When you talk about access to capital or to venture capital, this is one of the big hurdles and the big challenge of companies in Atlantic Canada. That's why we were pleased as Atlantic Canadians to see in this budget that there will be an effort to set aside more money for venture capital, and we are hoping that those small and medium sized companies will get a better chance to access venture capital.
The access to capital issue explains in a big way why we have, within the architecture of our agency's programming, the business development program, where we provide small and medium sized businesses with access to capital in order to expand, start up, adopt new technologies and/or seek marketing expertise to export outside of Canada.
I guess the best example I could give you, spanning over maybe 15 years, is the development of the aerospace and defence sector in Atlantic Canada because of the role that ACOA, this agency, played in that file.
Because of the IRBs, the industrial regional benefit policy adopted back in 1986, ACOA has actively worked with small and medium sized businesses and business entrepreneurs in Atlantic Canada to develop that sector. We have made a lot of repayable contributions to these small companies that are successes today on the world scene, providing parts and goods and services to the aerospace and defence sector throughout the world.
We can point to these successes. Today in Atlantic Canada, the aerospace and defence sector has 10,000 employees, compared with none about 20 years ago, and has $1 billion in annual sales from Atlantic Canada.
It goes to show, I believe, how effective the agency has been in promoting entrepreneurs in Atlantic Canada in develop a sector that is providing good jobs for Atlantic Canadians, skilled jobs. We can now do even more with the awarding of the shipbuilding contract to the Irving shipyard in Halifax, which is another great opportunity for entrepreneurs to create even more jobs and wealth in Atlantic Canada.