EXPORT Development Canada (EDC) on Thursday announced a US$2 million loan for a subsidiary of Montreal-based GLV Inc. (GLV Group) to grow their operations in India, which is a strategic market for Canada, as outlined in the Government’s Global Market Action Plan, and is also a market of corporate priority for EDC.
GLV Group is a leading global provider of technological solutions for water treatment and pulp and paper production.
Its subsidiary, GL&V India, which produces equipment parts for the pulp and paper industry, was looking to expand and modernize its existing production unit and will be investing up to USD 2 million in new equipment.
Minister of International Trade Ed Fast said: “I congratulate GLV on taking advantage of the tools our government provides, such as EDC, to expand and modernize its production in India. Our government is committed to further strengthening our trade and investment relationship with India as part of our pro-trade plan to create jobs, growth and long term prosperity.”
“EDC really believes in GLV’s approach, and we wanted to make sure that we provided the right kind of financial tools to make their foreign investment plans happen,” said Carl Burlock, Senior Vice-President, Financing and Investments, EDC. “The real value for GLV was our ability to customize a financial structure that made sense for them, at this point in their growth plan, and to do so within their tight deadline constraints.”
EDC is Canada’s leading provider of financing, insurance and bonding for Canadian companies of all sizes that do business outside of Canada.
“Medium-sized companies like GLV are looking for flexible financing solutions that can help drive their international business growth,” Burlock added. “EDC’s approach is to help fuel that growth to help companies like GLV graduate into large Canadian trade champions.”
More than 5,500 small- and medium-sized Canadian companies used EDC’s services in 2013 to undertake more than CAD 11.6 billion in international sales and investments.
EDC has 17 offices across Canada to answer any questions that Canadian companies may have about how to grow their international sales, or how to make that first export sale.