That's exactly right.
I met with one of the auto dealers in Oakville recently who had the exact problem you're talking about. This was a winning automobile dealer, right on the business plan, whose sales, by the way, were right where they should have been until November. Like the Canadian automotive industry, until November, sales were right where they should have been. They started to fall in December.
It was December when it became quite evident that there was a problem. He had a $7 million loan guarantee to build a brand new dealership. He was on his business plan. He had $1 million cash. The bank came back to him and said, “Okay, we'll still give you the deal, but we want a point and a half higher”, which is understandable. But then they said, “Oh, by the way, we want another half a million dollars cash.” So he basically had to go home and tell his wife that he had to put a mortgage endorsement on their house to build this dealership.
The real problem is that it got worse for him, because he then went to the other banks and they said they wouldn't be doing business with anyone who didn't have a prior business relationship with them. It's effectively a monopoly.
So we've introduced this $12 billion credit facility, and it's my impression from what you said tonight that it's absolutely critical to get it up and operating as soon as possible. Is that correct?