Entrepreneurs interested in exporting their products or services are encouraged to attend a series of seminars taking place in the coming months. The program focuses on the services available to exporters and how Island entrepreneurs can benefit from such assistance.
Discussions in the first seminar will concentrate on the Progress Payment Program (PPP). PPP provides small and medium-sized businesses with access to preshipment financing (working capital) for export sales. The program is offered by Canadian financial institutions in partnership with the Canadian Commercial Corporation (CCC). It is being presented by the PEI Division of the Alliance of Manufacturers and Exporters.
PPP enables the exporter's bank to open a line of credit to Canadian companies whose projects are approved by the CCC. This approval is based on the exporter's ability to perform.
CCC is a federal crown corporation which offers exporters a wide range of services designed to help them conclude sales, particularly to customers in foreign governments and international organizations.
CCC receives numerous requests from foreign governments, international agencies and private sector buyers seeking quality sources of suppliers in Canada. As part of the service to Canadian exporters, these business opportunities are matched and forwarded to capable Canadian exporters identified from amongst those firms registered with CCC.
PPP also offers advice on international contracting, contract management expertise, and assistance with dispute resolution.
Masseau Refrigeration, an Island manufacturer of refrigeration equipment and components, recently used the services of the CCC. "They really helped out when we needed financing for a big contract last year," said Delcina Masseau, co-owner of Masseau Refrigeration. "We had the opportunity to export our products to Morocco but needed working capital to fill the order. This is when we approached the CCC and received a margin of credit to help in financing the deal. It was wonderful dealing with the CCC as we wouldn't have been able to take on the contract without their assistance."
Recently CCC has been involved with a number of other contracts as well: Nova Scotia's contract to raise trout for Japan; Newfoundland's contract to export squid; and, New Brunswick's contract to export housing materials to the USA.
The PPP seminar will take place on Friday, January 28 from 12:00 - 2:00 p.m. at the Charlottetown Hotel. Cost is $20 for Alliance members and $25 for non members and includes lunch. Anyone interested in attending the seminar is encouraged to contact Brian Stevens at the Alliance of Manufacturers & Exporters Canada, PEI Division (Tel: 902-629-1555).
The PPP seminar received support from the provincial government, through Prince Edward Island Business Development (PEIBD), the lead business development corporation for the province. Through its Trade and Export Division, PEIBD assists Island businesses in the development of export markets and the pursuit of specific export opportunities.