In the first quarter of 2009, EDC took on more than 700 new customers and supported $17.4 billion, nearly $1 billion more than the same period last year, for about $275 million in new business every business day. EDC also facilitated more than 500 transactions in partnership with banks and surety companies.
With the new powers in place, EDC has already begun to provide domestic financing in the form of lending and guarantees to support Canadian export companies unable to obtain sufficient capacity from the private market.
Through the Business Credit Availability Program, BDC’s increased lending activities are helping businesses through the credit crunch and giving them the means to continue to prosper and grow.