Traditional shoe manufacturer Manitobah Mukluks has received a C$3.5mn line of credit from TD Bank, guaranteed by the country’s export credit agency (ECA) Export Development Canada (EDC). The financing will be used to build inventory for international sales.
Based in Winnipeg, Manitobah Mukluks is an Aboriginal-owned company that produces mukluks (soft boots worns in the Arctic) and moccasins suitable for urban environments.
“This guarantee gives us the confidence we need to partner with customers outside of Canada,” says Sean McCormick, the company’s president. “As an Aboriginal-owned company, our vision is to build a vibrant, global brand that has a significant impact in Aboriginal communities. Growing our export capacity allows us to share that vision globally.”
EDC’s Export Guarantee Programme (EGP) is designed to help Canadian companies secure loans from banks for their international business. Through the scheme, EDC guarantees up to 100% of the loan.
“This programme is a difference maker for SMEs because it provides that extra boost they need to grow,” adds Mairead Lavery, senior vice-president, business development, at the Canadian ECA.
“The EGP can be tailored to suit the needs of smaller companies, whether that’s getting financing to break into new markets, money to purchase equipment to take on new orders, or support for international investments.”