The Canada $4 billion package of grants and loans
Adam Chambers who is a Canadian politician who was elected to represent the riding of Simcoe North in the House of Commons of Canada in the 2021 Canadian federal election, announced yesterday the $4 billion package of grants and loans by the federal government.
He said that the federal government has launched the Canada Digital Adoption Programme (CDAP), which is a $4 billion package of grants and loans for a small and medium business owners to expand their online presence.
Read his announcement below;
“I am pleased to send this federal announcement out, to small and medium business owners in Simcoe North.
The federal government is today launching the Canada Digital Adoption Program, a $4-billion package of grants and loans aimed at encouraging small and medium-sized businesses to expand their online presence.
Smaller businesses with at least one employee can apply for a $2,400 “micro-grant” to offset costs such as website development, search engine optimization, subscription fees for e-commerce platforms, and social media advertising.
A larger “Boost Your Business Technology” grant worth up to $15,000 will be available to companies with revenue between $500,000 and $100-million and fewer than 500 employees.
In addition to the grant programs, companies can apply for an interest-free loan of up to $100,000 from the Business Development Bank of Canada for digital adoption spending.
Another aspect involves an incentive for businesses to hire young people. The government says it has partnered with Magnet, a not-for-profit organization, to place up to 16,800 students and young Canadians with businesses. The program involves a wage subsidy to employers of up to $7,300 to retain a post-secondary student or recent post-secondary graduate.
More information on this program and how to apply may be found here. My offices will be happy to assist and provide any further information.