Scotiabank and Export Development Canada (EDC) are teaming up to provide financing to small and medium-sized exporters across
The programme is designed to help smaller exporters compete for larger contracts with EDC guaranteeing up to 75% of a loan made by Scotiabank for the financing of pre-shipment costs necessary to complete an export or a series of export contracts.
“We want to help our customers meet their pre-export financing needs. Our collaboration with EDC enables Canadian exporters greater flexibility in achieving their sales objectives,” says Sean Watts, vice-president, trade finance, Scotiabank. “We are confident this programme will facilitate greater export opportunities for Canada.”
“Gaining access to working capital to complete and perform an export contract is key for many small and medium-sized companies,” says Eric Siegel, EDC executive vice-president. “The relationship we’ve established with Scotiabank could help eliminate this common export hurdle faced by many smaller businesses.”
The programme builds on the joint Scotiabank and EDC Scotia Americas Capital Equipment Purchase Program, which provides Canadian exporters of capital goods expanded trading opportunities with Latin America and the Caribbean by helping prospective buyers access medium-term financing.
“This programme builds on the partnership between EDC and Scotiabank to provide a full package of solutions for our clients,” says Watts.
Other financial institutions have also partnered with EDC in providing clients with pre-shipment financing facilities.