DEL — Digital Transformation Loan
Boucherville, QC, Canada
The Digital Transformation Loan offers up to $50,000 in term loans and up to $20,000 in conditionally non-repayable financing to enhance business productivity through new technologies.
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Développement économique de l'agglomération de Longueuil (DEL)
- Longueuil City
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Digital Transformation Loan aims to finance business digital projects to boost productivity through new technologies. It offers a term loan up to $50,000 and conditionally non-repayable financing up to $20,000, covering 50% of external project-related fees, such as professional fees, equipment, software, and training costs. Eligible expenses include purchasing technology or software, training, and setting up production areas.
grant_single_labels|projects
Eligible projects for the Digital Transformation Loan include those aimed at increasing productivity through the acquisition of new technologies.
- Cost of purchasing new or used equipment
- Cost of purchasing technology or software
- Installation or delivery fees
- Training costs
- Cost of setting up a production area
- Expenses related to improving productivity
- Additional working capital for the project
grant_single|admissibleProjectsExample
$15,000
Implement a cloud-based CRM system for a non-profit organization
$15,000
Set up a digital marketing campaign for a sole proprietorship
$11,000
Install a new point-of-sale software to enhance retail operations
$25,000
Acquire and install automated manufacturing equipment for a production facility
$25,000
Upgrade legacy IT systems to new cloud-based ERP software
$15,000
Develop an e-commerce platform for a cooperative
grant_single_labels|admissibility
grant_eligibility_criteria|who_can_apply
The eligible companies for this grant appear to be any that are seeking to finance their digital transformation initiatives to increase productivity through the acquisition of new technologies. Specific eligibility criteria might be provided during an appointment with DEL.
- Companies seeking to finance digital transformation projects
- Businesses that need to acquire new technologies to improve productivity
- Organizations requiring funds for purchasing new or used equipment
- Companies incurring costs related to technology or software acquisition
- Businesses needing funds for installation, delivery, or training costs
- Organizations requiring working capital for productivity improvement projects
grant_eligibility_criteria|eligible_expenses
Yes, there are eligible expenses for this grant. The grant covers a variety of costs related to your digital transformation project.
- Cost of purchasing new or used equipment
- Cost of purchasing technology or software
- Installation or delivery fees
- Training costs
- Cost of setting up a production area
- Expenses related to improving productivity
- Additional working capital for the project
grant_eligibility_criteria|zone
The eligible geographic zone for this grant is the agglomeration of Longueuil, Québec.
- Longueuil
grant_single_labels|register
- Step 1: Identify Eligibility
- Verify your business meets the main eligibility criteria.
- Gather key documents that need to be submitted.
- Step 2: Prepare Documentation
- Collect documentation related to the project such as professional fees, salaries, equipment, license or training costs, and additional working capital for the project.
- Step 3: Book an Appointment
- Contact DEL to book an appointment for free support services to help find the right financing for your business needs.
- Step 4: Submit Application
- Submit the application including all required documents and information related to the digital transformation project.
- Step 5: Review Process
- Wait for DEL to review the submitted application and documents.
- Step 6: Receive Funding Decision
- Receive notification about the funding decision.
- If approved, adhere to terms and conditions of the term loan and non-repayable financing.
- Step 7: Implementation
- Proceed with the digital transformation project utilizing the granted funds.
- Keep records of expenses and project progress as required.
grant_single_labels|otherInfo
This financing product, offered by DEL, helps businesses in Longueuil's agglomeration region to finance digital transformation projects aimed at improving productivity and efficiency.
- Term loan up to $50,000
- Conditionally non-repayable financing up to $20,000
- Non-repayable financing includes $10,000 from DEL and $10,000 from DigifabQG
- Eligible expenses include equipment, technology or software costs, installation, and training fees
- Possibility of postponing principal payments and interest for up to 12 months
- 25% deposit required
- Competitive and risk-based interest rate
- Contact information for DEL: 450 645-2335 or 1 866 599-2335
grant_single_labels|contact
450 645-2335
Apply to this program
Digital Transformation Loan
The Digital Transformation Loan offers businesses up to $50,000 in financing to enhance productivity through digital adoption. In addition, businesses may qualify for conditionally non-repayable financing of up to $20,000 to cover project-related external costs.
