The challenge
When Halifax-based Clearwater Seafoods first charted its course for business back in 1976, it quickly recognized the value in exporting their high-quality shellfish to foreign markets.
But as an entrepreneurial company starting out with two partners and a pickup truck, Clearwater needed guidance and support to reel in foreign customers and help their business grow.
EDC can help guide your decisions in the international marketplace. And when you’re new to the international marketplace, you need all the support you can get.
How EDC helped
Chairman and CEO Colin MacDonald adds that having the insurance and knowing the creditworthiness of their customers not only helped him to sleep at night, but also his lenders, ensuring the company had the cash flow to grow.
EDC helped us grow and build our reputation internationally. We have used EDC since the late 1970s for accounts receivable insurance in our foreign markets.
“In 2009, EDC also stepped in to help us with our long-term debt – providing $20 million of a $60 million financing syndication led by GE Capital, along with BDC and the Nova Scotia government,” he says.
The result
Today, Clearwater Seafoods is one of the world’s largest vertically-integrated seafood companies with over 1,900 employees in offices, plants and vessels across the globe.
The Canadian company operates from ocean-to-plate, owning its own fishing quotas, vessels and processing facilities, while also providing delivery to its customers worldwide. Clearwater is recognized globally for its superior quality, food safety and diversity of premium wild-caught seafood.
EDC service used
Credit insurance
EDC Portfolio Credit Insurance is a solution that’s ideal if you’re looking to insure your business against non-payment.
It covers up to 90% of losses should your customer not pay, due to circumstances such as bankruptcy, payment default, market hostilities or currency conversion or transfer.
