(OTTAWA) – July 23, 2009 – Export Development Canada (EDC) and Halifax-based Maple Trade Finance Inc. (MTF) have partnered to enhance financial support for small- and medium-sized manufacturers and exporters across Canada.
The new product, the Portfolio Guarantee, is intended to make working capital more accessible to Canadian exporters by providing a guarantee of up to 50 per cent of any loan that services a signed purchase order up to $500,000.
“The portfolio guarantee program with MTF is a timely solution for companies that have demonstrated export sales strength but are having a hard time accessing financing because of the credit crunch,” said Benoit Daignault, Senior Vice-President of Business Development at EDC. “EDC is pleased to be working with MTF on this new product, which we believe is needed by Canadian companies to grow their export sales.”
Carole-Ann Miller, President of MTF, welcomed the partnership with EDC.
“Maple Trade is proud to have been selected by EDC to be its partner in providing the Portfolio Guarantee program,” she said. “Working with EDC, we are confident that, together, we can provide essential support in an efficient manner to grow Canadian exports during the years ahead.”
The Portfolio Guarantee program is a joint pilot project of EDC and MTF. It is open to Canadian companies that have been in operation for at least two years with a minimum of $5 million in sales revenues, or for whom export revenues exceed 15 per cent of total revenues. The guarantee can reach up to 50 per cent of a company's total purchase order loan portfolio, up to $1 million.
The loan guarantee will be provided by EDC, which has authorized MTF to receive and process applications under the program.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.
Maple Trade Finance is an innovative financial institution. The company has taken the best of the conventional banking industry, combined it with the flexibility of traditional factoring companies and created a fresh new approach to funding Canadian companies. Maple Trade Finance is a unique company driven by an entrepreneurial spirit and an understanding of the practical issues facing Canadian businesses.
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Media Contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904 Blackberry: ptaylor@edc.ca
Peter L. McCreath, Communications Advisor, MTF
902 488-5005 or peter@mapletradefinance.ca
NOTE: For more detailed information on the Portfolio Guarantee program, please contact the nearest office of either EDC or MTF, or visit their websites at: www.edc.ca or at www.mapletradefinance.ca
