Checkout Canadian Government Funding for ERP projects and implementation.
Apply for Canadian Government Funding for ERP projects and implementation
2020 has been a rollercoaster ride and now in 2021, it becomes prominent that businesses must focus on adopting modern technology into their business for more success. An ERP solution like NetSuite is essential in streamlining business departments for added productivity. But small business owners are often hesitant to implement an ERP system due to some monetary concerns.
However, there’s good news here, the Canadian Government offers multiple federal and provincial funding programs that take the funding pressure off of small business owners. Oftentimes small business owners are unaware of the multiple government funds that are available for their assistance. Due to this reason, we have created this blog, to ensure small business owners benefit from such grants and scale ahead with proper ERP solutions for their business.
The Canadian and provincial governments are now stepping up to provide business owners with multiple funding options to help them progress with digitization across the manufacturing sector. The grant covers a technological assessment, industry 4.0 business process improvements and also assists with ERP selection and its implementation.
The following list encompasses few major Government grants that are available for business owners in Canada.
Here’s a list of Canadian Government Funding for ERP projects and implementation and Modern technology adoption
IRAP Accelerated Review Process (ARP) Canadian grants for businesses for their costs associated with analysis and planning
Selecting an ERP system is a crucial task. To make up for subsidizing the costs involved with selecting, designing and customizing an ERP system, business owners can utilize the IRAP grant. The IRAP grant provides up to 60-80% that can be used towards labour costs and sub-contractor fees for a relevant innovation project.
The main goal of this government grant is to provide the necessary funding to business owners to help them perform the needed technical research and reporting. However, this grant-specific is only for businesses that fulfill the below criteria:
- Incorporated in Canada within the last 3 years
- 500 or fewer equivalent full-time employees
- at least $500,000 in annual revenue
- is not an exclusive retailer or distributor
For more information click here
Canada small-business financing program
The Canada small-business financing program (CSBFP) is part of the Canada Small Business Financing Act. The CSBFP is a government-backed program that offers SME loans with nominal interest rates. Small business owners can apply for loans of up to $1 million for business improvement which also includes the costs associated with software requirements.
One of the financial officers of CSBFB would evaluate your business proposal and make a decision accordingly for your loan application. Further which, the loan will be registered with Innovation, Science and Economic Development Canada (ISED).
For more information click here
Ontario CME Technology Assessment Program (CME TAP)
The Ontario CME Technology Assessment Program (CME TAP) provides up to $25,000 in funding and is 100% eligible to cover technological assessment costs which may also include an ERP selection assessment.
Manufacturers with 16-499 full-time employees within Southern Ontario are fully eligible to apply for this funding
For more information click here
Ontario Automotive Modernization Program (O-AMP)
The Ontario Automotive Modernization Program provides funding of up to $150,000 and up to 50% cost coverage for the project costs that you’re eligible for. Business owners can use this amount towards their ERP selection and implementation activities as well.
Business owners must also fulfill the below requirements for eligibility:
- Be a for-profit business with a unique business number
- less than 500 employees in Ontario
- less than $1 billion in annual gross revenue
- have at least 2 years’ worth of financial statements.
- at least 50% of a company’s total sales come from the auto supply sector
For more information click here
Atlantic Canada Advanced Manufacturing Technology Assessment
The Atlantic Canada Advanced Manufacturing Technology Assessment assists manufacturers who are looking to optimize their company performance with innovative technological solutions. The assessment is conducted by qualified professionals who examine your business to recommend suggestions and how an Advanced Manufacturing Technology process may help the company improve its efficiency.
Companies that are selected for assessment are eligible for a 75% funding of the eligible costs to a maximum non-repayable amount of about $50,000.
Manufacturers incorporated in Atlantic Canada who show the desire and willingness to develop and innovate are eligible to apply for this funding program.
For more information click here
Saskatchewan Lean Improvements in Manufacturing (SLIM)
The Saskatchewan Lean Improvements in Manufacturing is a specialized funding program that provides funding assistance to agricultural businesses that can benefit from technological adoption, new equipment etc. The SLIM program provides funding for up to 50% of eligible costs up to $500,000 per applicant which may also include ERP selection and its implementation.
For more information click here
Canadian Agricultural Strategic Priorities Program (CASPP)
The Canadian Agricultural Strategic Priorities Program (CASPP) is created to invest in the agricultural sector for improving its design, development and technology implementation such as an ERP system. The objective of CASPP is to provide funds for agricultural companies that are dealing with issues that affect their efficiency and thereby help to seize opportunities.
The CASPP provides funding of up to $1,00,000 and for 50% of eligible costs for technology adoption, assessment and implementation, including an ERP implementation.
More than one project funding can be applied, however, it will be within $5,000,000 over a span of 5 years per applicant.
For more information click here
Conclusion
It is no doubt that in 2021 business must focus on technological adoption for guaranteed success. An ERP solution like NetSuite is essential in helping businesses grow and run smoothly. As a small business owner, you may often find juggling the need for an ERP system, but if your business starts to show signs of less productivity, we urge you to look into ERP solutions as they are the need of the hour. We understand financial limitations may often come in the way, but we hope this blog helps you to get the required funding necessary for your business’s new ERP implementation.
We highly urge you to check out another blog that addresses how companies can go about their ERP selection process once you’re government funding becomes concrete.