Once your CDAP Plan has been approved, you're eligible for up to 100k in BDC loans.
When you are ready to move forward with your digital adoption plan, apply for a 0% loan of up to $100,000 from the Business Development Bank of Canada (BDC) to implement the plan.
You're eligible to apply if you have completed a digital adoption plan:
As part of CDAP and have received your grant payment OR
Under another recognized digital adoption program and submitted it to CDAP
Note: Applicants must meet BDC's creditworthiness and eligibility criteria for the 0% interest loan. Completing your Digital Adoption Plan does not guarantee approval for the BDC Loan. Visit BDC's website for details.
Business revenue of $500,000 to $5 million as of the closing date of its last fiscal year-end : loans between $25,000 and $50,000
Business revenues over $5 million as of the closing date of its last fiscal year-end: loans between $25,000 and $100,000
While you may apply for a 0% loan for multiple businesses, note that you are limited to a maximum loan of $200,000 per borrowing group. Visit BDC's website for details.
What does it cover?
The BDC loan covers items directly related to the digital adoption plan. Some examples are:
Acquiring IT equipment
Installation of new technologies
Updating and/or expanding IT equipment
Training staff on onboarded technologies
Materials and support services directly related to onboarding the technology
Further advisory services on your digital adoption plan
The loan has a 5-year term with 12-month capital postponement (total of 6 years)
There are no fees
You have 6 months from the completion of your approved plan to make a loan request
You must meet BDC credit worthiness requirements
Visit the BDC website to learn more.