The top 4 things to know about the Boost Your Business Technology Grant

As technology advances, it can be challenging — and expensive — for small-to-medium businesses to keep up. That’s why the federal government set aside $4 billion in its 2021 budget to create the Canada Digital Adoption Program (CDAP).

The new program has two core goals:

1. help businesses get their offerings online / enhance their existing e-commerce presence
2. help businesses digitize their operations

The first channel of support, called the Grow Your Business Online Grant, will help up to 90,000 small businesses seize today’s e-commerce opportunities through micro-grants of up to $2,400.

The second channel, meanwhile, is a little broader in scope. Known as the Boost Your Business Technology Grant, this track will support Canadian-owned small and medium-sized enterprises looking to adopt new digital technologies.

But what does this latter program entail — and how does the Boost Your Business Technology Grant work? That’s what we’ll dive into here.

The Boost Your Business Technology grant is for companies that want to leverage technology to enhance their operations. Opportunities could include engaging with customers, connecting a geographically diverse workforce, acquiring better insight into business drivers, or something else entirely.

The grant will cover up to 90 percent of the cost of hiring a digital advisor (to a maximum of $15,000). The digital advisor will help you identify the best digital pathways and strategies to achieve your business goals. After that, you’ll have an opportunity to obtain a $100,000 interest-free loan from the Business Development Bank of Canada (BDC) to help pay for your technology implementation projects.

To be eligible for the grant, you must:

• Be an incorporated business (either at the national or provincial level) OR a Canadian resident sole proprietor
• Be a privately-owned, for-profit entity
• Have a maximum of 499 full-time equivalent employees
• Have earned at least $500,000 and not more than $100 million in revenue in one of the past three years

You won’t qualify for the Boost Your Business Technology grant if you’ve already developed a digital adoption plan through another government program over the last 12 months, including:

• Programme Audit Industries 4.0
• Digital Boost 2.0
• Atlantic Canada Opportunities Agency: Digital Acceleration Pilot

That said, you may qualify for the Fast-Track option to apply for the interest-free implementation loan.

The first step is to review the funding criteria with a registered advisor, such as MNP Digital. They can help you determine the best funding stream for your business and support you through the application process. Working with an advisor prior to applying will maximize your potential funding and increase the likelihood of approval.

This program focuses solely on services that assess your digital maturity and opportunities to improve your competitiveness through digital transformation. You can’t use the grant to purchase new hardware and platforms. But you can use it for advisor fees, commissions, and charges associated with creating your digital adoption plan.

Once you’re approved, your digital advisor will:

• conduct a business needs assessment,
• Provide solution options that align with your budget and business objectives, and
• build out a strategy and roadmap.

You’ll have nine months to put together your digital adoption plan and submit all relevant invoices to the Boost Your Business Technology Grant program for reimbursement (up to 90% of eligible expenses, to a maximum of $15,000).

You must work with one of the Government of Canada’s approved partners to receive the grant. These digital advisors will help you assess both your digital maturity and the business opportunities you can realize with the support of modern hardware and platforms.

Specifically, this portion of the program will provide you with a:

• Current state analysis
• Post-transformation capability report
• Summary of proposed digital solutions, including a cost/benefit analysis of your top three options and high-level requirements
• Near- and long-term digital strategy
• Implementation roadmap (e.g., timelines, costs and required capabilities)

Once you have these documents in hand, that marks the end of your Boost Your Business Technology grant experience — although it’s just the beginning of your digital transformation. You’ll then have an opportunity to apply for the interest-free loan through BDC, with an option to choose the same or a different provider to help you bring your implementation roadmap to life.

Additionally, you may qualify for a $7,300 wage subsidy to hire a current student or recent graduate as part of your digital transformation or adoption initiative.

MNP Digital is a full-service firm with the people, expertise and relationships to help you get the best return on your digital investment. As a certified vendor with the Government of Canada’s Digital Advisor Marketplace, we can help you through every step — from launching your digital transformation to conducting your initial eligibility assessment, all the way through to building and executing your implementation roadmap.

We have a dedicated team that is committed to CDAP, and are excited to walk you though the possibilities. Contact us today to find out how your business could benefit from this exciting and transformational funding opportunity.