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EDC provides relief for Canadian businesses during COVID-19 crisis

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Shady Salah – Media in Toronto

Export Development Canada (EDC) is offering a continued support for Canadian businesses to help them overcome the outbreak of the COVID-19 which is impacting their business.
The EDC focusses on 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.

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