Mr. Speaker, let us understand first of all the proposal we brought forward yesterday. It indicates clearly that in making the amendments to the Small Businesses Loans Act it is our intention to ensure that program is of no cost to the government.
In that sense the additional fees we proposed to charge and the cap on the interest rates will contribute to that. We have indicated we will work with all stakeholders to ensure that the changes we make continue to provide an effective program for small businesses to meet their needs and will not cost the taxpayers by way of calls on the loan guarantees.
I also want to emphasize for the hon. member that the reason we raised the limit is very simple. Over the course of the last 18 months the demand by small businesses for assistance under that program has caused it to reach its limit of $4 billion. That is how successful and popular the program is. I believe it contributed directly to the 400,000 jobs that have been created in this country in the last year.