Alberta’s provincial ag lending agency and the federal government’s export development agency have formally agreed to work together on moving more Alberta production to export markets.
Alberta’s Agriculture Financial Services Corporation (AFSC) and Export Development Canada (EDC) already have an established working alliance, the province said in a release Friday.
But a memorandum of understanding signed by AFSC and EDC is expected to offer Alberta exporters more support, by:
- improving access to financing to buy new equipment;
- boosting export sales; and
- providing access to working capital to fulfill specific export orders.
“In our current economic climate, there are businesses struggling to access credit to help establish or grow their operation,” said Rick Bell, AFSC’s vice-president of lending, in the province’s release. “This agreement gives Alberta’s exporters, and our provincial economy, a boost forward.”
Both AFSC and EDC mandates focus on supporting Alberta’s business community, particularly small to medium-sized operations, the province noted.
AFSC’s lending division focuses on support for Alberta’s businesses, including exporters, in growing and sustaining their operations. EDC, Canada’s official export credit agency, is meant to support and develop Canada’s export trade and Canadians’ capacity to engage in international trade and respond to international business opportunities.
“This agreement formalizes a long standing partnership that will create greater support for Alberta’s exporters by complementing the service offerings of AFSC and the private sector in general,” said Linda Niro, EDC’s regional vice-president for Western Canada, in the province’s release.