Digital Transformation: 5 Grants to Help your Company
For companies wishing to continue to grow and prosper in an ever-changing world, going digital has become a must. However, this digital transformation can be costly.
Fortunately, solutions exist to support Canadian SMEs wishing to evolve and adapt to the market. Various Canadian and Quebec subsidy programs have been put in place to support companies in this transition to digital.
What’s a Digital Transformation?
Digital transformation usually involves redesigning traditional methods by integrating digital technologies to improve operational efficiency and reduce costs and risks of errors. These technologies may include the acquisition and implementation of Management software.
However, for a company, a digital transformation covers much more than the addition of digital technologies; it is in fact a global transformation which affects all its activities, strategies, and processes and which may involve exceptional accommodation efforts for the team in place.
Why go Digital?
Adopting more efficient technologies allows you to improve several aspects of your business, such as:
- Customer experience;
- Informed decision-making;
- Project management;
- Efficiency;
- Employee management;
- Data security;
- etc.
The digital transformation is an essential transition for companies wishing to remain competitive and relevant in a constantly changing connected world.
Grants Offered to help your Company Digital Transformation
Available grants support this approach, encouraging businesses to fully embrace the digital transformation and thrive in an emerging digital economy.
Here are 5 grants you may be eligible for that could help you with your digital transformation!
1. The PCAN and the “Boost Your Business Technology Grant”.
The “Boost Your Business Technology Grant” is a program offered by the Government of Canada. It is offered to companies wishing to improve their productivity by initiating a digital transformation.
If you run a for-profit Canadian business with 1 to 499 employees and have generated at least $500,000 in revenue in any of the past three years, you may be eligible for a grant of up to $15,000.
2. The Momentum Fund – The Digital Transformation Phase
Le The Momentum Fund is financial assistance offered by Desjardins to support the Quebec businesses growth.
If you are considering a digital transformation project, you may be eligible for funding covering 25% of the cost of the project for a maximum amount of $20,000.
3. Le crédit d’impôt pour investissement et innovation du gouvernement provincial
The Government of Quebec provides a crédit d’impôt relatif à l’investissement et à l’innovation (C3i). If your company has acquired computer equipment or management software, it could be eligible.
The tax credit is applicable on eligible expenses at a rate of 20 to 40%, depending on the territory.
4. The ESSOR Program
Intended for Quebec companies wishing to increase their productivity through the acquisition of new technologies, the ESSOR program offers attractive financing.
The program includes 2 phases for digital transformation projects:
Phase 1 – Support for investment projects realization (feasibility studies and digital diagnosis)
Essor Program Phase 1 – Its objective is to help companies carry out the preliminary stages of an investment project faster, such as: feasibility analysis or digital diagnosis. The financing offered covers up to 50% of eligible expenses for a maximum amount of $100,000 for feasibility studies and $20,000 for digital diagnostics.
Phase 2 – Support for investment projects promoting productivity and business expansion
Essor Program Phase 2 – Aims to support companies financing an investment project of at least $100,000 of eligible expenses for a technological transition.
5. BDC Financing
BDC offers accessible financing for companies wishing to invest in new technologies to improve their productivity
Eligible expenses include management software and ERP and CRM systems.
Hopem Supports you in your Digital Shift by Offering Software Solutions that will Support your Business
Our software allows managers to save time, reduce the risk of errors and have everything at their fingertips to make informed decisions. In short, they support you in your growth!
Our solutions:
