First of all, let me just say that I'm very glad that we're moving ahead with doing clause-by-clause analysis of this very important legislation. It will certainly be of benefit to our farmers.
As we know, the key initiatives are going to be new loan guarantee limits of up to $500,000, which will double the current loan limit of $250,000.
New farmers will be eligible for loans under this new legislation. They were not eligible before, so this will make a big difference. As you know, farmers are very concerned about the future of farming and about getting youth involved in farming, but there is high expense involved. This act will make it far easier.
Of course, agricultural co-operatives are very active across the country. This legislation will improve and increase access to credit for co-operatives. That's definitely a step forward for our agricultural community.
So I just wanted to underline, Chair, that this is important legislation. We've been working together, I and my colleagues in the other parties, and I'm fairly confident that we'll get this through very quickly.
I want to state that our goal as the government is to have this not only through the House but also through the Senate before the government rises for the summer. We would like farmers to have the opportunity with regard to these new measures before the summer. There's no need to make them wait until after the summer.
I'm certain that this will proceed very well, and I thank my colleagues in advance.