The program includes cybersecurity assessments and workflow automation assistance.
The Business Development Bank of Canada (BDC) has launched a new program aimed at helping small and medium-sized businesses (SMBs) learn about and access financing for artificial intelligence (AI) implementation.
BDC noted that many companies don’t seem to realize that their existing tools have AI capabilities built into them.
Through its Data to AI programme, BDC will provide SMEs with tailored training and advice on AI adoption, as well as help them develop a roadmap to integrate AI into their business, fully supported by access to BDC financing . The Crown Corporation said the program aims to help companies accelerate growth and continue to innovate in an evolving business environment.
“We believe that all small and medium-sized businesses need and deserve the opportunity to benefit from the power of AI,” BDC Executive Vice President and COO Véronique Dorval said in a statement. “Our customized solutions provide entrepreneurs with the guidance and support they need to seamlessly and securely integrate these technologies into their operations and help increase productivity.”
The program also includes cybersecurity assessments and workflow automation assistance to help protect small businesses from potential risks.
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Companies applying to the program work with BDC to identify goals and obstacles before putting together a financial plan. The financing plan includes a term loan with a repayment period of up to eight years that can support the total cost of the project, including consulting, software acquisition, and implementation.
In a recent survey conducted by the company, BDC noted that many companies do not appear to be aware of the AI capabilities built into their existing tools. According to the study, 39 percent of executives and decision makers believe they use AI, while 66 percent recognized AI tools when shown a list.
This new program mirrors Digital Main Street’s Future Proof Program and Canada’s Digital Adoption Program, which will help up to 160,000 small and medium-sized businesses expand their online presence and upgrade or adopt digital technologies in 2022. $4 billion has been allocated.
At this year’s ALL IN conference in Montreal, Dwayne Dalmage, vice president of technology finance at BDC, said bank lenders like BDC have historically invested in physical upgrades such as buildings, but not in technology. He said it ignored innovation and the agency now appears to be trying to correct this deficit.
Feature image courtesy of BDC.
