Small businesses are at the heart of the Canadian economy and every community in our country. As small businesses adapt to the digital economy and the lasting effects of the COVID-19 pandemic, the Government of Canada is working to help them continue to grow, thrive, and create good jobs.
Prime Minister Justin Trudeau announced today the launch of Canadian Digital Adoption Program (PCAN), to help Canadian small and medium-sized businesses increase their online presence and adopt or modernize digital technologies. This $4 billion investment over four years will support up to 160,000 small businesses and create quality middle-class jobs across the country, including thousands of jobs for young Canadians.
Through PCAN, Canadian Small and Medium Enterprises (SMEs) will be able to assess their digital readiness and apply for grants and loans online. This funding will help them take advantage of e-commerce opportunities, adopt or modernize digital technologies, and digitize their businesses to stay competitive and meet the needs of their customers in the digital marketplace. Depending on their size, specific needs and goals, companies can apply for financing under chains Grow your business online where Improve your company’s technology.
By accelerating digital transformation, we will help Canadian businesses remain competitive and support job creation and economic growth as we recover from the pandemic.
quotes
“In the face of the unprecedented challenges of the pandemic, small businesses have shown incredible resilience over the past two years. Their support has been – and always will be – a top priority for our government. That’s why we launched the Canadian Digital Adoption Programme, which aims to provide small businesses with the digital tools they need while helping them on creating good jobs, especially for young Canadians.”
Our government is committed to ensuring that all Canadian businesses benefit from the digital economy, whether they are retail stores, entrepreneurs or manufacturers. The Canadian Digital Adoption Program (CANP) will help up to 160,000 small and medium-sized businesses adopt new technologies and create thousands of jobs for young Canadians. I encourage small business owners and entrepreneurs to apply for CANP and take advantage of technology to grow their business and find new clients anywhere in the world. »
Canadian small and medium-sized businesses need more tools, resources, and financing to go digital. This is what our clients have shared with us and why BDC is pleased to participate in the Canadian Digital Adoption Program and offer advisory and interest-free loan services to SMEs, so that they can meet the needs of their clients, which continue to evolve. Investing in the digital space is investing in the competitiveness and growth of Canada in the future. »
Highlights
- Announced in Budget 2021, the ANCP is expected to support up to 160,000 small businesses and help create thousands of jobs, including nearly 30,000 jobs that will provide young Canadians with valuable work experience, while helping businesses succeed.
- The funding provided under the PCAN consists of $1.4 billion in grants and advisory services for SMEs and up to $2.6 billion in loans from the Business Development Bank of Canada (BDC) to help SMEs cover the costs of implementing digital transformation plans.
- The Grow Your Online Business Stream awards small grants of up to $2,400 plus support from young digital advisors to help small businesses implement digital storefronts and e-commerce capabilities.
- The Improve Your Business Technology Flow Program provides grants to cover 90% of the cost of consulting services up to $15,000 to consult with recognized advisors to prepare digital certification plans, obtain interest-free loans from BDCs and create internship opportunities for students.
- Small and medium businesses wishing to apply for a grant or loan under PCAN can respond some simple questions Online to determine the type of financing best suited to their needs.
- E-commerce has grown rapidly during the pandemic. as Statistics Canada datae-retail has seen a year-on-year increase of more than 110% from May 2019 to May 2020.