The Business Development Bank of Canada (BDC) has introduced a new initiative aimed at assisting small and medium-sized businesses (SMBs) in leveraging artificial intelligence (AI) to enhance their operations. The Data to AI program provides SMBs with personalized training, guidance, and a clear roadmap to integrate AI into their businesses, along with access to BDC financing options to support the adoption process.
Recognizing that many businesses are unaware of the AI capabilities embedded in their existing tools, BDC seeks to help SMBs harness AI for greater productivity and innovation in an evolving business landscape. According to Veronique Dorval, BDC’s executive vice president and COO, “Every small business needs and deserves the opportunity to benefit from the power of AI. Our tailored solutions help entrepreneurs seamlessly integrate these technologies into their operations, enhancing their productivity.”
The program also offers a cybersecurity assessment to protect businesses from potential risks, along with support for workflow automation. SMBs applying for the program will work with BDC to outline objectives and challenges before developing a financing plan, which may include a term loan to cover consulting, software, and implementation costs, with a repayment period of up to eight years.
BDC’s recent survey revealed that many business owners are unaware of the AI features in their current tools. 39% of owners believe they are already using AI, while 66% recognize AI tools when shown a list, underscoring the need for better education around AI adoption.
This new program follows in the footsteps of similar initiatives like Digital Main Street’s Future Proof Program and Canada’s Digital Adoption Program, which are designed to help SMBs grow and adopt digital technologies.
Dwayne Dulmage, BDC’s vice president of technology financing, highlighted the shift in focus, stating that historically, bank lenders invested in physical upgrades but overlooked technological innovations. The launch of this program represents BDC’s efforts to address this gap and empower SMBs to thrive in the digital age.
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