We respond to the White House's measures as they are implemented. Today's announcement follows a series of measures that were already in place. First, we had already introduced 25% counter-tariffs on U.S. steel. Second, we had already tightened border rules for steel importers here in Canada who were not complying with the rules. We had also already assisted various companies through our regional economic development agencies. Then, we had already created a $5 billion fund to help businesses. Today, we are adding $1.5 billion to assist affected industries, such as steel, aluminum, and copper. We are also prepared to discuss anything related to forestry and softwood lumber.
In a nutshell, the funds are distributed by the Business Development Bank of Canada to small and medium-sized businesses—but these are extremely favourable loans ranging from $5 million to $50 million. They are essentially interest-free for the first year. Then, there is a very low interest rate for the second and third years. Over the term, only interest is payable, effectively. So there is nothing to pay in the first year, and then the interest rate is very low for the second and third years. Repayment is required at the end of the term, but in three years, we'll be in a different world. We'll see where we stand at that point.
We wanted to provide businesses with predictability so they can plan their operations, despite a world in constant flux. At the same time, regional economic development agencies will also receive funding. There will certainly be support in Mont-Saint-Bruno—L'Acadie, through Canada Economic Development for Quebec Regions, or CED—for which I am responsible. I look forward to working with you, colleague.