Thinking of expanding to the U.S.? We often encourage companies to think about cross border expansion as a “team sport”. While Invest Buffalo Niagara (InBN) provides a variety of services, a successful expansion to the U.S. often requires assistance from partners on both sides of the border.
A great team member for Canadian businesses considering expansion to the U.S. is Export Development Canada (EDC). EDC is a Canadian Crown corporation that provides financial services and support to Canadian companies looking to expand their business into international markets. EDC focuses their assistance on a few key areas: financial assistance, risk management, and trade expertise.
Financial Assistance: EDC provides a range of financial products to support Canadian businesses as they enter the U.S. market. This includes loans, loan guarantees, and export credit insurance. EDC's financial products are designed to help companies manage the risks associated with international trade, such as currency fluctuations and payment default. By leveraging EDC's financial products, Canadian businesses can expand to the U.S. with greater confidence, knowing that they have a partner to help mitigate their risks. And when U.S. banks can be timid with approaching new Canadian businesses in the states, EDC can be an important resource.
Risk Management: EDC offers market intelligence and risk assessments. EDC's market intelligence services provide Canadian businesses with an understanding of the U.S. market, including regulatory requirements, market trends, and potential customers. This information helps Canadian companies make informed decisions about expanding into the U.S. and helps to reduce the risks associated with international trade.
Trade Expertise: EDC helps Canadian businesses identify opportunities in the U.S. market, connecting them with U.S. customers and suppliers and providing guidance on customs and trade regulations. EDC's trade experts have a deep understanding of the U.S. market and can help Canadian businesses navigate the complexities of international trade.
In addition to these services, EDC also provides Canadian businesses with access to a network of international partners and investors. This network can help Canadian businesses find the resources and support they need to succeed in the U.S. market.
Whether you are a small business just starting to explore the U.S. market or a larger company looking to expand your presence, building out your international expansion team is key. Finding experts to simplify the business expansion to the U.S. process will allow you time to focus on your company and set a solid foundation for your growing business!
For more information about EDC, please contact Chris Bennett at cbennett@edc.ca.
