MONTREAL, Jan. 21, 2019 /CNW Telbec/ - 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.
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.
This offer is aligned with National Bank's commitment to supporting small and medium-sized enterprises in Canada with their export activities. It is available to businesses with financing needs up to $1.25 million.
- The qualification process becomes simple and efficient. Applications are processed twice as quickly as before.
- With an export guarantee, SMEs can increase their capacity to borrow from the Bank.
- The guarantee is available to small and medium-sized enterprises with financing needs up to $1.25 million.
- National Bank is the first financial institution in Canada to offer the new express export guarantee.
"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."
"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.
About National Bank of Canada
With $262 billion in assets as at October 31, 2018, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 23,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada
For further information: Marie-Pierre Jodoin, Senior Manager, Public Affairs and Corporate Social Responsibility, National Bank of Canada, [email protected], Tel.: 514-394-4209