Insurance offerings and a direct loan help Vive Crop Production grow its customer base
EDC announced today that it signed a $1 million direct loan to support Vive Crop Protection, an innovative Canadian agriculture company using clean technology to improve crop quality and maximize yield while minimizing environmental impact.
Ontario-based Vive developed a ground-breaking technology that disperses agricultural pesticides and herbicides more efficiently to help farmers do more with less.
“Our farmer customers are excited about these new products. At Vive, we’re proud that our technology allows farmers to see maximized yields and greater sustainability while saving time and money,” said Vive CEO, Keith Thomas. “This support from EDC will enable Vive to further expand its market while addressing the growing demand for clean and innovative technology in the agriculture sector.”
Using EDC’s insurance products, Vive was able to leverage its insured receivables to win a contract with a large U.S. distributor. It is using EDC’s $1 million working capital loan to cover the cost of meeting the order.
Since 2012, supporting Canadian cleantech companies grow their businesses internationally has been a top priority for EDC, which has a dedicated team focused on understanding the industry’s needs and delivering the right solutions for them.
“Last year EDC posted a record CAD $1.5 billion in support of cleantech business. Canada is one of the leading innovators in the sector, and we are committed to helping our companies grow beyond our borders,” said Carl Burlock, Senior Vice President, Financing and International Growth Capital at Export Development Canada. “Vive is a great example of the type of innovation EDC is committed to supporting.”
Vive creates new ways to use trusted products using the Allosperse® Delivery System. Allosperse improves the targeting and performance of pesticide active ingredients. This helps farmers do more with less, reducing the burden agricultural practices have on the environment, all while increasing crop quality and yields. Vive works with global partners that want to bring better crop protection products to growers around the world. For more information, see www.vivecrop.com.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.