EDC Partners With STEP To Help Grow Saskatchewan ExportsJuly 31, 2007Export Development Canada (EDC) announced today that it has provided a CAD 1 million revolving loan to Saskatchewan Trade and Export Partnership (STEP) to help Saskatchewan’s exporters develop new markets and expand their business globally. The transaction will be administered through STEP’s micro-finance credit agency, nextrade finance, which was created to provide financial assistance to Saskatchewan’s smaller exporters. EDC’s financing will focus on two forms of financing; pre-shipment financing (or working capital financing for up to 60 days in advance of export shipping) and post-shipment financing (or accounts receivables financing for up to 180 days after export shipping). “EDC is pleased to count STEP as an important strategic partner in helping grow Canada’s trade and Canadian direct investment abroad,” said Eric Siegel, President and CEO of EDC. “By working more closely with provincial export associations like STEP, we hope to reach out to smaller exporters and offer them the working capital solutions they need to take advantage of the demand for their products in the global marketplace.” “This added CAD 1 million pool of lending capital will have a tremendous impact since Saskatchewan is dominated by small and medium-sized firms,” added Dale Botting, STEP President and CEO. “It will allow us to support more companies, in more sectors, to increase the value-added growth and diversification of our economy. STEP is proud of our partnership with EDC. We intend to be a model organization for both Canada and the world in demonstrating the benefits of micro-credit financing to mitigate global risks for small exporters.” EDC’s Global Export Forecast predicts that Saskatchewan’s international exports will grow by 9 per cent in 2007, the highest among all provinces. “Saskatchewan should lead Canada’s export growth in 2007 based on strong crop production, higher demand and prices, as well as strong potash and fertilizer production,” said Stephen Poloz, Senior Vice-President of Corporate Affairs and Chief Economist. “While export growth will slow in the important energy sector, the strong performance in Saskatchewan’s agri-foods and industrial goods sectors will buoy the province’s overall export numbers.” EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by 6,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially selfsustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada’s Top 100 Employers for six consecutive years. For more information contact: Dale Botting, President |
Member LoginGet plugged in...Don't wait to hear the news second-hand. Sign up to get the STEP news first. ReginaP.O. Box 1787320-1801 Hamilton St. Regina, Saskatchewan Canada S4P 3C6 Phone: 306-787-9210 Fax: 306-787-6666 Toll-Free: 1-877-313-7244 in North America Saskatchewan Exporter Hotline: 1-888-XPORTSK (9767875) (toll-free in North America) Saskatoon400 - 402 21st Street E.Saskatoon, Saskatchewan Canada S7K 0C3 Phone: 306-933-6551 Fax: 306-933-6556 Toll-Free: 1-877-313-7244 in North America Saskatchewan Exporter Hotline: 1-888-XPORTSK (9767875) (toll-free in North America) |
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