TORONTO–(BUSINESS WIRE)–#EDC–Accord Financial Corp. (“Accord”) (TSX: ACD) today announced the launch of Accord|EDC Trade Expansion Lending Program (“Accord|EDC TELP”), the Company’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 supports companies engaged all the way along the export supply chain (including companies supporting exporters with goods and services). As fast and flexible as Accord’s previous AccordExpress programs, qualified businesses can win a working capital approval for up to $250,000 within two business days, and can also provide financing up to $3 million by adding a modest level of ongoing reporting to Accord. Accord|EDC TELP offers 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,” states James Jang, President of Accord’s small business division. “Empowering businesses owned by people representing all forms of diversity is a mission that Accord and EDC share in common,” adds Jang.
Accord|EDC TELP is supported by EDC’s Trade Expansion Lending Program (TELP); sharing credit risk with EDC allows Accord to offer simpler approvals, supporting a wider range of SMEs based on credit score. Since 2021 Accord has lent $250 million to more than 1,500 Canadian small businesses, supported by EDC’s Business Credit Availability Program (“BCAP”) Guarantee and Trade Recovery Guarantee (“TRG”). Accord|EDC TELP builds on this success, continuing to finance a diverse cross-section of the Canadian business community.
Simon Hitzig, President and CEO, commented, “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.”
“EDC’s longstanding partnerships with Canadian financial institutions are critical for delivering our working capital and financing solutions to small and medium-sized companies,” said Julie Pottier, Senior Vice-President of Small Business, Partnerships and Head of Insurance at EDC. “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.”
Accord|EDC TELP is aimed at companies selling raw materials, manufactured goods and services outside of Canada (direct exporters), companies supplying goods and services to exporters (indirect exporters), as well as companies with a defined export expansion plan ready for action (future exporters). As an exporting nation, thousands of Canadian companies are involved directly and indirectly in export-related activities. “Accord|EDC TELP fuels the supply chain, drives made-in-Canada economic growth, and helps maintain Canada’s place in the global economy,” added Jang.
About Accord Financial Corp.
Accord Financial is North America’s most dynamic commercial finance company providing fast, versatile financing solutions for companies in transition including asset- based lending, factoring, inventory finance, equipment leasing, trade finance and film/media finance. By leveraging our unique combination of financial strength, deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive.
Simon Hitzig, President & CEO
Accord Financial Corp.