Is your brick-and-mortar business getting ready to go digital? Online grants are becoming increasingly popular among small businesses as a way to gain access to additional funding.
Knowing if your business is eligible for online grants can be confusing, but there are some key factors that determine whether or not your company qualifies.
In this handy guide, we will discuss what online grants are, how to determine eligibility, and what basic criteria must be met in order to receive funding. With these tips in mind, you can make sure that your business has the best chance possible of being approved for an online grant. Let’s get started.
What Is The Canada Digital Adoption Program (CDAP)?
The Canada Digital Adoption Program (CDAP) is an initiative of the Canadian government to help small and medium-sized enterprises (SMEs) across the country achieve digital growth. It provides access to resources, tools, and expertise that allow participants to develop skills in digital technology adoption.
As part of CDAP, the Canadian government will provide grants and advisory services worth $1.4 billion and loan funds worth $2.6 billion from the Business Development Bank of Canada (BDC).
How Can Online Grants Benefit Your Business?
Online grants can be a valuable resource for businesses looking to expand or develop new products and services. By accessing grant funding, businesses can leverage funds from the government or other organizations to cover business expenses that are not normally covered by traditional financing options.
The key benefit of online grants is that they come with fewer strings attached than traditional forms of financing. Many grants do not require repayment if certain conditions are met; however, some may require some type of performance report or documentation.
CDAP online grants aim to increase economic growth and job creation across Canada by encouraging companies to use digital technologies in innovative ways. Additionally, the program will provide access to funding that can be used to acquire new resources and upgrade existing systems in order to improve overall efficiency.
How to Apply for a CDAP Online Grant?
Whether you are a small business just starting out or an established mid-sized enterprise looking for additional funding, applying for a CDAP online grant can be an excellent way to get the financial capital you need.
Here are the three steps to complete a CDAP grant application:
- Find out if you qualify for a grant by visiting the CDAP page on the Government of Canada’s website.
- The list of approved local service providers can assist you with developing a spending plan and application.
- Once your grant is granted, you will be reimbursed for any expenses related to the approved plan based on the criteria of your service provider and what you are looking to finance.
CDAP provides businesses with two financial resources to help them leverage the internet and technology for growth: the Grow Your Business Online grant and the Boost Your Business Technology grant.
Grow Your Business Online Grant
The Grow Your Business Online grant is available to small businesses, giving them up to $2,400 to help with the costs of taking advantage of e-commerce opportunities.Â
In order to qualify, you must meet the following criteria:
- Be a registered or incorporated for-profit business serving consumers.
- Have at least one employee (other than the owner) and at least $30,000 in revenue.
- Show a commitment to maintaining a digital adoption strategy for 6 months after the application has been submitted
With this grant, a local service provider will assist you in your application and provide an expert advisor who can help you reach more customers online.
Boost Your Business Technology Grant
The Boost Your Business Technology grant provides up to $15,000 worth of advice and up to $100,000 in interest-free loans from the Business Development Bank of Canada (BDC) so that you can put into action the technologies that will help your business grow.
You’ll need to meet the following qualifications:
- Corporations and sole proprietorships need federal or provincial incorporation.
- Your business must have between 1-499 full-time equivalent employees and have achieved least $500,000 in annual revenue in one of the three previous tax years.
- You must complete a digital adoption plan and submit it to the CDAP.
You will gain access to an experienced digital advisor who will create a plan tailored to your company’s specific needs.
Final Thoughts
Applying for online grants can help your business expand its operations and adopt digital technologies. Be sure to research the requirements of the grant program thoroughly before submitting an application. With some careful consideration and planning, you can successfully apply for online grants and boost your business.
Is your business in need of online expertise? The Three Marketers can help you create an effective digital plan that will enhance your company’s visibility, draw high-value visitors to your website or app, build relationships with customers, and increase sales.
Boost your business’ digital presence by contacting us today.
