CDAP Stream 2 Planning & Loans: Your Opportunity for Digital Transformation
Numerous Canadian businesses have seized the benefits offered by the Canada Digital Adoption Program (CDAP), and now it’s your turn not to miss out.
In response to the challenges faced by businesses during and after COVID-19 closures, the Government of Canada has initiated a program specifically designed to assist businesses like yours in planning for digital transformation and securing funding to turn those plans into reality.
Here’s how it works:
- Start with a Plan:
- Begin by applying for up to $15,000 to cover the costs of a digital advisor, such as Sensible Marketer. This advisor will help evaluate your business and formulate a CDAP plan outlining the tools and technology required to achieve your goals.
- Access Funding from BDC Canada:
- After completing and approving your CDAP plan, you can then apply for up to $100,000 from BDC Canada. This amount comes in the form of an interest-free loan over 5 years, intended to implement the solutions outlined in your plan. Additionally, there are student subsidies available ($7,300) to support hiring extra help in your business.
- Benefit from CDAP Plans:
- With completed CDAP plans, we’ve assisted clients in various areas, including digital marketing, analytics, business dashboards, and integration of existing systems (e.g., website connectivity to CRM platforms or tools linked to reporting dashboards). The comprehensive CDAP review covers cybersecurity, inventory, marketing, accounting, and more, identifying your business’s most significant needs.
In your plan, we outline costs, timelines, and all elements contributing to the funding request from BDC, aligning with your goals.
How Your Business Could Benefit from CDAP Stream 2:
Businesses pursuing different goals can achieve various outcomes. The best results typically emerge when:
- Seeking funding for scaling business and digital transformation.
- The up to $100,000 from BDC, being interest-free and flexible in usage, supports tasks such as automating processes, preparing for scalability without exhaustive manual tasks, or funding impending system upgrades.
- Addressing pain points in the business that the team lacks time to manage.
- Outsourcing the review of existing operations, identifying redundancies or gaps, can provide peace of mind to business owners and leadership teams.
- Dedicating time to evaluate and present solutions to the team.
- For businesses aware of the need for new technology but unsure or lacking time to assess requirements, CDAP provides overarching timelines, budgets, and expectations, aiding in future planning.
If this aligns with your business goals, here’s what you need to qualify.
Qualifying for up to $115,000 through CDAP
Navigating Stream 2 is a bit more intricate than Stream 1. Here are the key criteria, presented in a more straightforward manner, outlining what your business needs to meet:
- Revenue Requirements:
- Your business should have generated a minimum of $500,000 and a maximum of $100,000,000 in annual revenues in at least one of the past three tax years.
- Employee Count:
- Maintain a workforce of 1 to 400 full-time equivalent employees. For part-time employees, their count is prorated as a percentage of full-time equivalents (FTEs).
- Business Entity:
- Your business must be a for-profit entity, specifically a Canadian privately-owned business.
- Incorporation Status:
- It should be incorporated either federally or provincially. Alternatively, if it’s a sole proprietorship, it must have a Canadian-resident owner.
If your business aligns with these criteria, let’s not delay—let’s get started right away!
Your Business Qualifies – Let’s Begin the Application!
Congratulations! You meet the key requirements, and now it’s time to kick off the process. Here’s a step-by-step guide on what to do next:
- Visit the Canada Digital Adoption Program and Apply:
- Head to the Canada Digital Adoption Program website and submit your application.
- Schedule a Meeting with Sensible Marketer:
- Set up a meeting with Sensible Marketer to discuss your business goals and requirements.
- Approval and Onboarding with Sensible Marketer:
- Upon approval and signing with Sensible Marketer, we’ll establish a schedule to guide you through the entire process.
- Interview and Needs Assessment:
- We’ll conduct interviews to pinpoint your specific needs and requirements.
- Tool Research and Investigation:
- Our team will thoroughly research and investigate the tools required for the areas you aim to develop.
- Plan Finalization and Presentation:
- We’ll finalize comprehensive plans, present them to you, and seek your approval.
- Submission and Approval Process:
- Submit the plans, and within 2-3 weeks, gain approval, opening doors to subsidies and the BDC loan application.
By the end of this process, you’ll have a clear understanding of the areas needing attention, potential tools for adoption, and a realistic timeline for implementation. The decision to apply for loans and subsidies is entirely up to you.
Don’t wait any longer! Contact us today to discuss your needs and kickstart the process.
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Why Businesses Choose Sensible Marketer as Their Digital Advisor
Since our inception in 2017, Sensible Marketer has been dedicated to assisting businesses in maximizing their investments in enterprise CRM tools and conducting comprehensive Martech Audits.
Based in Alberta, our team extends its services to clients throughout Canada, the United States, and internationally. We’ve undertaken Martech stack reviews for startups, providing guidance on cost-effective solutions during bootstrapping phases, all the way to evaluating the integration of Salesforce or Marketo systems with Product Management Information Systems, SAP, and e-commerce platforms.
While there’s a tool available for virtually every aspect, the primary challenges faced by companies often revolve around aligning with their people and processes. Choosing a tool is undoubtedly exhilarating, often labeled as a ‘game-changer.’ However, we remain tool agnostic. Our focus is on understanding your specific requirements, assessing your business’s current state, and comprehending the existing tech ecosystem. It’s not uncommon for companies to utilize only a fraction of the functionalities offered by their tools.
What truly matters is gaining insights into your business needs, evaluating past successes or challenges, and identifying your future aspirations. We navigate the myriad of options based on your current business landscape, presenting solutions tailored for both immediate and long-term objectives.
Whether you’re exploring inventory systems, e-commerce platforms, accounting software, cybersecurity measures, reporting dashboards & analytics, marketing tools & digital marketing plans, or other digital solutions, our team is well-versed in the process of delivering customized recommendations aligned with your specific requirements.
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