Welch LLP is now a CDAP Digital Advisor
- April 4, 2022
- Business Advice
How Canadians do business has changed. To stay competitive and grow, small and medium-sized businesses need to adopt new digital tools.
On Thursday, March 3rd, 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.
Welch LLP 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:
CDAP Stream 1: Grow your Business Online
CDAP Stream 2: Boost your Business Technology
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
The Boost Your Business Technology grant offers support to Canadian-owned small and medium-sized enterprises (SMEs) who want to adopt new digital technologies. Eligible businesses will have access to grants to pay for digital adoption experts to help them develop a digital adoption plan, and they 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
Eligible businesses will receive a grant that covers up to 90% of the eligible costs of developing a digital adoption plan and retaining the services of a digital advisor (of up to $15,000 per SME). That’s where we come in: Welch will work with you to recommend digital pathways and strategies that will help you achieve your business goals. Click here to begin your qualification process.
After receiving the grant and developing a digital adoption plan, with the help of digital advisors, businesses then have the opportunity to secure an interest-free loan of up to $100,000 from the BDC to facilitate in implementing their digital adoption plan.
CDAP Digital Adoption Plan Guide
The CDAP digital adoption plan guide outlines the minimum information that CDAP digital advisors are required to provide in a digital adoption plan under Stream 2. Digital Advisors under Stream 2, including Welch LLP, will work with qualified SMEs to develop a digital adoption plan tailored to each SME’s specific needs.
The registration process begins with an online digital needs assessment (DNA), which identifies the SME’s business and digital strengths and weaknesses across several parameters. This DNA is key for SMEs to obtain their current perceived overall level of digital maturity. To learn more about the Digital Adoption Plan process, guide, and template, click here.
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