Thank you, Chair.
I think the motion appears to be a bit misleading when it comes to $45.9 million.
One glance at the recent financial report shows that the outstanding loan portfolio for future entrepreneurs is about $34 million. This organization has existed since 1996. That is 28 years. During those 28 years, it has given out loans worth about $220 million. Even assuming that there's a 20% writeoff, it is over a period of close to 30 years. That is a writeoff of about $1.5 million a year on average.
In my previous life, I worked in a financial institution funding small businesses—small, new, first-generation entrepreneurs mostly. I know that the writeoffs on that kind of loan, a very high-risk loan, are normal. If it is limited to this amount for a period os 29 years, that is fairly good.
It is not just loans this organization used; it also used mentorship. You can imagine the risk involved in small first-generation loans under the guidance of mentorship.
I think the motion is misleading. The current portfolio is $34 million. With a lot of things pending before the committee, taking this up further, I think, is not a productive use of this committee.
Thank you, Chair.