The Canadian Exporter:
A Canadian exporter and manufacturer of plastic for food packaging, pharmaceuticals, cosmetics and chemicals containers chose Elevate Export Finance to be its strategic finance partner. Based in Atlantic Canada, the exporter, a medium sized, privately owned company has a strategy to expand into Central and South America. This led them to a company in Ecuador that wished to purchase their equipment.
The Buyer:
The customer is based in Ecuador and is a seafood storage and logistics company that is used to support fresh food transportation. The exporter agreed to sell them its high-quality specialty containers to support distribution of shrimp, sea food and other food products globally.
The Challenge:
The buyer had the capital to make a 15% deposit to the exporter but did not have the required capital to make an outright purchase and pay the balance on shipment. The exporter did not want to take on the risk of separate payments and needed the buyer to secure the balance of the financing themselves.
Solution:
The exporter contacted Elevate and engaged them as their strategic finance partner. They explained their challenge to Elevate and the desire to close the sale quickly.
The exporter introduced Elevate to the buyer and Elevate moved quickly engage with them. They walked them through the offering, assisted in identifying the requirements to qualify for financing, and in less than 48hours, Elevate had structured finance terms and issued a quote in the form of an offer. With that, the exporter knew Elevate’s support would help them secure the sale and could move forward with their production schedules and confirmation of sale.
The Result:
Elevate’s team of integrated, international experts, created high degree of speed and efficiency. The team was able to quickly package, underwrite and obtain EDC approval. The customer was then able to have the customer sign the deal and win the sale. The preferred rate over a 3-year term provided to the buyer helped the exporter enter a new market and expand their export sales. The buyer had freed up capital and with access to Elevate’s finance options were able to make additional purchases from the exporter.
About Elevate Export Finance Corp:
Elevate Export Finance:
· We are the leading provider of advice and support to Canadian SMEs on the global stage, with ‘in-market service support in 13 different countries.
· The firm’s diverse team of finance experts, strategists, analysts and sales professionals has over 100 years of banking and international finance/trade expertise.
· We are a service delivery channel for EDC on customer financing for deals under $10MM