The digital shift is impacting organizations across sectors. We believe that there’s no better time to invest in technology than today.
In March 2022, the Canadian government announced it is investing $4 billion over four years to support up to 160,000 small and medium businesses to grow their online presence and upgrade or adopt digital technologies.
In this guide, we’ll explain what the new government program is and explain how your business can access funding.
What is the Canada Digital Adoption Program (CDAP)?
The CDAP is a program by the Government of Canada to help small and medium-sized enterprises (SMEs) adopt digital technologies and stay competitive by providing access to funding and expertise.
The program is divided into two streams, each applicable to different sized SMEs:
Stream 1: Grow Your Business Online
Stream 2: Boost Your Business Technology
Find the right stream for your business
Cue North is an approved digital advisor. We are working with business owners who have been approved for Stream 2: Boost your Business Technology.
What will my business have access to in Stream 2?
$15K to develop Digital Adoption Plan
- A grant covering 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.
- Gain advice from a digital advisor, who will work with companies to recommend digital pathways and strategies that will help you achieve your business goals and increase your competitiveness in the digital economy.
- Have access to a marketplace of pre-approved digital advisors like Cue North.
Up to $100K Interest-Free Loan
Have the opportunity to secure a 0% interest loan from the Business Development Bank of Canada (BDC) to facilitate the acquisition of new technology. The amount of the loan varies according to your revenue:
- Business revenues between $500,000 and below $5M: you can request a loan between $25,000 and $50,000
- Business revenues $5M and more: you can request a loan between $25,000 and $100,000
Up to $7,300 Wage Subsidies for Youth
Access a pool of talented post-secondary students and recent graduates through subsidized work placements.
Is my business eligible for Stream 2?
To be eligible, your business meet ALL of these criteria:
- Be incorporated federally or provincially, or be a Canadian resident sole proprietor
- Be a for-profit, privately owned business
- Have between 1 – 499 full time equivalent employees
- Have at least $500,000 of annual revenues in one of the previous three tax years
How do I apply?
1. Complete Stream Assessment
Find the right stream for your business on the government’s CDAP website by answering 5 easy questions. Refer to this detailed guide with screenshots.
2. Apply for Stream 2: Boost Your Business Technology
Confirm you are eligible (see above) and apply.
3. Complete a Digital Needs Assessment (DNA)
You'll be asked to complete the DNA, which has around 40 questions covering 8 capabilities from customer experience to data security.
4. Select Digital Advisor
After your DNA has been reviewed, you will access a marketplace of digital advisors. Reach out to a pre-approved digital advisor, including Cue North, on the marketplace.
5. Work on your Digital Adoption Plan (DAP)
Your digital advisor will work with you to develop a digital adoption plan that's customized to your business.
6. Submit DAP & request $15K grant
Submit your plan to CDAP for review. Once your plan has been reviewed, submit the invoices from your digital advisor to receive a grant of up to $15,000 to cover their fees.
7. Apply for a $100K, 0% interest loan, and wage subsidies
Use the personalized link provided by CDAP to apply for a loan of up to $100,000. You'll also be eligible to receive up to $7,300 of wage subsidies for youth placements.
Cue North is part of CDAP’s network of approved digital adoption advisors.
Through a hands-on approach, our CDAP Digital Adoption Plan solution is designed to help eligible businesses determine:
- How you currently use technology
- Which digital solutions make sense for your business and how they will help you meet your business goals
- Your organization’s digital strategy
- How to implement that strategy
Your customized digital adoption plan will contain actionable and practical advice to move you forward in your digital transformation journey.
Book a complimentary 30-minute call with our team to help you get started.