What can you use the CDAP Boost Your Business Technology 0% interest loan for?
If you’ve been exploring the CDAP Boost Your Business Technology grant, you know that an approved digital adoption plan can unlock a 0% interest loan of up to $100,000.
Your digital adoption plan is designed to present you with a roadmap to digital success using specialist expertise and market research on your industry, as well as your individual business goals.
Once your digital adoption plan is approved, you unlock access to the $100,000 loan to start implementing those changes.
What exactly can you use the funding for? We’ll tell you in this article.
Read on to learn:
- What can you use your $100,000 loan for?
- What are other business owners investing their CDAP funding in?
- How do I get started with the Boost Your Business Technology grant?
What can you use your $100,000 loan for?
The Canadian Digital Adoption Program is designed to support small businesses in enhancing their technological capabilities.
This may include:
- Upgrading business hardware
- Investing in new software
- Improving online presence
- Adoption new technologies
Once you have your digital adoption plan in place, which will highlight where your business would benefit from upgrades and improvements, you can begin purchasing new tech and implementing changes.
Small and medium-sized enterprises (SMEs) are most often using their 0% interest loan to invest in a range of technology-related needs that align with their industry needs and their individual business goals.
Some common purchases include:
- Purchasing new desktop or laptop computers
- Purchase of iPhone or other phone calling system
- Investing in cloud computing services
- Implementing new marketing tools
The primary purpose of the digital adoption program is to assist SMEs in expanding their digital reach.
Youth Wage Subsidy to roll out new technology
When you’re ready to get things started, the CDAP program offers additional funding to SMEs to hire Canadian students to help you add person-power to your staff teams.
These students will be able to help you implement the new tech strategies you’ve developed and get things off the ground for you.
The Youth Wage Subsidy can be up to $7300 in additional government funding to help you hire the extra staff you need to see your goals reach fruition.
What are other business owners investing their funding in?
Most of our clients come to us with specific changes they want to make in their business.
Here’s the tech that other SMEs have been most interested in adopting, and how we help them get on track.
Improving operations and workflow processes
For larger SMEs, this includes investing in new Enterprise Resource Planning systems (ERPs), or planning to activate features of their existing ERPs that they haven’t tried yet, such as:
- Advanced reporting
- GPS features
- QR code or RFID (radio frequency ID tags) for real-time inventory management
For smaller SMEs, improvements may be a bit more straightforward, such as:
- Strategic use of cloud-based systems
- Helping to move to paperless business
- Quicker access to business info for team members
Improving marketing and sales workflows
This usually involves a combination of:
- Exploring social media and SEO advertising plans
- Launching a CRM and/or email marketing campaign system
These simple improvements can make marketing and sales processes more intentional, more organized.
Bonus – having these systems in place makes it easier for your staff to gain more predictable stats and results!
Improving cybersecurity
A lot of our clients are concerned with cybersecurity because so many small businesses are at risk of cyber attacks.
In order to help SMEs improve their cybersecurity systems, we:
- Engage a cybersecurity expert to perform an audit of your existing technologies
- Use the audit to build you an advanced cybersecurity policy
- Help you upgrade your anti-virus and anti-malware software
- Help you decide how to consider ongoing threat monitoring services
- Provide you with online training to help your staff become more aware of cybersecurity threats
- Outline the precautions they can take to protect your data
How do I get started with my $15k Boost Your Business Technology grant?
If these are the sorts of improvements you’re looking to make in your business, you’re in the right place – New Motto provides these services and more.
First: find out if you qualify for the grant.
Then: book your FREE 30-minute Zoom session with a CDAP-approved digital advisor to get registered and start your digital adoption plan!
Feel free to reach out to a LiveChat agent ( at the bottom right corner of this screen).