Feds offer financial assistance for C-TPAT compliance

OTTAWA — Export Development Canada is offering trucking carriers and shippers a Security Compliance Loan to help Canadian companies finance the upgrades required to meet upgraded security standards for C-TPAT.

EDC provides a term loan for up to $150,000 to finance the costs related to becoming C-TPAT compliant. The loan can be for up to 85 percent of the specific costs identified. Up to $5,000 of the fees may be associated with a security gap analysis. Generally, loans will be unsecured with a 3 year repayment term.

Once companies establish their creditworthiness, EDC will offer the choice of a fixed or a floating rate of interest. Other than the interest which is payable quarterly, EDC will not charge any other fee.

To apply, the company must be registered as Canadian; be an Importer of Record into the U.S.; have been in business for at least 3 years; and agree to work with an EDC-approved advisory service to conduct a security gap analysis required as part of the loan application.

For more info on Security Compliance Loan call 1-866-283-2957 or go to www.edc.ca/english/financing_security_compliance.htm.