1. Confirm Grant Eligibility
Engage with an experienced advisor to examine the funding prerequisites and assess your CDAP grant eligibility. They can offer valuable advice on the best funding route tailored for your business, equipping you to make informed decisions.
2. Assistance With Grant Applications
Enhance your CDAP grant application by partnering with an experienced Nicom IT Digital advisor. Their specialized knowledge will not just increase your potential for funding, but also improve the odds of approval. Together, we’ll ensure your application stands out and positions you for success.
3. Assessing Your Needs
Examine your operations, existing technology, and business strategy within the context of the CDAP program to identify prime areas where digital transformation could yield substantial benefits. This analysis can help identify priorities and shape a distinct roadmap for a successful digital transformation.
4. Review of Solution Options
Investigate platforms and capabilities that fit within your budget and business goals, considering your eligibility for CDAP grants. Identify the best options and carry out a thorough cost/benefit analysis to measure their potential impact on your business. This analysis will guide your decision-making, enabling you to choose solutions offering the most significant value and return on investment.
5. Design Roadmap
We’ll help you put your CDAP grant and loan to good use. Develop a holistic digital strategy that encompasses clear steps, well-defined timelines, and allocated resources to effectively achieve your short-term and long-term transformation objectives. This comprehensive strategy will serve as a roadmap, guiding your organization towards successful digital transformation while ensuring alignment with your overall business goals.
Get started today!
Our dedicated team is ready to assist you in accessing and optimizing CDAP funding. Contact us today for detailed information about the program, eligibility criteria, application and the transformation opportunities available to your business. Take the first step towards unlocking the benefits of CDAP by reaching out to us now.
Can I access funding if I’ve participated in a digital adoption program before?
You are not eligible for the $15,000 Boost Your Business Technology Grant if you already have a digital adoption plan developed through one of the following programs in the last 12 months:
– Programme Audit Industrie 4.0
– Digital Boost 2.0
– Atlantic Canada Opportunities Agency: Digital Acceleration Pilot
However, you may qualify for the Fast-Track option and be eligible to apply for a $100,000 interest free loan through BDC to continue your digital transformation journey. All program eligibility requirement still apply.
How do I access funds?
The Government of Canada will reimburse you for up to 90 percent of eligible expenses, up to $15,000. Once your Nicom IT advisor has completed work on your digital adoption plan you will submit the relevant invoices to receive your grant payment.
Who will work with me on my digital adoption plan?
Nicom IT has curated a dedicated team of transformation advisors who specialize in assisting small and medium-sized businesses in achieving their digital transformation goals. As your primary point of contact, a senior digital strategist will collaborate closely with you. They will leverage support from our internal teams, as needed, to develop a customized and robust transformation plan that is primed for implementation.
Can Nicom IT apply for funding on my behalf?
While you are responsible for submitting the grant application directly, our team is here to offer invaluable guidance throughout the process. We will diligently assist you by reviewing your application, providing constructive feedback to optimize your chances of success, and addressing any queries or concerns you may have along the way. Count on us to be your trusted partner in navigating the grant application process effectively.
How long will it take to create my digital adoption plan?
Upon approval of your funding, it is crucial to submit your digital adoption plan and invoices to the federal government for reimbursement within a nine (9) month timeframe. However, with our support, you can expedite the development of your technology roadmap. In most cases, we can assist you in crafting a comprehensive roadmap within a matter of weeks after signing your engagement contract, allowing you to kickstart your digital transformation journey promptly.
What can I expect from my digital adoption plan?
Your digital adoption plan serves as a holistic roadmap to address current challenges and uncover opportunities for digital transformation. Specifically tailored to your unique needs, this roadmap encompasses expert recommendations and includes a thorough cost-benefit analysis of industry-standard tools and platforms. With this comprehensive plan, you’ll have a clear path forward to leverage digital technologies effectively and drive your business’s success.
Can I apply for more than one of my businesses?
Yes, all entities must meet the eligibility criteria and maintain separate operations from one another. Additionally, it is essential to collaborate with an advisor to develop a distinct digital adoption plan for each entity. This personalized approach ensures that each entity receives tailored guidance and support, maximizing their individual digital transformation potential.
What are the loan terms and amounts?
Eligible companies have the opportunity to secure a zero-interest loan for a duration of six years, comprising of 12 months of capital postponement plus five years. The loan amount is determined based on the annual gross revenue of your company. Please refer to the following guidelines for reference:
– Companies with an annual gross revenue between $500,000 and below $5M are eligible for a loan amount ranging from $25,000 to $50,000.
– Companies with an annual gross revenue exceeding $5M are eligible for a loan amount ranging from $25,000 to $100,000.
Take advantage of this financing opportunity to support your business’s growth and fuel your digital transformation journey.