Invest in Our Province

Purpose
The Pre-Shipment Financing Program is a partnership between the province’s Business Investment Corporation (BIC) and Export Development Canada (EDC) to provide new and expanding small businesses with access to loans for working capital or for the acquisition of fixed assets needed to complete export contracts (i.e.contracts to supply goods or services outside of Canada). EDC provides a risk-sharing guarantee to BIC, which in turn provides a pre-shipment loan, with a view to assisting businesses in their efforts to open new markets and thus expand their businesses.

Who Can Apply
Although all small and medium-sized businesses located and operating in Newfoundland and Labrador, including corporations, co-operatives and other similar structures, are eligible to apply, the program will target strategic growth sectors, such as manufacturing, information technology, secondary processing, aquaculture, bio-tech, marine services, knowledge-based industries and agrifoods.

Available Funding
The program may provide assistance up to $250,000 in the form of an interest-bearing loan with all normal security taken for working capital financing including an assignment of the credit insurance. If approved, the loan will not be disbursed until the applicant provides written confirmation of EDC Credit Insurance along with a signed assignment of the insurance to BIC.

How To Apply
Concurrent with an application for Credit Insurance, which may be obtained by contacting EDC at 1-888-332-3777 or at www.edc.ca., eligible exporters should contact any office of the Department of Innovation, Trade and Rural Development. For assistance call 1-800-563-2299 or the departmental office closest to you.