Minister NG Announces $4.6 Billion In Funding For Small Businesses
Canada COVID-19

Minister NG Announces $4.6 Billion In Funding For Small Businesses

Small Businesses can now apply for funding under the Canada Digital Adoption

Small businesses are the backbone of Canada’s economy and will need help from the government to recover from the COVID-19 pandemic. Being able to reach more people/businesses on a digital level is essential to Canada’s long-term growth and competitiveness, and to do so we need jobs, tools, resources, and opportunities.

Today, the Honourable Mary Ng, Minister of Small Businesses, Export Promotion, and International Trade, announced the launch of Canada Digital Adoption Program’s (CDAP) first stream, Grow Your Business Online, which is now open for applications. The CDAP is an investment of $4 billion that will consist of two streams, with stream two: Boost Your Business Tech, also including $2.6 billion in zero-interest loans to help Canadians Businesses embrace new technologies.

“The success of Canada’s small businesses is critical in accelerating our nation’s economic recovery from the COVID-19 pandemic and safeguarding our future as a competitive nation in an increasingly digital world. The Canada Digital Adoption Program will provide businesses from coast to coast to coast with the tools they need to bring their made-in-Canada products and services online, grow their businesses and hire workers. This program will be crucial in helping even more Canadian businesses make their market in a digital economy.” Said Minister Mary Ng

Announced in Budget 2021, the CDAP first stream: Grow Your Business Online will be funding not-for-profit organizations up to $336.8 million to support small businesses as they began using digital technologies like digital storefronts and e-commerce platforms. Stream two: Boost Your Business Tech will provide grants for advisory services that will develop a digital adoption plan. The call for applications closes on August 6, 2021, at 5:59 p.m. PT.

Budget 2021 is Canada’s biggest relief package in our county’s history: aimed at supporting Canadians during this pandemic. Budget 2021 introduces more funding to help businesses and individuals make a strong recovery as well as reopening the economy safely. This includes the Canada Emergency Wage Subsidy that is helping businesses cover up to 75% of payroll, the Canada Emergency Rent Subsidy covering up to 65% of the rent for business owners, the Canada Recovery Hiring Program that is helping to rehire and hire staff as well as changes to the Canada Small Businesses Financing Program.

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