1. Grants – from time to time, a government body will offer grants to small and medium sized businesses to assist them with implementing traceability, to better improve their technology allowing them to compete in a global marketplace. This can be a great support to funding your project but often requires lengthy applications, waiting for approval and your payments (typically you have to pay and submit proof of payment) and follow up visits to ensure you have implemented.
2. Low interest rate loans – The Business Development Bank of Canada (BDC) offers low interest rate loans to businesses to invest in new technology including the cost of ERP software, services and hardware under their current program called ICT (information and communications technology)
3. Lease the software, services and hardware to spread the cost out over two or three years. While leasing will attract higher interest rates than the BDC offers, in our current economic state, rates are still quite competitive. Lease companies have access to private lenders and you may already have a lease company you use for equipment and other capital purchases. If your lease company doesn’t do software and services leasing, we often send our customers to Equilease with great success.