WINNIPEG, Jan. 27, 2016 /CNW/ - Export Development Canada (EDC) today announced a CAD $3.5 M loan guarantee for Winnipeg-based Manitobah Mukluks, an Aboriginal-owned company that produces mukluks and moccasins suitable for urban environments.
The company used EDC's Export Guarantee Program (EGP) to help secure the financing it needed to begin exporting internationally.
The EGP is a flexible, risk-sharing guarantee that EDC provides to the bank of an exporter. It assures the bank that a percentage of a loan it provides to an exporter will be repaid (EDC can guarantee up to 100 per cent of the loan).
With EDC sharing the risk, Canadian banks are often more willing to lend larger amounts to Canadian companies for their international business. This is especially important for small- to medium-size enterprises (SMEs) that need working capital to grow and meet the demands of new orders.
"This guarantee gives us the confidence we need to partner with customers outside of Canada," said Sean McCormick, President of Manitobah Mukluks. "As an Aboriginal-owned company, our vision is to build a vibrant, global brand that has a significant impact in Aboriginal communities. Growing our export capacity allows us to share that vision globally."
"This program is a difference maker for SMEs because it provides that extra boost they need to grow," said Mairead Lavery, Senior Vice-President, Business Development, EDC.
"The EGP can be tailored to suit the needs of smaller companies, whether that's getting financing to break into new markets, money to purchase equipment to take on new orders, or support for international investments," Lavery added.
Read more about how Manitobah Mukluks is expanding through exports at: http://exportwise.ca/manitobah-mukluks/
About Manitobah Mukluks
Manitobah Mukluks is an Aboriginal-owned, proudly Canadian company that produces mukluks and moccasins for modern wear. Every pair comes with a certificate of authenticity that outlines the role of Aboriginal-owned companies in Canada's economic landscape. Their vision is to build a vibrant, global, brand that has a significant impact in Aboriginal communities.
EDC is Canada's trade finance agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works with private- and public-sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment. For more information about how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
SOURCE Export Development Canada
For further information: Spokesperson: Simon Forsyth, Export Development Canada, (613) 598-3852, [email protected]