National Bank announces a partnership with Export Development Canada (EDC) to offer an express export guarantee for small and medium-sized enterprises (SMEs). The Bank is the first financial institution in Canada to offer this new express export guarantee program.

“At National Bank, we’re constantly improving our service offering so we can help businesses achieve their ambitions and power their ideas. That is why we are pleased to collaborate with EDC on a solution that streamlines access to export financing,” said Mario Desautels, Senior Vice-President – Strategy, Solutions and Processes for Commercial Banking at National Bank. “We’re confident that our clients will appreciate how quickly their financing applications are processed.”

Thanks to its simplified qualification process, the program makes it possible for exporters to obtain a loan guaranteed by EDC twice as quickly as before. Therefore, this simple and efficient process makes export financing more accessible.

The guarantee can give exporters greater borrowing capacity. It grants access to additional financing by way of working capital, competitive repayment conditions and better risk protection when doing business abroad.

“EDC’s market penetration is marginal in the small business segment. It is critical to adjust to market realities to provide a useful service to financial institutions and to large and small exporters,” said Justine Hendricks – Vice-President, Working Capital Solutions at EDC.

Source: National Bank of Canada

Read more here.