For Immediate release: Elevate Export Finance Corp., a Canadian-based lender which provides funding to foreign buyers of Canadian manufactured goods is pleased to announce our first transaction in Ecuador: a 1MM USD loan to an Ecuadorian firm to support their purchase of machinery produced by Bolton based Husky Injection Molding Systems and Mississauga based Delmo Molds Inc.
The coordination and flexibility of paring two exporters into one seamless transaction separates Elevate from other export financing groups. The buyer in Ecuador was able to procure state of the art machinery from Canadian exporters while only having to deal with one financing partner.
Duncan Munn, Founder and Chair of Elevate said “We are excited about this announcement for many reasons. I am proud of the team and how they were able to provide a flexible financing package and their ability to support Canadian companies as they grow their export sales. Export financing is a perfect fit for foreign buyers who want to acquire leading-edge machinery from Canadian manufacturers.”
A small but undeserved market, Ecuador imported approximately 250 Million CAD of merchandise from Canada last year. With the victory of President Lenin Moreno, the commercial environment is expected to see gradual improvements with an increasingly transparent and collaborative approach to foreign investment and trade. Ecuador presents another small but quickly growing economy for Canadian exporters continually looking to diversify from its existing export base.
Francisco Garcia., Elevate’s EVP added: “It was our pleasure to assist in this coordinated effort. We are focused on helping exporters grow with a tailored solution unique to each opportunity. If you are an exporter, and you need help closing the deal, give us a call.”
Elevate would like to congratulate both Delmo Molds and Husky on this important transaction which demonstrates once again that Canada can compete effectively in the global market.
About Elevate:
Elevate, a Canadian-based lender has partnered with Export Development Canada (EDC) and financial institutions to provide the customers of Canadian small and medium-sized businesses with structured finance solutions. We lend to foreign buyers of Canadian Exporters to help support Canadian Export Success.
For More Information Contact
Ed Walsh, President ewalsh@elevatefinance.ca (416) 735-9480
Francisco Garcia, EVP and Chief BDO fgarcia@elevatefinance.ca (604) 375-7146