OTTAWA, ONTARIO--(Marketwire - March 4, 2013) - Canadian Manufacturers & Exporters (CME), the country's largest trade and industry association, and Export Development Canada (EDC), Canada's export credit agency, announced today a new strategic partnership that will promote the use of credit insurance.
Credit insurance helps companies grow their sales by protecting them from not being paid. This risk mitigation tool may allow small- and medium-sized companies to offer better payment terms to their clients, and increase their working capital so that they can take on more business.
"The global economy has changed, and Canadian manufacturers must actively explore new markets to compete and grow," explains CME President & CEO, Jayson Myers. "But that reality comes with an element of risk, and securing the right type of insurance can be the difference between expanding your business and going out of business."
Under this partnership, the policy acceptance fee associated with EDC's new credit insurance applications will be waived for CME members. Current policyholders may also qualify to receive a credit towards their annual renewal. In doing so, EDC will improve access to a valuable resource for Canadian companies.
"Credit insurance is a standard business practice for companies in Europe, for example, which gives them a competitive edge in the types of payments terms they can offer their customers," says EDC President & CEO, Stephen Poloz. "We want to level the playing field by encouraging CME members to use credit insurance to protect against a variety of commercial risks and to increase their international sales."
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business.
EDC's knowledge and partnerships are used by more than 7,700 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
Canadian Manufacturers & Exporters (CME) is the country's largest trade and industry association, and the voice of manufacturing and global business in Canada. Founded in 1871, CME directly represents more than 10,000 leading companies nationwide, and - through various initiatives, such as the establishment the Canadian Manufacturing Coalition - touches more than 100,000 companies coast-to-coast engaged in manufacturing, international trade and service-related industries. Approximately 85 per cent of CME's members are small and medium-sized businesses. Its membership network accounts for an estimated 82 per cent of Canada's total manufacturing production and 90 per cent of its goods and services exports.