The federal government has launched a $4-billion program that includes a package of grants and loans aimed at encouraging small and medium-sized businesses to boost their online sales.
The Canada Digital Adoption Program, announced nearly a year ago in the April federal budget, includes $1.4-billion in grants and advisory services and up to $2.6-billion in loans over four years. Applications for funding opened Thursday.
Based on the new Federal Government of Canada her are the main benefits
- Smaller businesses with at least one employee can apply for a $2,400 “micro-grant” to offset costs such as website development, search-engine optimization, subscription fees for e-commerce platforms and social-media advertising.
- A larger “Boost Your Business Technology” grant worth up to $15,000 will be available to companies with revenue between $500,000 and $100-million and fewer than 500 employees.
- In addition to the grant programs, companies can apply for an interest-free loan of up to $100,000 from the Business Development Bank of Canada for digital adoption spending.
- Another aspect involves an incentive for businesses to hire young people. The government says it has partnered with Magnet, a not-for-profit organization, to place up to 16,800 students and young Canadians with businesses. The program involves a wage subsidy to employers of up to $7,300 to retain a postsecondary student or recent postsecondary graduate.
Application link: https://www.ic.gc.ca/eic/site/152.nsf/eng/00011.html