Accord Financial Launches Accord|EDC Trade Expansion Lending Program
JUN 29, 2023 - 7:19 am
Accord Financial launched Accord|EDC Trade Expansion Lending Program (Accord|EDC TELP), it’s latest financing innovation supported by Export Development Canada (EDC). Accord|EDC TELP builds on Accord’s success in tailoring EDC programs specifically for the Canadian small business sector. Accord is the first non-bank, or non-credit union, financial institution to partner with EDC in directly financing Canadian SMEs with TELP.
Accord|EDC TELP will support companies engaged all the way along the export supply chain (including companies supporting exporters with goods and services). It will offer a unique, flexible revolving facility to finance operations and growth, or term loans to purchase equipment.
“Not only are small and middle-market companies the engine of our economy, the entrepreneurs behind them reflect the diversity Canada relies on for economic as well as community strength,” James Jang, president of small business division at Accord, said. “Empowering businesses owned by people representing all forms of diversity is a mission that Accord and EDC share in common.”
“EDC values Accord’s ability to reach smaller businesses, and Accord values EDC’s credit support, which gives us the flexibility to serve companies that fall outside of traditional bank credit metrics,” Simon Hitzig, president and CEO, said.
“EDC’s longstanding partnerships with Canadian financial institutions are critical for delivering our working capital and financing solutions to small and medium-sized companies,” Julie Pottier, senior vice-president of small business, partnerships and head of insurance at EDC, said. “Having Accord as a TELP financial partner will help spread the benefits of exporting among even more Canadian businesses and, consequently, bolster the national economy. Our respective values align closely, with a focus on supporting equity-seeking groups, including women, Indigenous peoples, Black and other racialized communities, persons with disabilities and members of the 2SLGBTQ+ community.”
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