Desjardins Group and Export Development Canada (EDC) are teaming up to provide financing to small and medium sized exporters across Quebec and Canada through their SME Working Capital Program.
The programme is designed to help smaller exporters compete for larger contracts with EDC guaranteeing up to 75% of a loan made by Desjardins for the financing of pre-shipment costs necessary to complete an export or a series of export contracts.
“This programme allows Desjardins corporate financial centres to offer its members preferential financing conditions for their export projects,” says Marc Laplante, senior vice-president, Corporate Market, Desjardins Group.
“Gaining access to working capital to complete and perform an export contract is key for many small and medium-sized companies,” says Fransoise Faverjon-Fortin, EDC regional vice-president, Quebec and Eastern Ontario. “The relationship we’ve established with Desjardins Group could help eliminate this common export hurdle faced by many smaller businesses.”
Desjardins Group is an integrated cooperative financial group. With over 5mn members and clients – of which 200 000 business members – and overall assets of close to C$100bn as at December 31, 2003, it is the largest financial institution in Quebec and the sixth largest in Canada.