June 26, 2023
June 26, 2023
Big investments in your health care business can be a daunting prospect but federal funding is available to help offset costs associated with embracing digital technologies and transforming your operation to meet demands. CDAP offers a unique opportunity in the health care space for businesses to upgrade their technologies and plan for the future with the help of an MNP advisor.
Making the investment to adopt digital technologies in small to medium-sized health care businesses can be a big undertaking. Trying to determine where to spend limited funds on your own can be even more challenging.
With the help of federal funding through the Canada Digital Adoption Program (CDAP) businesses have the opportunity to take a step back, assess the needs of their organization, and make a plan for the future, all with the help of a third-party advisor.
You may know exactly what aspect of your business could benefit from a technologies funding boost, or you might not know what options are available to you.
Each operation is different, and you know the needs of your business the best. Whatever your position, CDAP offers the flexibility to learn as you go, grow your business, and keep up with the evolving market.
CDAP funding gives small to medium-sized businesses a unique opportunity to not only upgrade their technology but to dig a bit deeper into their operations.
First, eligible businesses can receive $15,000 in grant funding to put towards securing a government approved third-party advisor to help assess your organization’s needs and build a plan. The Boost Your Business Technology Grant is available to for-profit, Canadian-owned businesses with between 1-499 employees who have had at least $500,000 and no more than $100 million in annual revenue in one of the last three years.
Once you’ve worked with an advisor to build a comprehensive digital adoption plan, you can apply for an interest-free loan through the Business Development Bank of Canada (BDC) of up to $100,000 for a five-year term to help bring those plans to fruition.
Businesses with revenues from $500,000 to $5 million can access loans between $25,000 and $50,000 and those with revenues over $5 million can access loans between $25,000 and $100,000.
The funds can be used for anything from improving operations efficiency by purchase of new equipment or software, to training employees on how to use the new or existing tech, introducing cybersecurity tools, and more.
This funding can be used in a variety of different ways depending on the needs you’re facing right now and the needs you might face in the future.
A few ways health care spaces could use CDAP funding include:
In the case of dentists with multiple corporations, each may qualify for separate CDAP grants.
As high interest rates persist, securing funding in an interest-free loan is not something to take for granted. Learning more about your health care business and getting support from an advisor to plan for your future is an added bonus.
As a federally recognized provider, MNP is qualified to help draft your unique technology roadmap after a review of your systems. Though not an insignificant time commitment for the applicant, the potential reach CDAP funding could have, and benefits to your business it could yield, are worth the effort.
For more information on CDAP in the health care space, and to determine if you’re eligible for the Boost Your Business Technology Grant, contact our team.