Thank you, Mr. Chair.
I want to begin by thanking the witnesses for coming here to enlighten us on social finance.
I must admit that social finance is a new topic for me. When I did my research—my homework, if you will—I realized that there was still a lot of questioning about this new program. More specifically, I came across a Carleton University study where 150 Canadian community groups were surveyed. Three main conclusions emerged from this study, and I will share them with you.
First, community groups don't want to use social finance instruments because they do not have the required expertise or resources to do so.
Second, problems inherent to short-term contracts constitute barriers to the development of their activities.
Third, their activities develop better when they receive stable funding instead of project-based funding.
This study also states that, to attract investors, interest rates have to be provided. I would like to ask you a few questions about those rates, especially since the Rotterdam pilot project, which is mentioned in the Library of Parliament document, provides a 12% interest rate.
When it comes to projects funded in this way, I would like to know what percentage of the money is used to cover administration fees and interest rates.