Thanks very much, Chair. It's great to be with colleagues again and to hear the presentations this morning.
My first question will go to FedDev. It could go to any of the respective agencies, but FedDev is the one that has supported my region through this particular fund and in other ways over the years.
I look at a press release that came out around the time the regional relief and recovery fund was really being implemented. I'll point to two businesses. One is in London and one is down the road, in Ingersoll, Ontario.
This is for URSA Manufacturing. The release reads, “The RRRF”—the regional relief and recovery fund—“has helped URSA cover its short-term fixed operating costs and diversify into non-auto markets—keeping the company in business.”
The other business, in Ingersoll, is Chocolatea, and is described as an artisan chocolate and premium tea retail shop. Here, the funding was delivered in partnership with Community Futures Oxford. It “provided working capital to help the company with its cash flow needs”.
We've heard the phrase “last-resort assistance” mentioned a few times here today.
This is for Mr. Padfield. If this fund did not exist, is it reasonable to assume that these businesses simply would not have been able to survive? Let me just be that blunt about it.