Mentor Works cohosts regular workshops along with Export Development Canada (EDC) to educate small- and mid-sized businesses of government funding opportunities, as well as services offered by Export Development Canada that aim to help SMEs looking to enter or expand into international markets. Jane Daly recently wrote about a Canadian manufacturer that successfully expanded into the US market with the help of EDC’s services, titled: Skjodt-Barrett Foods: Big Appetite for U.S. Market
The Ontario-based company that brought pouched-baby food to North America
Skjodt-Barrett Foods, is the Ontario-based company that brought “pouched baby foods” to North America. In the event you have walked down the baby food isle over the last year, you might not be surprised to know that the company has experienced triple-digit growth over the last few years. For close to 30 years the company has been co-manufacturing food and packaged products with some of the biggest names in food and bakery. In order to meet burgeoning demand from consumers, Skjodt-Barrett needed to be closer to its consumers –and that meant opening a new facility in the United States.
Solving the financing squeeze
After being turned down by their bank, Skjodt-Barrett called on EDC’s finance team to help make their foreign facility a reality. Robert Sanders, Senior Account Manager for EDC, worked with EDC’s finance team to help Skjodt-Barrett’s firm wrap up their plans to open up shop in the US. “We worked out a deal in which we would lend Skjodt-Barrett $8 million to buy the equipment to get the new facility up and running, and this risk-sharing gave RBC the assurance it needed to provide the rest,” said Sanders. EDC also helped Skjodt-Barrett double its RBC line of credit by guaranteeing 50 per cent of the new line.
Learn More about Mentor Works and EDC by Attending a Complimentary Workshop
Mentor Works is proud to offer joint informational workshops for small and mid-sized firms looking to grow and/or expand into international markets. Check out a list of offline and online events listed on Mentor Works’ Event Page. Also subscribe to Mentor Works’ Canadian government funding weekly e-newsletter to stay on top of all happenings in the world of government funding.