The Business Development Bank of Canada (BDC) has launched a new program meant to help small-and-medum-sized businesses (SMBs) learn about and access financing to adopt artificial intelligence (AI).
BDC noted that many companies seem unaware of the AI capabilities built into their existing tools.
Through the Data to AI program, BDC will offer SMBs personalized training and advice surrounding AI adoption, as well as help develop a roadmap that will integrate AI into businesses, fully supported by access to BDC financing. The Crown corporation said the program aims to help companies accelerate their growth and continue innovating in an evolving business landscape.
“We believe that every small business needs and deserves the opportunity to benefit from the power of AI,” BDC executive vice president and COO Véronique Dorval said in a statement. “Our tailored solutions provide the guidance and support needed to integrate these technologies seamlessly and securely into entrepreneurs’ operations and help them increase their productivity.”
The program also includes a cybersecurity assessment to help SMBs protect against potential risks, as well as workflow automation assistance.
Businesses that apply for the program will work with BDC to identify objectives and roadblocks before putting together a financing plan. The financing plan includes a term loan that can support the total costs of the project, including consulting, software acquisition, and implementation, with a repayment period of up to eight years.
BDC noted that, in a recent study it conducted, many companies seem unaware of the AI capabilities built into their existing tools. According to its survey, 39 percent of business owners and decision-makers believe they are using AI, but 66 percent recognized AI tools when shown a list.
The new program has echoes of Digital Main Street’s Future Proof Program and Canada’s Digital Adoption Program, which earmarked $4 billion in 2022 to help up to 160,000 SMBs grow their online presence and upgrade or adopt digital technologies.
At this year’s ALL IN conference in Montréal, BDC vice president of technology financing Dwayne Dulmage said bank lenders like BDC have historically invested in physical upgrades like buildings, but neglected technological innovations, a deficit the agency now appears to be trying to correct.
Feature image courtesy BDC.