Mr. Speaker, 50 years ago today Parliament officially proclaimed the creation of the Industrial Development Bank, the forerunner of today's Federal Business Development Bank. This was to assist in the smooth transition from a wartime to a peacetime economy with particular consideration to the financing problems of small business.
Throughout the years the FBDB has addressed the evolving needs of small business by introducing innovative financial and management services. Not only was the bank the first to introduce term loans to the Canadian small business sector but it was among the first to offer small business management assistance through counselling and training courses. In addition, it became the first national source of venture capital.
The bank has proven to be instrumental in building successful businesses while at the same time not being a drain on the government. In fact over the past five years it has received no funds from the government for its lending activities and has loaned out some $3.4 billion to small and medium size entrepreneurs.
With its unique array of services, the bank continues to be ideally positioned to help businesses grow and create jobs. In fact approximately one in every five businesses in Canada has at some point turned to the FBDB for assistance.
On behalf of the House and the small business sector, I would like to congratulate the FBDB as it celebrates its anniversary. I support the continuing efforts of the FBDB.