moved for leave to introduce Bill C-385, an act to facilitate micro credit for self-sufficiency.
Mr. Speaker, I am pleased to present this private member's bill.
The purpose of the bill is to encourage a greater availability of banking and other financial services to those with low or unstable incomes, and to increase the availability of credit in small amounts, up to $5,000, for small entrepreneurial enterprises.
The bill calls for an annual report to be published by the Minister of Finance showing the progress in improving micro credit by the financial institutions that agree to participate. The institutions that attain a certain level of activity could describe themselves as being recognized by the government as micro credit specialists.
This enactment would affect directly low income people for the purpose of increasing their ability to generate income. These small loans, made at a reasonable and commercially viable rate of interest, would enable them to start or expand their own businesses and to work their way out of poverty with dignity.
(Motions deemed adopted, bill read the first time and printed)