EDC financing to Markham back new deal in Saudi
OREGON, March 3, 2016
Export Development Canada (EDC), a trade finance agency, has launched a 500,000 Canadian dollar ($371,927) in financing for Markham-based Tower Solutions to help manage the costs of delivering on a new contract in Saudi Arabia.
Tower Solutions is a small- to medium-sized enterprise (SME) that specialises in the design, engineering, and installation of portable towers used for emergency power line maintenance, said a statement.
The company has developed unique technology that makes the towers especially effective in desert conditions, making the Middle East a key market for future growth, it said.
Ciro Pasani, chief executive officer, Tower Solutions, said: "Given how adaptable and uniquely engineered our product is, we see huge potential for expanding our global footprint.
"As a SME, the challenge is getting the financing we need to take on new international contracts, and also finding the right partner that can help us penetrate new markets and find the right opportunities. EDC has been able to help us on both counts."
In addition to supporting Tower Solutions' expansion into the Middle East, EDC's local representatives in India and Colombia were able to help Tower Solutions find opportunities with major buyers in those markets.
With EDC backing Tower Solutions financially, prospective buyers can be confident that the SME has the financial support necessary to deliver on large contracts.
Mairead Lavery, senior vice-president, Business Development, said: "It can be hard for a small business to get initial financing to expand its footprint.
"EDC's goal is to make exporting as easy as possible, because small companies have more time to spend on productive areas of their business when they're not worried about financing or risk."
"In the case of Tower Solutions, we see considerable potential for the company to grow given their unique product, and how innovative and adaptable they've shown themselves to be," he added. - TradeArabia News Service
