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This is a single
speech (committee meeting) resource
from the openparliament.ca API. If you’re new here, you might want to look at the documentation. If API and JSON are gibberish to you, you’re better off at our main site.
{
"time": "2021-05-17 14:50:00",
"attribution": {
"en": "Ms. Frances McRae (Assistant Deputy Minister, Small Business and Marketplace Services, Department of Industry)",
"fr": "Mme Frances McRae (sous-ministre adjointe, Services ax\u00e9s sur le march\u00e9 et la petite entreprise, minist\u00e8re de l'Industrie)"
},
"content": {
"en": "<p data-HoCid=\"6743353\" data-originallang=\"en\"> Thank you very much. </p>\n<p data-HoCid=\"6743354\" data-originallang=\"en\">We're pleased to be able to be speaking to the committee today about Canada small business financing program.</p>\n<p data-HoCid=\"6743355\" data-originallang=\"en\">The Canada small business financing program is a statutory program. It helps small businesses access financing. Under the program, the government shares the risk with financial institutions in order to encourage lending. This would otherwise be unavailable to small businesses or would only be made available under key favourable conditions. It was established in 1999 and it replaced the small business loans program.</p>\n<p data-HoCid=\"6743356\" data-originallang=\"en\">The amendments being proposed are designed to enhance the availability of financing to help small businesses by expanding the loan class eligibility to include lending for intangibles, including intellectual property, as well as start-up assets and expenses. They are also designed to increase the maximum loan amounts from $350,000 to $500,000 and to extend the loan coverage period from 10 to 15 years for equipment and leasehold improvements. They are also intended to expand borrower eligibility to include non-profit and charitable social enterprises to include the classes of businesses that are eligible to apply. Finally, they are designed to introduce a new line of credit product that will help with liquidity and to cover short-term working capital needs of businesses.</p>\n<p data-HoCid=\"6743357\" data-originallang=\"en\">It is important to note that this program is available across the country. It is delivered, as I mentioned, with financial institutions. The adjudication of the loans rests with financial institutions and it's their funds that are put forward in the loan. The government then pays out losses against the loans in the amount of 85%.</p>\n<p data-HoCid=\"6743358\" data-originallang=\"en\">I am happy to take questions.</p>",
"fr": "<p data-HoCid=\"6743353\" data-originallang=\"en\">Merci beaucoup.</p>\n<p data-HoCid=\"6743354\" data-originallang=\"en\"> Nous sommes heureux de pouvoir nous pencher avec le Comit\u00e9 sur le programme de financement des petites entreprises du Canada.</p>\n<p data-HoCid=\"6743355\" data-originallang=\"en\">Il s'agit d'un programme l\u00e9gislatif qui aide les petites entreprises \u00e0 acc\u00e9der \u00e0 du financement. Dans ce programme, le gouvernement partage le risque avec les institutions financi\u00e8res afin de faciliter l'octroi de pr\u00eats qui ne seraient autrement pas disponibles pour les petites entreprises ou ne seraient consentis que dans des conditions tr\u00e8s favorables. Il a \u00e9t\u00e9 \u00e9tabli en 1999 et a remplac\u00e9 le programme de pr\u00eats aux petites entreprises.</p>\n<p data-HoCid=\"6743356\" data-originallang=\"en\"> Les modifications propos\u00e9es visent \u00e0 am\u00e9liorer la disponibilit\u00e9 du financement pour aider les petites entreprises en \u00e9largissant les cat\u00e9gories de pr\u00eats admissibles pour inclure les pr\u00eats pour les biens incorporels, y compris la propri\u00e9t\u00e9 intellectuelle, ainsi que les actifs et les d\u00e9penses de d\u00e9marrage. Elles visent \u00e9galement \u00e0 augmenter le montant maximal des pr\u00eats de 350 000 \u00e0 500 000 $ et \u00e0 prolonger la p\u00e9riode de couverture des pr\u00eats de 10 \u00e0 15 ans pour l'\u00e9quipement et les am\u00e9liorations locatives. Elles visent aussi \u00e0 \u00e9largir l'admissibilit\u00e9 des emprunteurs afin d'inclure les entreprises sociales \u00e0 but non lucratif et caritatives dans les cat\u00e9gories d'entreprises qui peuvent faire une demande. Enfin, elles sont destin\u00e9es \u00e0 introduire un nouveau produit de marge de cr\u00e9dit qui sera utile pour les liquidit\u00e9s et pour couvrir les besoins en fonds de roulement \u00e0 court terme des entreprises.</p>\n<p data-HoCid=\"6743357\" data-originallang=\"en\"> Il est important de souligner que ce programme est offert \u00e0 la grandeur du pays. Il est ex\u00e9cut\u00e9, comme je l'ai mentionn\u00e9, en collaboration avec les institutions financi\u00e8res. L'octroi des pr\u00eats rel\u00e8ve des institutions financi\u00e8res et ce sont leurs fonds qui sont engag\u00e9s dans le pr\u00eat. Le gouvernement rembourse ensuite les pertes sur pr\u00eats \u00e0 hauteur de 85 %.</p>\n<p data-HoCid=\"6743358\" data-originallang=\"en\"> Il me fera plaisir de r\u00e9pondre \u00e0 vos questions.</p>"
},
"url": "/committees/finance/43-2/44/frances-mcrae-1/",
"politician_url": null,
"politician_membership_url": null,
"procedural": false,
"source_id": "11318538",
"document_url": "/committees/finance/43-2/44/",
"related": {
"document_speeches_url": "/speeches/?document=%2Fcommittees%2Ffinance%2F43-2%2F44%2F"
}
}