), a government initiative that aims to help businesses grow online and embrace digital transformation.
But how do you apply for this loan and what are the requirements? In this article, we will explain everything you need to know about the CDAP Stream II Boost Your Business Technology loan and how it can benefit your business.
What is the CDAP Stream 2 Boost Your Business Technology loan?
The CDAP Stream II Boost Your Business Technology loan is a financing option offered by the Business Development Bank of Canada (BDC) to eligible businesses that have completed an approved digital adoption plan. A digital adoption plan is a document that outlines the current challenges and opportunities for your business in terms of digital technology and provides expert recommendations on how to improve your digital capabilities and achieve your strategic goals.
The loan covers items directly related to the digital adoption plan, such as; acquiring IT equipment, installation of new technologies, updating and/or expanding IT equipment, training staff on onboarded technologies, materials and support services directly related to onboarding the technology, and further advisory services on aspects of the digital adoption plan.
How do you apply for the CDAP Stream II Boost Your Business Technology loan?
To apply for the CDAP Stream II Boost Your Business Technology loan, you need to follow these steps:
- Register for the CDAP on Innovation, Science and Economic Development Canada’s (ISED) website.
- For a smooth digital adoption plan creation, reach out to me. I can connect you with an ISED-approved partner from a network of qualified consultants, saving you time and ensuring you get tailored advice for your digital technology adoption.
- Submit your digital adoption plan and invoice from digital advisor to ISED for approval. You will receive a grant of up to $15,000 to cover up to 90 per cent of the cost of hiring a digital advisor.
- Apply for the BDC loan using the personalized link in your email. Once your plan is approved by ISED, you will be invited to apply for the BDC loan online. You will need to provide some basic information about your business and upload your digital adoption plan and invoices.
How can you use the CDAP Stream II Boost Your Business Technology loan to improve your renovation or service business?
If you are a retailer or service professional, you can use the CDAP Stream II Boost Your Business Technology loan to invest in technology that can enhance your business performance and customer satisfaction. For example, you can use the loan to upgrade your hardware, subscribe to software as a service (SaaS), implement digital marketing strategies, or develop e-commerce solutions.
The CDAP Stream II Boost Your Business Technology loan is a great opportunity for Canadian small and medium-sized businesses to adopt digital technologies that can help them grow online and stay competitive in the market. If you are interested in applying for this loan, you need to register for the CDAP on ISED’s website, build your digital adoption plan with an approved partner, submit it to ISED for approval, and then apply for the BDC loan online. You can also access additional support such as a wage subsidy or further advisory services.
Scott Newman, owner of New Ridge Finishing, is an experienced user of the Canada Digital Adoption Program (CDAP). Having successfully navigated both Stream I and Stream II applications, Scott offers a free CDAP consultancy service to help streamline the complex application process for other businesses. Reach out to Scott for insights based on his firsthand experience and expertise in navigating government funding pathways.