Thank you, Chair.
I wanted to explore the issue of financing for co-ops, because we've had a lot witnesses explain that co-ops have challenges seeking capital financing.
I'll start with newer co-ops. When you have new co-ops, they basically raise money by selling memberships. They don't have a lot of capital, and they probably don't have a lot of capital assets. And they don't have a track record, because they're new.
What I'm wondering is whether, as a lending institution, you see a co-op that's starting out as being more disadvantaged than a business, which also does not have.... Actually, it has less membership than a co-op. It perhaps has a low level of financial backing; it too would not have a lot of capital assets. That's why they're seeking a loan in their early stages.
Could you comment on that? Is it just two different but perhaps similar scenarios? Starting up anything is really challenging. Money is hard to come by.
Or do you feel that co-ops are more disadvantaged than a small business would be?