BDC Loan
Nowadays, having an online presence is a requisite for any business as eCommerce sales climb globally, including here in Canada. According to StatCan, 82% of Canadians shopped online in 2020 – spending a total of $84.4 billion.
Digital transformation is here to stay. Investing in your eCommerce capabilities and digital marketing strategies is proven to be conducive to increasing sales and visibility, as your digital marketplace remains open 24/7. Therefore, the Government of Canada has implemented several new digital adoption initiatives to help small and medium-sized enterprises (SMEs) adopt digital technologies.
Eligible businesses can receive up to a $15,000 grant for the development of their digital plan, followed by a 0% loan of up to $100,000 to implement it. Before applying for the BDC loan, you must complete a digital adoption plan with an approved advisor from Innovation, Science and Economic Development Canada (ISED).
As an established local web design company, our team at JYZ Design can provide your company with free quotes even before you receive your loan – allowing you to anticipate costs and strategically choose services that will result in effective digital solutions.
Eligibility
You are eligible to apply if you have completed a digital adoption program through CDAP, or have done so under another recognized program and submitted these details to Canada Digital Adoption Program (CDAP).
Following completion of a digital adoption plan through CDAP or another recognized program, ISED will approve your plan before deciding whether to approve your loan request in conjunction with BDC’s creditworthiness requirements – for more information visit BDC’s business loans page.
If approved, you will receive an email prompting you to apply for your loan – you have 1 year from the date you complete your approved plan to do so.
Using Your Loan
Your loan of up to $100,000 will operate on a 5-year term at 0% interest. It can be used to implement new and innovative digital technologies as outlined in your digital adoption plan. For example:
- Increase your eCommerce capabilities and make sure your online sales run flawlessly
- Utilise strategic, responsive web design that intentionally communicates your brand
- Update your search engine optimization (SEO) to boost your websites visibility
- Make use of digital marketing initiatives like email campaigns and reach your target audience
- Engage with your audience and employ direct marketing strategies with social media marketing
- Work with industry experts to implement effective digital strategies
Budgets We Recommend
Below are some projects you might be interested in, and some rough ideas on what to expect or apply for.
- Investing in a new website:
Landing Page $3,400-5,000
Small Business Website $4,600-6,400
Corporate Website $6,400-$15,000 - Creating an eCommerce platform to generate online sales
$5,500+ - Developing an online application to streamline your customer experience
$7000+ - Jumpstarting your social media marketing on a monthly basis:
Social Media Strategy $1875/one time
Content Package $1675/month
Growth Package $2,750/month
All In Package $4,375/month - Doing a complete branding overhaul:
Naming Package $935
No Fuss Logo $935
Foundation Branding $1,875
All Inclusive $3,375