We often think of grants as something that is given to non-profit organizations, charities or individuals who need help with a specific project. However, there are also grants for businesses and entrepreneurs who are looking for financial assistance to help grow their business. Here are two grants that could be helpful for your business in 2023:
The Canada Digital Adoption Program is a great way for small businesses to get the digital tools they need to grow their business.
Currently, you can apply for one of two grants: Boost Your Business Technology Grant or Grow Your Business Online Grant. The Boost your business technology grant provides up to $100,000 in funding for eligible applicants who want to purchase new hardware, software and services that will help them increase productivity or improve customer service. The Grow Your Business Online grant offers up to $2,400 for e-commerce businesses looking to invest in marketing.
To be eligible for either of these programs:
As stated on CDAP's website: The Boost Your Business Technology grant gives you up to $15,000 to get advice and up to $100,000 in interest free loans from the Business Development Bank of Canada (BDC) to implement the technologies that can propel your business forward.
Eligibility
You're eligible if you have completed a digital adoption plan:
as part of CDAP and have received your grant OR
under another recognized digital adoption program and submitted it to CDAP
Loan amounts
Business revenues of $500,000 to $5 million: loans between $25,000 and $50,000
Business revenues over $5 million: loans between $25,000 and $100,000
Terms
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.
The Grow Your Business Online grant is a great way to grow your e-commerce business online and is here to help SMEs: get online, increase sales, adopt security software, connect with customers, improve social media marketing, improve user experience for online customers.
To see if you're eligible, you can use the CDAP grant assessment tool. Additionally, the CDAP website states the following:
You can get funding through CDAP if your business:
is a for-profit business (including for-profit social enterprises and co-operatives)
is registered or incorporated
is consumer-facing (sells goods and services directly to end consumers)
has at least one employee (other than the owner) OR had at least $30,000 in annual revenue in the most recent tax year
commits to maintaining a digital adoption strategy for six months
agrees to participate in follow-up surveys, share data about the experience, and have its name published as a grant recipient
Your business is not eligible if it is:
a corporate chain, franchise or registered charity
a representative of a multi-level marketing company
a brokerage firm, such as real estate agents, investment advisors, insurance agents, etc.
a business that is engaged in online reselling or drop-shipping reliant on third-party suppliers
a wholesale or distribution business and manufacturer (unless you sell directly to consumers)
These grants are great opportunities to help your business grow online and be more successful.
If you're looking to expand your business and get access to funding for digital adoption, these grants are for you!
We hope that this article has given you some insight into the two marketing grants available in 2023, and how they can help your business grow. If you're interested in applying for one or both of these programs, then we recommend doing so as soon as possible!
Ready to invest in marketing? Get in touch with our experts today at Bub Marketing, your full-service digital marketing agency!
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