Detailed Explanation of the Digital Transformation Loan
The Digital Transformation Loan, provided by DEL - Développement économique de l'agglomération de Longueuil, is a financing solution aimed at local businesses looking to enhance their operations through digital technology. This loan not only supports the purchase of new technology but also helps cover various expenses associated with digital transformation projects. Below is a comprehensive overview of the loan, its benefits, eligibility criteria, and application process.
Key Features and Benefits of the Digital Transformation Loan
The Digital Transformation Loan is split into two main financial products:
- Term Loan: Up to $50,000, which is repayable without penalty after 24 months. This provides businesses with the necessary funds to purchase digital technologies and equipment without immediate financial stress.
- Conditionally Non-Repayable Financing: Up to $20,000, which may cover 50% of external fees associated with the project. This includes professional fees, salaries, equipment costs, licenses, and training costs. This non-repayable financing is further divided into:
- $10,000 from DEL, through the Fonds d'aide à l'innovation et à l'entreprenariat (FAIE)
- $10,000 from DigifabQG, through the Fonds d'aide à l'innovation et à l'entreprenariat (FAIE)
Additionally, the loan provides the option to defer principal payments and interest for up to 12 months, allowing businesses to improve their cash flow management during the initial phase of their digital transformation projects. The interest rate is competitive and varies based on the risk profile of the business.
Eligible Expenses
Businesses can use the financing for a wide range of expenses related to their digital transformation efforts. Eligible expenses include:
- The cost of purchasing new or used equipment
- The cost of purchasing technology or software
- Installation or delivery fees
- Training costs
- Expenses related to setting up a production area
- Expenses aimed at improving productivity
- Additional working capital needed for the project
This comprehensive coverage ensures that businesses can address all critical aspects of their digital transformation projects without significant out-of-pocket expenses, thereby enhancing their operational efficiency and competitiveness.
Main Eligibility Criteria
To qualify for the Digital Transformation Loan, businesses must meet certain criteria. These include:
- The business must be located within the agglomération de Longueuil.
- The business should demonstrate a clear need and plan for digital transformation.
- The project should aim to enhance business productivity through the adoption of digital technologies.
- The business should provide key documents that support the viability and necessity of the project.
Meeting these criteria ensures that the financial resources are allocated to businesses that are most likely to benefit from digital transformation, thereby fostering local economic development and competitiveness.
Application Process
The application process for the Digital Transformation Loan is straightforward but requires thorough preparation. Here are the steps involved:
- Initial Consultation: Businesses are encouraged to book an appointment with DEL to discuss their needs and the details of their digital transformation project. This step helps in understanding the specific requirements and the best financing options available.
- Preparing Documentation: Businesses need to gather and prepare all necessary documentation. This typically includes a detailed project plan, financial statements, and any other documents that can support the application.
- Submitting the Application: Once the documentation is ready, businesses can submit their application to DEL. The application must be complete and accurately filled to avoid delays.
- Evaluation: DEL evaluates the application based on the project's alignment with the funding's objectives, the business's financial health, and the potential impact of the digital transformation.
- Approval and Funding: If approved, the business will receive the funding as per the agreed terms. The loan terms, including repayment schedule and interest rate, will be clearly outlined.
Throughout the process, DEL provides support and guidance to ensure that businesses can navigate the application process effectively and make the most of the available resources.
Why Choose the Digital Transformation Loan?
The Digital Transformation Loan by DEL offers several advantages that make it an attractive option for businesses looking to embrace digital technology:
- Comprehensive Financial Support: The combination of a term loan and non-repayable financing covers a wide range of expenses, reducing the financial burden on businesses.
- Flexibility in Repayment: The option to defer principal and interest payments provides businesses with financial flexibility, allowing them to focus on their transformation efforts without immediate repayment pressure.
- Competitive Interest Rates: The interest rates are competitive and tailored to the business's risk profile, ensuring affordable financing.
- Local Economic Development: By targeting businesses within the agglomération de Longueuil, the loan helps in fostering local economic growth and innovation.
Conclusion
The Digital Transformation Loan is a vital resource for businesses in the agglomération de Longueuil looking to enhance their productivity and competitiveness through digital adoption. With comprehensive financial support, flexible repayment options, and a focus on fostering local economic growth, this loan is designed to help businesses successfully navigate the challenges of digital transformation.
For businesses interested in learning more or applying for the Digital Transformation Loan, scheduling a consultation with DEL is a crucial first step. DEL's expertise and personalized support services can guide businesses through the process, ensuring they can leverage the available resources to drive their digital transformation initiatives.
