On February 19, 2024 the Government of Canada announced that the Boost Your Business Technology grant was fully subscribed and will no longer accept new applications. However, it’s never too late to explore digital transformation possibilities for your business
On February 19, 2024 the Government of Canada announced that the Boost Your Business Technology grant was fully subscribed and will no longer accept new applications. However, it’s never too late to explore digital transformation possibilities for your business
Developing your strategic plan and roadmap is just the beginning. You also need to execute throughout your transformation journey. Our comprehensive and highly skilled team of digital transformation architects and solutions for small and medium-sized businesses provide ongoing support to help you modernize your business technology.
With MNP, you won’t just get a service provider — but a transformation partner who’s completely invested in your success.
When you’re ready to begin your transformation, utilize CDAP’s additional funding opportunities to ensure your investment goes as far as possible.
Businesses that are eligible for the Boost Your Business Grant can also qualify for an interest-free loan through the Business Development Bank of Canada (BDC). This loan can be used to implement your roadmap and facilitate the purchase of new technology.
Building a skilled and dynamic team is vital for a successful digital transformation. Maximize your business’s digital potential by accessing wage subsidies of up to $7,300 per eligible hire through Magnet. Hire talented youth equipped with the skills needed for digital adoption.
How do I access funds?
The Government of Canada will reimburse you for up to 90 percent of eligible expenses, up to $15,000. Once your MNP advisor has completed work on your digital adoption plan you will submit the relevant invoices to receive your grant payment.
Can I work with any company that offers digital services?
The Government of Canada has a list of partners in its Digital Advisor Marketplace who you can work with. MNP is an approved vendor for the Canada Digital Adoption Program.
Who will work with me on my digital adoption plan?
MNP has assembled a dedicated team of transformation advisors with extensive experience helping small and medium-sized business achieve their transformation objectives. You’ll work with a senior digital strategist as a primary point of contact. This individual will recruit support from our internal teams as necessary to help develop a tailored and comprehensive transformation plan that’s ready for deployment.
I’m not sure how to answer my digital maturity assessment, can MNP help?
Yes! We know some questions may be difficult to answer depending on your experience with and understanding of digital technologies. An MNP advisor would be more than happy to walk you through the assessment and clarify any sections that you may struggle with.
How long will it take to create my digital adoption plan?
You need to submit your digital adoption plan and invoices to the federal government for reimbursement within nine (9) months of being approved for funding. Though, in most cases MNP can help you develop your technology roadmap much sooner — typically within several weeks of signing your engagement contract.
What will I get as part of my digital adoption plan?
Your digital adoption plan is a comprehensive assessment of the opportunities to improve your business by leveraging modern hardware and platforms. Specific deliverables you will receive from MNP include:
- 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, including timelines, costs, and required capabilities
Can I use funding to purchase new hardware and platforms?
No. The Boost Your Business Technology grant is intended to assess your digital maturity and opportunities to increase your competitiveness through digital transformation. Eligible costs are limited to those involved with creating your digital adoption plan, including:
- Advisor fees, commissions, and charges associated with creating your digital adoption plan
- Applicable federal and provincial sales taxes associated with fees charged by the advisor
Will MNP implement my digital adoption plan?
Your digital adoption plan will provide a comprehensive roadmap of your priorities, including timelines, budgets, and a cost benefit analysis of relevant platforms and strategies. This would be the end of our engagement from a Canada Digital Adoption Program perspective. However, it is merely the beginning of your overall transformation journey.
We look forward to continuing with you through the implementation phases. Having already formed a deep understanding of your transformation needs, engaging our team will make for a seamless transition from planning to execution. As a full-service firm, we have the people, expertise, and relationships in place to ensure you get the best return on your digital investment.
Can MNP help with the Grow Your Business Online micro-grant?
No. The Canada Digital Adoption program is offering up to $2,400 to 90,000 Canadian small businesses seeking to develop their e-commerce presence. However, this work is typically outside the scope of MNP’s focus, and we are not registered as an e-commerce advisor as part of this grant offering.
What do I need to know about the BDC interest-free loan?
To support your digital transformation, you can apply for an interest-free loan of up to $100,000 from BDC, provided you’ve worked with a digital advisor to complete a digital adoption roadmap.
The loan covers expenses related to your plan. Some examples include:
- Purchasing or updating IT equipment
- Training staff on new technologies
- Acquiring new digital devices
- Engaging additional advisory services for your digital adoption plan
Loan amounts vary based on business revenue, ranging from $25,000 to $100,000 with zero percent interest. The loan comes with a five-year term and a 12-month capital postponement.
To ensure you don’t miss out, apply for the BDC loan within six months of creating your approved digital adoption plan.
Important updates:
In December 2023, the eligibility criteria and limits were updated for the BDC loan, including:
- Applying businesses must have at least $500,000 in annual revenue as of their last fiscal year-end closing date.
- The zero percent loan is capped at $200,000 per borrowing group. This means grant recipients with multiple businesses with common shareholders or financial statements can only be approved for up to $200,000 in combined loans.
How does the wage subsidy program work?
Employers approved for the Boost Your Business Technology Grant are eligible for wage subsidy funding of up to $7,300 per new hire. This funding helps employers hire young individuals who can assist in implementing new technologies and digital strategies.
To be eligible, youth participants must be aged between 18 and 30 and be Canadian citizens, permanent residents, or refugees with the right to work in Canada.
Employers who meet the eligibility criteria can post jobs on the Boost Your Business Job Board or find youth participants through their network or referrals.
Important updates:
In November 2023, updates were made to the wage subsidy program to better serve businesses and youth hires, including:
- CDAP businesses can now hire multiple youths and receive up to $7,300 for each hire.
- Qualifying youth must be between the ages of 18 and 30, removing the student or recent graduate criteria.
- Removal of the minimum 450 working hours requirement, employers will be reimbursed the amount they paid the youth, up to $7,300.