What is CDAP?
What is the CDAP - Boost Your Business Technology?
ISED launched the Canada Digital Adoption Program with two streams; Grow Your Business Online
(Stream 1) and Boost Your Business Technology
(Stream 2). Boost Your Business Technology - was created to help eligible Canadian small to medium-sized businesses get expert advice on technology with a grant to support some of the costs associated with working with a digital advisor.
The Boost Your Business Technology grant covers up to 90% of an eligible invoice and up to $15,000 in the form of a grant. In addition, after the creation and acceptance of your Digital Adoption plan, businesses can apply for an interest-free loan of up to $100,000 through the BDC to move forward with your digital adoption and a wage subsidy of up to $7,300 to hire a recent graduate or student to help with your digital adoption.
What are the requirements?
Your business must be incorporated federally or provincially, or you must be a Canadian resident sole proprietor
Your business must be a for-profit, privately owned business
Your business must have between 1 – 499 full time equivalent employees
Your business must have at least $500,000 of annual revenue in one of the previous three (3) tax years.
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FAQ.
Can I Apply For More Than One Of My Businesses For The CDAP Boost Your Business Technology?
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Yes, they must all meet the eligibility criteria and operate separately from one another. You will also need to work with an advisor to prepare a unique digital adoption plan for each one.
Can I Choose Any Company That Offers Digital Services To Work With On CDAP?
The Canada Digital Adoption Program has a list of registered digital advisors. Head to the Digital Advisor Marketplace to find approved CDAP advisors.
Can Business Loan Approval Apply For CDAP Funding On My Behalf?
Only the business owner can apply for the Boost Your Business Technology grant. Although, as part of the process, we can provide CDAP eligibility assessment and aid with the grant application, it will not be part of our service fees but as part of our customer service.
When Will My Digital Adoption Plan Be Ready?
You can expect your Digital Adoption Plan to be ready within seven business days after your designated agent has confirmed that they have all the necessary documents to begin creating the plan.
What can I expect from my digital adoption plan?
Your digital adoption plan is a comprehensive roadmap to identifying current challenges and opportunities for digital transformation. This roadmap is tailored to your needs, complete with expert recommendations, a cost-benefit analysis of industry-standard tools and platforms
I Already Have A Loan With The BDC, Am I Still Eligible For CDAP?
Your current loan with BDC should be fine with your application for CDAP. Although if you currently have an open financing request with the BDC, your application for CDAP may be affected.
Eligible companies may receive a zero-interest loan of up to $100,000 for 12 months of capital postponement + 5 years (total of six years). The amount of annual gross revenue determines the loan amount; please use the below pointers as a guide.
- The company reported an annual gross revenue between $500,000 and below $5M is eligible for $25,000 to $50,000
- The company reported an annual gross revenue over $5M is eligible for $25,000 to $100,000
What Are The CDAP Loan Term And Amounts?
The funded work placement program provides a wage subsidy of up to $7,300 for hiring a student or recent graduate as part of your digital transformation and adoption initiatives. The funded work placement subsidy falls under the Boost Your Business Technology CDAP track, so you must maintain the same eligibility criteria to access funding.
We recommend applying for this subsidy once you are ready to implement your digital adoption strategy since the $15,000 funding already provides expert advisory services.
Can I also apply for the funded work placement program under CDAP?
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