New Financing Service Helps Nova Scotia’s Exporter

Mar 9, 2004

SYDNEY, N.S. — Nova Scotia Business Inc. (NSBI), Maple Trade Finance Inc., and Export Development Corporation (EDC) announced today they will join forces to offer a new export financing service that will provide Nova Scotia exporters with faster and increased access to export financing.

The service - Export Receivable Financing - allows Nova Scotia’s exporters the ability to better manage their cash flow, offer extended terms to their buyers, and frees capital to help finance additional sales. The announcement was made today at an export information session in Sydney.

“As the first point of contact for business in Nova Scotia, we’re pleased to partner with Maple Trade and EDC to offer this new service to our export clients,” said Stephen Lund, President and CEO, NSBI. “Export Receivable Financing has been difficult for Nova Scotia companies to access in the past and we believe this service offering will provide an opportunity to foster new exporting growth in Nova Scotia’s small-to-medium sized businesses.”

Exporters approved for Receivable Financing assign or sell trade receivables to Maple Trade in exchange for cash up front. Maple Trade Finance provides the client with 80 per cent of the invoice amount within 48 hours of the exporter’s buyer receiving the product. The invoice then becomes payable to Maple Trade Finance Inc. Once payment is received in full, the remaining 20 per cent of the invoice, less interest and fees, is payed to the exporter.

To be eligible for Export Receivable Financing, the client must be a Canadian-based company that exports products or services with more than 50 per cent Canadian content. Approved companies must have annual sales greater than $500,000 and must have EDC’s Receivable Insurance on invoices they wish to claim. The insurance covers 90 per cent of losses if the exporters buyer does not pay for good or services received.

“We are pleased to partner with NSBI and EDC in delivering this service,” said Carole-Ann Miller, President of Maple Trade Finance. “Our service provides Canadian exporters who wish to expand their export sales with a means of better managing their cash flow. As a finance partner, we work with our clients to provide superior customer service while making every effort to accommodate our clients factoring needs.”

“EDC is pleased to be a value added partner in this new initiative as our role is to help mitigate foreign market risk,” said David Surrette, Regional Vice President, Atlantic Canada. “Access to working capital is a key concern of Nova Scotia exporters and this new service will address this issue, and at the same time transfer the risk of non-payment to EDC, enabling Nova Scotia exporters to offer their buyers longer and more competitive payment terms.”

Nova Scotia exporters interested in Receivable Financing can contact Maple Trade Finance Inc. directly by phone at 902.444.5566 or by e-mail at For more information on Maple Trade Finance Inc., please visit

For enquiries related to EDC Export Receivable Insurance and for information on how to submit an application for insurance, contact EDC directly at 902.442.5202 or visit

Nova Scotia Business Inc. is the province’s business development agency, an organization that works with companies to provide business solutions. The private sector-led agency works to attract new businesses to the province and help those already in Nova Scotia expand through services such as export development and financing.