Workflow automation support and cybersecurity assessment are part of the program. A new initiative has been introduced by the Business Development Bank of Canada (BDC) to assist small and medium-sized enterprises (SMBs) in learning about and obtaining funding for the adoption of artificial intelligence (AI).

BDC will provide SMBs with individualized training and guidance on AI adoption through the Data to AI program. Additionally, BDC will assist in creating a strategy for integrating AI into businesses, which will be completely backed by access to BDC finance. According to the Crown Corporation, the program’s goal is to assist businesses in expanding more quickly and staying innovative in a changing business environment.

According to a statement released by BDC executive vice president and COO Véronique Dorval, “We think that every small business needs and deserves the opportunity to benefit from the power of AI.” “Our customized solutions give entrepreneurs the direction and assistance they need to safely and smoothly incorporate these technologies into their business operations and boost productivity.” Along with workflow automation support, the software also offers a cybersecurity evaluation to help SMBs guard against any threats. Before creating a financing plan, companies that apply for the program will collaborate with BDC to identify goals and obstacles.

With a maximum repayment period of eight years, the financing plan includes a term loan that can cover all project expenses, including consultation, software acquisition, and implementation. According to a recent study by BDC, many businesses don’t appear to be aware of the AI capabilities integrated within their current products. When presented with a list of AI technologies, 66% of business owners and decision-makers identified them, despite 39% of them believing they are utilizing AI, according to the survey.

The new initiative is similar to Canada‘s Digital Adoption Program and Digital Main Street’s Future Proof Program, which allocated $4 billion in 2022 to assist up to 160,000 SMBs in upgrading or adopting digital technology and expanding their online presence.

BDC vice president of technology financing Dwayne Dulmage noted at this year’s ALL IN conference in Montréal that bank lenders like BDC have historically overlooked technological advancements in favor of physical improvements like buildings, a shortcoming the organization now seems to be attempting to address.