EDC increasing financial capacity to support Canadian oil and gas companies
OTTAWA, April 17, 2020 (GLOBE NEWSWIRE) — As part of a Team Canada response to the COVID-19 crisis, the Government of Canada, through Export Development Canada (EDC) and the Business Development Bank of Canada (BDC), will make available added financial capacity to help support Canada’s oil and gas sector.
The commercial support, to be provided through EDC and BDC, is intended to help Canada’s exploration and production, mid-stream, and oil-field companies navigate these uncertain times. The support is aimed at helping bring liquidity into the market in order to manage the challenges companies are facing due to the global pandemic and decline in oil prices.“EDC recognizes the considerable strain on Canada’s oil and gas sector that is resulting from the economic impact of this global pandemic and other market-based conditions. We will support Canada’s energy sector during these incredibly challenging times. In doing so, we are supporting the hundreds of thousands of Canadians who work in this sector and their families,” said Carl Burlock, Chief Business Officer, EDC. As part of the Government of Canada’s economic response plan, EDC will increase its financial capacity over 12 months to support Canada’s oil and gas sector. This business support will be provided through EDC’s lending, bonding and accounts receivable insurance products. For those wishing to access support, they are encouraged to reach out to their financial institution for more information.“As an important driver of the Canadian economy, it’s important that we do our part to support Canada’s oil and gas companies during the crisis. This is part of our commitment to support Canadian companies of all sizes, in every sector. EDC will continue to work with our government and financial industry partners to be responsive to the needs of Canadian companies during these challenging times,” said Burlock.This support for qualifying Canadian oil and gas companies is in addition to other EDC and BDC programs that companies can access through their financial institutions such as financial solutions under the Business Credit Availability Program (BCAP) and interest-free loans for small businesses and not-for-profits available under Canada Emergency Business Account (CEBA). The BCAP and CEBA relief programs are focused on providing much needed liquidity to small- and medium-sized companies.EDC and BDC, both of which are financially sustainable Crown corporations, are working together to respond to the needs of Canadian companies during the COVID-19 pandemic. Working in partnership with the Government of Canada and private and public sector partners, they are using each other’s strengths and products and services to help Canadian businesses navigate these extraordinary times. Together, they will help provide emergency economic relief to mitigate the economic impact on Canadian businesses. To further 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.Customer Support/Access to information New to EDC and seeking more information? Please call 1-800-229-0575 or tell us how we can help here.Current EDC customers needing working capital, insurance products, and financial solutions should contact their account manager.Existing customers needing any assistance with online portals should contact 1-866-716-7201 and firstname.lastname@example.org.If you require additional support or are seeking more information, you can visit the Government of Canada website Resources for Canadian Businesses for the latest updates on relief measures available to Canadian businesses. About EDCExport 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.For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.Media ContactMedia
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