EDC beefs up Women in Trade program
The export credit agency will increase support available through the program to $100 million, up from $50 million in 2019
Effective immediately, EDC has established three new commitments of support:
- Facilitate $2 billion in trade by 2023 – eight times more than the $250 million target set in 2018;
- Serve 1,000 unique customers by 2023, up from 381 since 2018; and
- Increase support available through the Women in Trade investments program to $100 million, up from $50 million in 2019.
“We need to encourage women to take bold steps internationally,” said Mairead Lavery, president and CEO of EDC, in a prepared statement. “With our new targets and financial support, EDC will work alongside women entrepreneurs who are breaking down barriers and growing internationally.”
EDC cites research that shows advancing women’s economic equality has the potential to add $150 billion in incremental GDP by 2026.
As of today, only 11% of Canadian women-owned businesses are exporting, according to EDC.
“Our government will always support women entrepreneurs and business owners because not only is it the right thing to do – it is the smart thing to do,” said Mary Ng, minister of Small Business, Export Promotion and International Trade.