True or False ? Any business can benefit from a $15,000 grant under CDAP Program Stream 2

🔴 FALSE 🔴

As a reminder, this Stream of the Program aims to increase the competitiveness and productivity of Canadian SMBs through digital technology adoption. And the benefits offered are numerous:

📌 Grant of up to $15,000 for a digital advisor and covering 90% of the cost of developing a digital adoption plan by a CDAP registered advisor;

📌 New graduate salary grant up to $7,300 to support the implementation of your digital adoption plan;

📌 BDC interest-free loan of $25,000-$100,000 to fund the implementation of your digital adoption plan. This loan is repayable over 5 years with 12-month deferred payments (total of 6 years).

 

However, certain conditions must be met in order to take advantage of it.
SMBs must meet all of the following eligibility criteria:

✅ Sole proprietor, who is a Canadian resident, or a business incorporated under the laws of Canada or a province or territory;

✅ Be a private business;

✅ Be a for-profit business;

✅ Have between 1 and 499 full-time equivalent employees (an incorporated “solopreneur” who pays himself or herself a salary for at least 30 hours per week and has already received a year-end T4 is eligible);

✅ Have annual revenues of at least $500,000, but not more than $100M, in any of the three years prior to the date of application;

✅ Be a Canadian-controlled private corporation (CCPC), as defined by the Canada Revenue Agency (applicable if the business is incorporated under the laws of Canada or a province or territory);

✅ Be a business that complies with human rights codes, labor, environmental and anti-corruption standards, and engages exclusively in legal activities.

 

⚠️ CAUTION, there are several exclusions, including:

❌ A company that has a publicly traded class of stock (domestic or foreign);

❌ A governmental organization or agency (other than Native);

❌ A not-for-profit entity such as a labor union, a charitable, religious or fraternal organization or a business owned by such organizations, or a business that exists as a fundraising vehicle for charitable organizations;

❌ A business that has been determined to have pled guilty or been convicted of tax fraud or a criminal offense.

 

For more details see our CDAP Stream 2 article: Who can apply? Eligibility Criteria

To determine your eligibility immediately: Canada Digital Adoption Program— Grant assessment tool

 

Eric Magnan is a registered digital advisor with the CDAP.
We look forward to working with you to develop your digital adoption plan!