It's no secret that realizing your wildest dreams regarding digital innovation within your company brings many benefits.
Whether it's gaining a competitive advantage or contributing to your internal productivity, succeeding in digital transformation ensures effective outcomes. Conversely, projects of such magnitude sometimes bring numerous hurdles that, without expert guidance, can become difficult mountains to climb.
One of the most crucial variables often turns out to be the biggest hurdle for all projects: funding.
However, there are numerous financial aid programs designed to provide the little push needed to achieve your ambitions. So, if your digital needs involve technological support, the development of digital solutions and plans, or if you want to conduct a diagnostic, we've prepared a brief list of financial aid programs and grants that could be useful to you.
1- Investissement Québec
Productivity Innovation Initiative
This program, aimed at financing innovative projects in certain sectors, could grant you access to a term loan starting at a minimum of $50,000. Eligible businesses are those operating in manufacturing, mining, construction, retail, transportation, warehousing, professional, scientific, technical services, waste management, and sanitation sectors.
Industry 4.0 Audit
To assist you in succeeding in your digital transformation, this program aims to prepare and support Quebec businesses in their technological shift in two different ways:
- Conducting a diagnosis and digital plan — up to $20,000 in assistance
- Implementation plan — up to $10,000
Companies from all sectors are eligible, including cooperatives and social economy enterprises.
SME and Large Enterprises Financing
Whether your project is of significant or modest scale, this program offers various possible forms of financing.
- Minimum financing of $50,000 up to 100% of project costs;
- Possible repayment moratorium of up to 24 months;
The majority of companies in the province are eligible for this program.
Innovation Program
This program targets those with innovation projects seeking assistance not only in execution but also in commercialization. Investissement Québec offers any for-profit business or social economy enterprise engaged in commercial activities, across all sectors, significant financial aid.
This aid can amount to up to $2,000,000 to materialize your projects, consisting of:
- Coverage of up to 50% of eligible marketing expenses;
- Repayable financial contribution or loan guarantee.
SME Action Program
To enhance competitiveness and accelerate business growth, this component provides financial assistance aimed at increasing productivity. The majority of for-profit companies with establishments in Quebec are eligible for this program, offering a non-refundable contribution of up to 40% of expenses, to a maximum of $50,000.
2- Government of Canada
Business Expansion and Productivity
To contribute to business expansion and productivity, Economic Development Canada for Quebec Regions (DEC) offers financial assistance to businesses, cooperatives, business associations, and NGOs, summarized as:
- Repayable and non-repayable contributions for for-profit projects;
- Generally, up to 50% of costs are permitted for SMEs and 90% for NGOs.
- Business Development Bank of Canada
Startup Financing
If you're a small Canadian business in the startup phase for at least 12 months and generating revenue, this program could offer you a loan of up to $250,000.
Technology Financing
All Canadian businesses in operation for at least 24 months and generating revenue are eligible for this commercial loan, which can cover all project costs. Repayment can be spread over 4 years.
There are numerous options for financial assistance to realize your projects. For more information on the programs mentioned, we invite you to visit their respective pages to learn about eligibility criteria and the steps to apply.
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