EDC — Credit Insurance
Last Update: January 24, 2025
Canada
Credit insurance against unpaid invoices
EDC — Credit Insurance at a glance
Eligible Funding
- No Condition
Timeline
- Open Date : November 14, 2019
Financing Type
Loans and Capital investments
Eligible Industries
- All industries
Grant Providers
- Export Development Canada (EDC)
- Government of Canada
Status
Open
Overview of the EDC — Credit Insurance program
Protect your profits and get covered for 90% of your insured losses if a customer doesn’t pay.
Eligible projects & activities
Examples of admissible projects:
$ 72,000
Open a community arts center to promote local artists and cultural activities
$ 67,500
Upgrade technology infrastructure to enhance operational efficiency and customer service
$ 90,000
Create a mobile health clinic to improve healthcare access in remote communities
$ 58,500
Establish a recycling program to reduce waste and promote environmental sustainability
$ 72,000
Launch an online education platform to provide accessible learning resources
$ 40,500
Develop a local organic farmers' market to support sustainable agriculture
Eligibility criteria of the EDC — Credit Insurance program
Short-term credit insurance is ideal for new or occasional exporters who are exploring new markets and relationships with a few customers. It offers fast and simple coverage exclusively online for transactions up to $500,000.
- You're a new or occasional exporter
- You're exploring new markets and relationships with a few customers
- You need fast and simple coverage exclusively online
- You need to insure transactions up to $500,000
Who is eligible?
Companies that can apply for this grant are exporters. The grant offers two types of credit insurance: 1. Select Credit Insurance: Ideal for new or occasional exporters who need short-term coverage and want to insure transactions up to $500,000. 2. Portfolio Credit Insurance: Designed for active exporters with consistent sales who want ongoing coverage and the ability to insure an unlimited number of customers.
Eligibility criteria of the EDC — Credit Insurance program
Short-term and portfolio credit insurance have different evaluation and selection criteria. Short-term coverage is ideal for new or occasional exporters with transactions up to $500,000, while portfolio credit insurance suits active exporters with consistent sales and the need for ongoing coverage.
- New or occasional exporter
- Transactions up to $500,000
- Exploring new markets
- Few customers
- Fast and simple coverage online
- Active exporter with consistent sales
- Insure an unlimited number of customers
- Flexible coverage with more policy options
- Cover pre-shipment costs in case of contract cancellation
How to apply to the EDC — Credit Insurance program
1
Determine the Appropriate Insurance Plan (Select Plan/Portfolio Credit Insurance)
Assess whether Select Credit Insurance or Portfolio Credit Insurance is more suitable for your business based on your export frequency, market exploration, and coverage needs.
2
Gather Necessary Information (Documentation)
- Collect details of the transactions you want to insure, including the amount, customer details, and any relevant contracts.
- Ensure you have financial statements or credit information if required.
3
Access Online Application Portal (Register/Login)
- Visit the insurance provider's website to access the online application portal.
- Create an account or log in if you already have an account.
4
Complete the Application Form (Fill Form)
- Fill in the necessary fields in the online application form with accurate details about your transactions and company information.
- Select the coverage details as per your determined needs from Step 1.
5
Submit Application (Submit)
- Review the information entered for accuracy.
- Submit your application through the online portal.
6
Confirmation of Submission (Receive Confirmation)
- Receive a confirmation email or message indicating that your application has been received.
- Keep this confirmation for your records and future reference.
Apply to this program
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