What I can do is speak to the program that was just announced. This is the Canada digital adoption program. What I would emphasize is that this program falls in the remit of the Department of Innovation, Science and Economic Development, and they would be the primary spokespeople. That being said, BDC is contributing our efforts to this program. What I can describe is a high-level overview of the program.
In budget 2021, the government announced $4 billion for the digital adoption program to provide funding and support to businesses as well as training and work opportunities for young Canadians.
There are two streams to the program. The first one is with a focus on e-commerce and providing microgrants to help particularly retail companies, for instance, to grow their reach. Then the second stream, the stream where BDC is participating, is focused on boosting your business technology. That stream allows companies to apply for a grant to help them develop a digital adoption plan and then leverage potentially funded work for youth placements. In the context of that second stream, BDC is providing 0% interest loans as part of that stream to help SMEs adopt more complex technologies.
I'll give some specifics around the loans. They are up to $100,000 to implement a digital adoption plan. The application process is 100% online. It's a five-year term with no payment in the first year. No personal assets are taken as collateral and there are no fees. We're very happy to be able to contribute to that. I hope that answers your question.