More in Store is now a CDAP Approved Advisor Company
We are delighted to announce that More In Store is now a CDAP Digital Advisor Approved Company.This program, The Canadian Digital Adoption Program (CDAP), aims to close the digitization gap between Canadian businesses and their competitors.
How Canadians do business has changed. To stay competitive and grow, small and medium-sized businesses need to adopt new digital tools.
In March of this year, the Government of Canada announced the full launch and opening of the Canada Digital Adoption Program (CDAP). $1.4 billion is available in grants and advisory services to small and medium-sized enterprises (SMEs), and up to $2.6 billion in interest-free loans from the Business Development Bank of Canada (BDC) to help cover the cost of implementing digital transformation plans.
More in Store is a qualified CDAP Digital Advisor working with SMEs under Stream 2 of the CDAP. If you are an SME, and you qualify for the CDAP, you have two options:
Both are now open for interested Canadian companies to apply for support for adoption of new digital technologies. Applications can be made to either Stream 1 or Stream 2, not both.
Stream 2: Boost Your Business Technology
You can get 90% of the eligible costs for working with a digital advisor reimbursed, up to a maximum grant value of $15,000 to work with a digital expert and develop a digital adoption plan for your business. With the plan complete, businesses can then also secure a 0% interest loan from the Business Development Bank of Canada (BDC) to implement the plan.
Before applying, your business must meet all the following eligibility 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
“I am excited about this program because the Government recognizes the importance of a solid plan when embracing Digital Adoption, and they support that interest with 90% funding,” Melanie Taljaard, Digital Advisor at More in Store. “Helping businesses realize funding for Digital Adoption has long been a part of our offering at More in Store. We’ve helped clients unlock more than half a million dollars in various grants. The CDAP is a particularly exciting grant that is grounded in planning first and then unlocks further benefits for plan execution.”
After receiving the grant and developing a digital adoption plan, with the help of digital advisors, businesses then can secure an interest-free loan of up to $100,000 from the BDC to facilitate implementing their digital adoption plan.