Accord Financial Introduces EDC Trade Recovery Guarantee
While the Business Credit Availability Program (BCAP) Guarantee officially ended on December 31st 2021, Accord Financial and Export Development Canada (EDC) understand that there are still challenges brought on by the pandemic such as supply chain issues, labor shortages and, most recently, high inflation. "Normal" still seems out of sight.
As a result, we are continuing to partner with EDC to offer solutions to help Canadian exporters access the financing they need to manage through the current uncertainties in the business environment and get back on track for growth.
Accessible through Accord, the EDC Trade Recovery Guarantee (TRG) program provides qualifying businesses with access to up to $6.25 million in additional working capital. Customized to the needs of the client, working capital is available through operating lines of credit or term loan facilities. EDC will provide a guarantee to Accord for 80% of the value of the loan. By sharing risk with EDC, we can simplify access to the financing businesses need.
- Qualified applicants can access to up to $6.25 million.
- Streamlined process available for smaller businesses requiring up to $1 million.
- Facilities may be used for working capital and the acquisition of capital assets.
- Program runs through to December 31st 2022.
- Credit facilities available for terms up to 60 months.
- The 1.8% EDC Guarantee fee can be deferred for 6 months.
- No EDC Set up fees.
- Borrower must qualify as either a direct, indirect, or future exporter. See EDC exporter criteria here. Borrowers need not be direct exporters – businesses that form an integral part of the supply chain of a direct exporter may also qualify.
- Must be a Canadian Corporation.
- Proceeds from the TRG-supported loan cannot be used to repay, refinance, or make an unscheduled reduction in an existing credit facility. However, proceeds may be used to make regularly scheduled lease or loan payments on existing credit facilities.
For more details on how to become an Accord Financial client, companies are invited to simply contact their Accord representative or contact us at firstname.lastname@example.org | +1 800.967.0015.
Accord Financial provides asset-based lending, equipment financing and factoring solutions to small and medium sized businesses seeking financing to fuel their growth. Their solutions range up to $20M across a number of sectors including: manufacturing, distribution, transportation, services, food and beverages, and many more throughout Canada and the US. With leading-edge technology and quick turnaround, our experienced management team brings value to every transaction.