Export Development Canada is lending C$1.5mn to Vancouver-based wearable fitness technology firm Mio Global, to fund inventory for exports.

The ECA’s financing is expected to help the company double its revenue through international sales.

“This loan is an absolute game changer for us,” says Antonio Arciniega, Mio Global’s chief financial officer and vice-president of operations. “It’s very hard to get credit for a company that is growing as fast as ours. Traditional credit is tough and rarely available.”

The company manufactures wearable heart rate monitoring devices, and has licensing deals with Adidas, TomTom and Garmin (signed in May 2015). Mio Global posted revenues of C$14.8mn in 2014, and expects sales of C$27mn in 2015, 95% of which through exports. Its exports markets are split between the US (40%), Europe (35%) and Asia (20%).