Increased access to working capital and insurance

OTTAWA, March 24, 2020 (GLOBE NEWSWIRE) -- Export Development Canada (EDC) is here for Canadian businesses with enhanced services and support to help as the spread of the coronavirus (COVID-19) impacts their business.

Our immediate focus during this time of crisis is bringing liquidity into the market in order to manage the challenges companies are facing. Here is how EDC is helping Canadian exporters as of today:

• Effective March 24, 2020, EDC is stepping up to support all exporting companies by offering their bank a guarantee on loans of up to $5M so that companies can access more cash immediately.  For more details, contact your financial institution.
  
  
• Providing timely and relevant information through our 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 understands how difficult this time is and therefore effective immediately 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.

Customer Support/access to information

1. New to EDC and seeking more information please call 1-800-229-0575 or tell us how we can help here.
2. Current EDC Customer needing working capital and financial solutions should contact their account manager.
3. Existing customers needing any assistance with insurance products and online portals should contact 1-866-716-7201 and support@edc.ca.
4. If you only sell products and services within Canada, our Business Credit Availability Program (BCAP) partner financial institutions are here to help you. We recommend reaching out to the Business Development Bank of Canada (BDC) as a first step. You can see how they are helping businesses like yours here. 

About EDC

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.

For more information and to learn how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.

Media
Export Development Canada
1-888-222-4065
media@edc.ca