Evidence of meeting #21 for Industry, Science and Technology in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was companies.
A recording is available from Parliament.
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
I'm probably the bright spot, because I think they're doing the right thing through us. They're co-funding with our entrepreneurs. Forty percent of them are women. That's not an issue. They're doing more and more each year.
Hopefully that's a proof point that can encourage more things of that sort. I think they're doing the right thing by our young entrepreneurs. They're looking to be more active in helping them grow. That's, I think, a good-news story.
4:30 p.m.
NDP
Brian Masse NDP Windsor West, ON
Yes. It's not that they don't do anything. I'm sure there are a lot of good-news stories in there. I'm just looking at the resources and how a crown corporation touches the citizens you represent.
Let's say this: their resources and their capabilities far exceed their performance on the ground floor in communities. Their continuation of the old ways I think is sunsetting in many respects, because it wouldn't come to this degree without basically a unified voice from a lot of people that this incredible asset is wasting away in ivory towers—
4:30 p.m.
NDP
Brian Masse NDP Windsor West, ON
Oh, thank you, Mr. Chair. Your doing that is probably a public service for me.
4:30 p.m.
Voices
Oh, oh!
4:30 p.m.
Liberal
The Chair Liberal Dan Ruimy
Sure, okay: whatever works for you.
We'll move over to Mr. Baylis for seven minutes.
I think he was just waiting for me to cut him off.
4:30 p.m.
Voices
Oh, oh!
4:30 p.m.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
I'd like to start off by understanding how you're owned—or not owned—or funded. Perhaps you could give me a very quick overview. Do you have a physical space?
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
We were started by two banks, RBC and CIBC. We started getting some government funding in 2002. We received a combination of federal, provincial, and corporate funding.
As of last October, we are borrowing all of our capital on a line of credit from a major bank, which means we're leveraging our balance sheet and not having to raise that money in any kind of fundraising. So that's the funding.
4:30 p.m.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
Are RBC and CIBC still funding you, or did they just get you started?
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
They got us started. RBC is still a funder.
4:30 p.m.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
So RBC is a funder. What's the percentage for the federal and the provincial?
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
This is testing my math, but the federal is about 40% of our annual budget.
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
No, then we also have loan repayments, so we're benefiting from the repayments of our young entrepreneurs. We have interest and fees.
4:30 p.m.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
The young entrepreneurs, when they take that $15,000 or $30,000, have to pay it back, is that it?
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
Yes. It's a loan. It's slightly lower than bank rates, and 80% to 90% repay.
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
Yes. I think that's a good-news story, because even if they're not in business anymore, they're still good.
4:30 p.m.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
Is that the $15,000 or $30,000 of the BDC, or the combination?
4:30 p.m.
Chief Executive Officer, Futurpreneur Canada
Futurpreneur Canada is for $15,000 and $30,000 is for BDC. There's one application, as BDC manages it's own loan.