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.
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.
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—
NDP
Brian Masse NDP Windsor West, ON
Oh, thank you, Mr. Chair. Your doing that is probably a public service for me.
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.
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?
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.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
Are RBC and CIBC still funding you, or did they just get you started?
Chief Executive Officer, Futurpreneur Canada
They got us started. RBC is still a funder.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
So RBC is a funder. What's the percentage for the federal and the provincial?
Chief Executive Officer, Futurpreneur Canada
This is testing my math, but the federal is about 40% of our annual budget.
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.
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?
Chief Executive Officer, Futurpreneur Canada
Yes. It's a loan. It's slightly lower than bank rates, and 80% to 90% repay.
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.
Liberal
Frank Baylis Liberal Pierrefonds—Dollard, QC
Is that the $15,000 or $30,000 of the BDC, or the combination?
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.