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TORONTO, July 13, 2020 /CNW/ - Accord Financial Corp. (TSX – ACD) Accord Financial Corp. ("Accord Financial") today announced the launch of its participation in the Export Development Canada (EDC) Business Credit Availability Program (BCAP) Guarantee. The EDC BCAP Guarantee provides eligible small and medium sized companies with loans of up to $6.25 million.
"Accord and its subsidiaries have a long history of cooperation with EDC. The strong relationships built over decades were the catalyst for this new partnership," said Simon Hitzig, President and CEO of Accord Financial.
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"Entrepreneurs drive the Canadian economy, and since 1978 Accord has simplified access to capital to help companies thrive. With this program, Accord's clients can now access additional liquidity to fund operations and manage through this difficult time", said Cynthia Aboud, Senior Vice President of subsidiary Accord Financial Inc.
To help Canadian companies, the EDC BCAP Guarantee is available not only to exporters but also those with only domestic business. Eighty percent (80%) of the loan will be guaranteed by EDC and the guarantee fee of 1.8% will be deferred for the first 6 months. After the initial term of one year, a BCAP loan can be renewed for up to a total of 5 years.
"This program is a terrific tool to help companies weather the storm, and keep our economy moving forward. We're proud to offer it," added Hitzig.
Accord's existing clients can work with their Account Managers to determine their eligibility for the program.
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For more details on how to become an Accord client, companies are invited to email financing@accordfinancial.com or call 1 844 932 9940.
About Accord Financial Corp.
Accord Financial Corp., founded in 1978, is one of North America's leading independent finance companies. Serving clients throughout the United States and Canada, Accord's flexible finance programs cover the full spectrum of asset-based lending, including factoring, receivables finance, inventory finance, equipment finance, trade finance and film/media finance. For 42 years, Accord has simplified access to capital, helping businesses seize opportunity and drive success.
About EDC
Export 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. To 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.
SOURCE Accord Financial Corp.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.