EDC earmarks CAD 750 M for Canadian SMEs in oil and gas sector
Calgary – Export Development Canada (EDC) announced it will make up to CAD 750M of financial capacity available to Canadian companies to help support the Canadian oil and gas sector (O&G) during this challenging time.
“The prolonged downturn in the price of oil has had a profound impact on Canada’s smaller supply and service companies,” said Mairead Lavery, Senior Vice-President, Business Development. “Our goal is to make sure that well-run companies have the financial tools they need to get through this downturn. We want them to be ready to take advantage of the turnaround when it happens.”
The focus of the CAD 750 M effort will be on SMEs, where the additional liquidity can be most effective in sustaining employment and strengthening the economy.
Particular emphasis will be put placed on helping companies making investments in four key areas: increasing a company’s productivity, infrastructure that will increase market access for resources, investing in new technology that can help diversify their products to different industries, and building the sector’s environmental sustainability.
Mark Senn, Regional Vice-President, Western Canada, will oversee the CAD 750 M envelope. “We know there are many smaller companies across Canada with solid fundamentals that are financially stressed, and those are the companies that we can really help to make it through this period of lower oil prices,” Senn said. “EDC is open for business in Canada’s O&G sector, and we want to help as many export-minded companies as we can.”
EDC products make it easier for Canadian companies to grow and diversify their international business. It does so through a range of solutions for both Canadian companies and their foreign customers, all designed to make it easier for both parties to do business with each other and to help grow Canadian trade overall.
Canadian companies in the O&G sector that are looking for commercial financial solutions are invited to contact Senn directly at firstname.lastname@example.org or 1-403-817-6704.
For more information, visit www.edc.ca.