Committee Chair Easter, thank you for that welcome. Thank you for the opportunity to speak with you today.
Export Development Canada is uniquely placed to understand the struggles of so many Canadian businesses today. We're privileged to be positioned so that we can make a real difference helping Canada through this crisis.
I'd like to use the next few minutes to help you understand more about what EDC has been doing to help and to describe some of the tools we're employing to help thousands of Canadian companies survive this crisis, be ready for the recovery and return to growth when that happens.
EDC is Canada's export credit agency. In 2019, we served almost 17,000 customers, close to 90% of these being small and medium-sized Canadian companies. We've helped facilitate $102 billion in Canadian business in 147 countries around the world, thus contributing to about half a million Canadian jobs.
Our business, the business of EDC, operates on commercial terms. That is to say, we do not provide grants or subsidies. At the heart of our business is risk management. Our core product offering is a set of financial solutions and knowledge products that give Canadian exporters of all sizes, their supply chains and their bankers the confidence to move forward with international sales.
EDC can insure exporters, for example, against a foreign customer's failure to pay. Our bonding and loan guarantees are another form of risk management, giving financial institutions the confidence they need to furnish exporters with working capital or to secure the cash flow necessary to pursue international opportunities. Another way EDC helps is by direct financing of deals and international projects.
It's also worth noting that a large portion of our business is delivered in partnership with Canada's financial institutions and private insurers. In this regard, EDC is a public sector partner for private sector growth, promoting the success of thousands of Canadian exporters.
That's EDC's role under normal circumstances, but today is far from normal. EDC is proud to be part of the Government of Canada's response to the pandemic and its economic consequences. Our 1,700 employees—all working from home—are working hard to find new ways to serve Canadian companies. We have been helped in this by Parliament's decision to grant EDC an expanded mandate, which has freed EDC to leverage its full suite of tools in support of non-exporting companies.
Our immediate reaction to the current crisis has been to help our existing customers first, implementing payment deferrals for our financial programs, dispersing liquidity under previously negotiated credit facilities, and paying insurance claims in advance of waiting periods. We have also made our solutions more accessible and expanded our risk appetite, and we continue to be agile to the needs of Canadian companies.
Our knowledge products have also provided much-needed guidance during the crisis. Three COVID-19-related webinars attracted more than 10,000 registrants and over 60,000 visits to EDC's web page. We have also contributed to another 23 virtual events with industry associations and partners, sharing with them details of available programs, and we have produced a web-based triage tool to point Canadian companies to COVID-19 resources across government.
Beyond our core business line, EDC has also collaborated in the design and delivery of two new team Canada programs, the business credit availability program, or BCAP, and the Canada emergency business account, CEBA.
EDC currently offers two forms of BCAP financing guarantees. In simple terms, a guarantee is a promise made by EDC to a company's bank, co-op or credit union to repay all or a large portion of that institution's loan to a Canadian company. EDC's BCAP guarantee, launched in late March, is geared primarily to small and medium-sized companies, supporting loans to a maximum of $6.25 million, with a guarantee of 80%.
Our second guarantee is called the mid-market guarantee and financing program. It offers expanded support for medium-sized businesses, companies earning revenues of between $50 million and $300 million, and supports loans in the $16-million to $80-million range with a guarantee of 75%.
Our first BCAP guarantee was designed to get liquidity quickly to smaller companies with limited financing sources. While the initial uptake has been slower than anticipated, the pipeline is significant, and we anticipate greater demand through the summer and into the fall. EDC is now working with more than 120 commercial financial institutions across Canada to deliver this program.
Early feedback from customers and bankers shows a common theme. Small business owners today are reluctant to take on additional debt. This is primarily due to the uncertainty of the timing and nature of the recovery. They have, however, signalled more openness to the program when their future costs and customers are better understood.
With this feedback, we have changed the tenor of the guarantee from the initial two years to five years, to provide to Canadian companies a longer repayment horizon. This appears to have worked. Our banking partners are currently processing more than 400 loans with supporting EDC guarantees. We will continue, of course, to monitor the program and its parameters.
EDC also helps to deliver the Canada emergency business account. Our role in CEBA is a supporting one, working with Canadian financial institutions by providing funding, validation checks and administration. Since its launch, the enhanced and expanded program has delivered over $26 billion through 233 financial institutions, providing essential liquidity to more than 660,000 companies.
While the BCAP and CEBA programs remain our priority, our core business offerings continue to have an important impact for Canadian companies. Our accounts receivable credit insurance is helping companies remain competitive, giving them access to working capital without taking on additional debt. From March to May of this year, EDC signed 218 new policies, with another 215 policies pending, compared to 99 policies in the same period last year. This represents a fourfold increase, and an increase in just eight weeks of more than $1 billion dollars U.S. in risk exposure, in support of sales for more than 3,000 Canadian companies.
On the bonding side of our business, to date our solutions have helped support $3.8 billion in trade, a year-over-year increase of 81%. Further, in our financing program, we have issued 25 commitments and 17 offers valued at $3.8 billion U.S., directly linked to providing support for companies impacted by COVID-19.
What these numbers demonstrate is the counter-cyclical nature of EDC. When crisis threatens liquidity and elevates risk beyond the tolerance of other market players, EDC is able to lean in, mitigate risk and deliver that liquidity.
EDC is but a part of a large, coordinated team Canada effort to sustain our nation's economy during this crisis. Global Affairs Canada, the Department of Finance, as well as Innovation, Science and Economic Development and so many other agencies through government are working side by side with EDC, BDC and our financial institutions.
This effort has required agility and creativity from each and every member of the team. I'm proud of all these efforts, not just our own at EDC. I believe that the steps we're taking today will sustain Canadian companies for recovery and return to growth.
Of course, I look forward to the day when EDC's focus will return to its original mandate of helping Canadian companies go, grow and succeed internationally. Until then, we remain dedicated partners in helping serve all Canadian companies in this extraordinary time of need.
Thank you for the opportunity to lend our voice to this important conversation.
My team and I look forward to answering any questions you may have.