EDC provides increased access to working capital and insurance

Export Development Canada (EDC) says it is enhancing its services and support for Canadian businesses as the spread of COVID-19 continues to impact business operations.

“Our immediate focus during this time of crisis is bringing liquidity into the market in order to manage the challenges companies are facing,” according to a statement from EDC.

Effective March 24, 2020, EDC is helping Canadian exporters by:

• Offering their bank a guarantee on loans of up to $5 million so that companies can access more cash immediately. For more details, contact your financial institution.
• Providing information through insights, tools and advice like Export Help Hub. Through a MyEDC account, Canadian businesses can access free services and information.

For credit insurance customers, EDC will:

• Cover losses for goods shipped even if the buyer has not accepted the goods, subject to terms.
• Waive the 60-day waiting period for claims.

“EDC is here to support Canadian companies in good times and bad. We have an essential role to play alongside Team Canada partners in responding to our current economic crisis. This is the first announcement on how EDC intends to support Canadian businesses. Stay tuned for more,” said Mairead Lavery, President and CEO, EDC.

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies succeed on the world stage. For more information, call 1-888-434-8508 or visit www.edc.ca. Existing customers seeking assistance with insurance products and online portals should contact 1-866-716-7201 and support@edc.ca.