Export Development Canada (EDC) today announced a CAD $3.5 M loan guarantee for Winnipeg-based Manitobah Mukluks, an Aboriginal-owned company that produces mukluks and moccasins suitable for urban environments.
The company used EDC’s Export Guarantee Program (EGP) to help secure the financing it needed to begin exporting internationally.
The EGP is a flexible, risk-sharing guarantee that EDC provides to the bank of an exporter. It assures the bank that a percentage of a loan it provides to an exporter will be repaid (EDC can guarantee up to 100 per cent of the loan).
With EDC sharing the risk, Canadian banks are often more willing to lend larger amounts to Canadian companies for their international business. This is especially important for small- to medium-size enterprises (SMEs) that need working capital to grow and meet the demands of new orders.
“This guarantee gives us the confidence we need to partner with customers outside of Canada,” said Sean McCormick, President of Manitobah Mukluks. “As an Aboriginal-owned company, our vision is to build a vibrant, global brand that has a significant impact in Aboriginal communities. Growing our export capacity allows us to share that vision globally.”
“This program is a difference maker for SMEs because it provides that extra boost they need to grow,” said Mairead Lavery, Senior Vice-President, Business Development, EDC.
“The EGP can be tailored to suit the needs of smaller companies, whether that’s getting financing to break into new markets, money to purchase equipment to take on new orders, or support for international investments,” Lavery added.
Read more about how Manitobah Mukluks is expanding through exports at Exportwise.
About Manitobah Mukluks
Manitobah Mukluks is an Aboriginal-owned, proudly Canadian company that produces mukluks and moccasins for modern wear. Every pair comes with a certificate of authenticity that outlines the role of Aboriginal-owned companies in Canada’s economic landscape. Their vision is to build a vibrant, global, brand that has a significant impact in Aboriginal communities.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.