The Government of Canada today announced its Business Credit Availability Program to provide additional liquidity to Canadian business in the face of challenges brought on by the Coronavirus (COVID-19) pandemic. Under this program, Export Development Canada (EDC) will play an important role in helping address ongoing and developing economic challenges stemming from the public health crisis.
“I understand that this is a challenging time. The global economy is facing significant shocks. Trade flows and supply chains are being disrupted. Companies are being forced to make very difficult choices,” said Mairead Lavery, President and CEO of Export Development Canada.
“If there is one message that I want to leave you with today, it’s that EDC is here to help Canadian exporters navigate these exceptional times. This is, in fact, why we exist: to offer expert advice as well as insurance and financial support, in both good times and bad.”
EDC works every day to help grow and develop Canadian trade – to help every Canadian company, no matter the size, succeed internationally. The measures announced today will enable EDC to help even more Canadian companies access its financing and insurance products and risk mitigation services.
Enhancing credit access to Canadian exporters will help to minimize the impacts on Canadian exporters as a result of COVID-19.
Trade is a key driver of Canada’s economic growth; In 2018, it accounted for more than 60% of the national GDP. The same year, EDC facilitated C$105 billion in exports, foreign investments and trade development activities, and supported the equivalent of 489,000 Canadian jobs.
EDC continues to follow the developments of COVID-19 very closely and is in regular communication with its customers and businesses across the country. Increased internal capacities are helping the organization more efficiently respond to the concerns of Canadian companies.
Over the last week, EDC has opened a toll-free number (1-800-229-0575) for anyone with any questions relating to exporting as the pandemic and its effects evolve, has been regularly updating an FAQ page, hosted a webinar about the effect COVID-19 is having on global trade, and posted an analysis.
EDC is nimble and has the capital necessary to quickly mobilize support, in collaboration with our federal partners and Canadian banks, as demands increase – and as they change.
Amid the uncertainty of this developing situation, EDC’s mandate remains unchanged. Its exporting experts remain focused on helping Canadian exporters, whether that’s understanding the impacts of a pandemic on their businesses, figuring out supply chain disruptions or structuring insurance coverage.