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The Approval Process
The Bank will provide EDC with the following information:
- all information and documentation required by EDC in the Bank's application (see below); and
- a final executed copy of the Bank's offer to finance.
Once EDC has received the above and is satisfied with the risk of the transaction as analyzed in the Bank's credit review, EDC would issue an approval to the Bank under the master guarantee agreement signed between EDC and Scotiabank, usually within seven days of receiving the Bank's application. Application
There is no formal application document as the information EDC requires will be mostly covered in the Bank's credit review.
The information EDC requires is as follows:
- Borrower’s name, address, phone and fax numbers, contact person;
- Description of the Borrower’s business;
- Copy of the commercial contract;
- Exporter's financial statements;
- Bank’s credit review of the Borrower, including:
- risk rating of the Borrower
- key financial ratios and analysis of the Borrower’s financial statements
- assessment of technical capabilities of Borrower;
- relevant history of the Borrower; and
- Bank's offer to finance or loan agreement.
Project Progress Report
The Borrower may be required to provide regular reports to the Bank regarding progress in producing and delivering the products and services specified under the export contract. The reporting schedule will be determined by the Bank and the Borrower. EDC may request copies of such reports from the Bank.
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