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FAQ: BDC 0% Interest Loan for Digital Adoption
You are eligible to apply for this loan if:
- You have completed a digital adoption plan as part of the Canada Digital Adoption Program (CDAP).
The available loan amounts depend on your business’s annual revenue as of the last fiscal year-end:
- Businesses with revenues between $500,000 and $5 million can apply for loans ranging from $25,000 to $50,000.
- Businesses with revenues over $5 million can apply for loans ranging from $25,000 to $100,000. A maximum limit of $200,000 per borrowing group applies, even if applying for loans for multiple businesses.
The BDC loan is designed to fund items directly related to your digital adoption plan, including:
- Purchasing IT equipment
- Installing new technologies
- Updating or expanding IT equipment
- Training for staff on new technologies
- Materials and support services for technology onboarding
- Further advisory services to refine your digital adoption plan
The loan features:
- A 5-year term with an option to postpone capital repayment for the first 12 months (totaling 6 years)
- A 6-month window from the completion of your approved digital adoption plan to request the loan
To apply for the loan, ensure you:
- Have completed and submitted a digital adoption plan either through CDAP or another recognized program.
- Contact CDAP Financial for assistance in preparing and submitting your loan application to meet BDC’s requirements.
Owners of multiple businesses can apply for the BDC loan for each entity but are subject to a cumulative borrowing limit of $200,000 across all businesses within the borrowing group. It’s essential to prioritize digital adoption needs across your enterprises when applying.
You must submit your loan application within 6 months of completing your approved digital adoption plan. Planning and coordinating with CDAP Financial in advance can help ensure you meet this timeline and maximize your chances of loan approval.