EDC says increasing access to capital will help address some of the chronic liquidity shortfalls faced by these businessesClick image to enlargeExport Development Canada (EDC) has committed $200 million in equity support and set new 2023 targets to help create more opportunities for women, Indigenous and minority owned and led export businesses by addressing one of their main barriers to growth.

EDC’s Inclusive Trade Investments Program seeks provide equity capital to Canadian exporting businesses owned or led by women, Indigenous Peoples, Black Canadians, people of colour, members of the LGBTQ2+ community and those with mixed abilities. As an extension to EDC’s original Women in Trade Investments Program (WITIP), the expanded commitment has doubled its support and extends it to a more diverse and underrepresented demographic.

2023 Women in Trade targets:

  • Increase to 2,000 customers served, from 1,052 in 2020
  • Increase to $6 billion in trade facilitated, from $2.83 billion in 2020

2023 Indigenous Business targets:

  • Increase to 400 customers served, from 77 in 2020
  • Increase to $650 million in trade facilitated, from $119.3 million in 2020

“The scope of our support has progressed from its initial focus on women, to now include Indigenous owned and led businesses, and we’re firmly committed to continually evolving our approach to reach even more diverse Canadian business owners,” said EDC’s Director of Inclusive Trade Jennifer Cooke. “The goal of our inclusive trade strategy – and this program at its centre – is to work towards improved access to EDC financial and knowledge solutions, so all Canadian export businesses can realize their international growth potential.”

EDC says increasing access to capital will help address some of the chronic liquidity shortfalls faced by these businesses, while providing funds to help Canada pursue its export objectives.

“We believe it’s more important than ever to increase our support for diverse-owned and -led businesses to help level the playing field by improving access to capital,” said EDC’s President and CEO Mairead Lavery.  “Not only have these businesses been disproportionately affected by the COVID-19 pandemic, but they have faced - and continue to face - systemic discrimination and unjust hurdles in society and business. This has reinforced our need to double-down and accelerate our support to these important contributors to the Canadian economy and our communities.”

$3 M for Windsor automotive manufacturers

Two Windsor manufacturers are the latest recipients in a recent slew of funding announcements by the Federal government. Newmak of Canada Corp. in partnership with Arbec Tool and Machine Ltd., both based in Windsor, ON, have received funding of up to $3 million to support development of stronger engine blocks made of lightweight aluminum.

Weiner schnitzel, beer and metal fabricating

TRUMPF holds biggest industry event in its history at German headquarters

By Mary Scianna

Given the economic upheaval the global manufacturing sector has witnessed in recent years and the continued uncertainty about a rebound, you would not expect to see much interest among manufacturers for investment in new technologies.

Fanar joins Seco Tools

Effective November 2, 2021 the Polish company Fabryka Narzędzi FANAR S.A. (Fanar), a manufacturer of solid round tools, has become part of the offering from Seco Tools.

Full scale Avro Arrow debuts at CMTS

The world's only full scale, one-to-one metal replica of Canada's Avro Arrow RL-203, will be on display at the Canadian Manufacturing Technology Show (CMTS), which runs September 30 to October 3 at The International Centre, Mississauga, ON.

Bystronic breaks ground on Chicago Experience Center

Bystronic has officially launched construction of its new Experience Center and corporate headquarters.

TRUMPF Group acquires UK fiber laser firm

SPI Lasers, a member of the TRUMPF Group, is acquiring UK-based JK Lasers, a manufacturer of high power fiber lasers.

Learning about laser cutting and welding

Ontario fabricators interested in laser technology attended a TRUMPF seminar on October 8 to learn about laser cutting and laser welding.

Bystronic Canada appoints new direct sales engineer

Bystronic Canada has appointed David Golls as direct sales engineer for Alberta and British Columbia.

Loonie steadies, wholesale trade boosts economy

After declining last week against the U.S. dollar, the Canadian dollar steadied this week as wholesale trade provided an added boost to the numbers.

Job growth rebounds, housing starts slip in January: RBC

Canadian employment growth rebounded in January after slowing over the first half of 2018.

Platinum reps Henninger Speed Increasers in NA

Platinum Tooling is now importing and distributing Henninger Speed Increasers for the North American market.

100,000 Toyoda hybrids sold in Canada

Toyoda Canada has sold 100,000 hybrids in Canada, a milestone for the company.

Rego-Fix partners with Belder Tool in Ontario

Rego-Fix Tool Corp., Indianapolis, IN, has partnered with Belder Tool Solutions, a firm of manufacturers' representatives in Hamilton, ON.

WATCH: Canadian economic momentum to increase in 2019: RBC

Despite recent discouraging signs, the Canadian economy is likely to grow faster later this year, according to an RBC economist.

CWB launches national welding program

The Canadian Welding Bureau Group (CWB Group) has launched a national welding program to standardize welding education in Canada and help to fill the skilled trades gap by developing a new generation of highly skilled welders.

Stay In Touch

twitter facebook linkedIn