Madam Speaker, I am delighted to have the opportunity to speak to this motion put to the House by the government wherein we name the Federal Business Development Bank the Business Development Bank of Canada.
I think it is only fair to give a little background on this issue, because it was quite a contentious issue in the industry committee. It is important for Canadians to realize that the industry committee over the last year has been seized with one issue primarily. That one issue has been access to capital for small business.
Most members of the committee would agree that we did not let a day go by when we did not explore and examine opportunities and ways in which we could put the small business community on the front burner in the House of Commons. Having worked in this city for many years, I must say that I have found the industry committee to be a united force on this issue.
There were times when we felt we were not the industry committee but really the small business committee. I think it would be fair to suggest that we all wanted to put the small business stamp on every issue we touched. Lo and behold, when the reform of the Federal Business Development Bank came along we decided as a committee to rename it the Small Business Bank of Canada. We became emotionally attached to the issue of small business, to the point where we would probably have wanted to name this institution the Small Business Institution. But reason prevailed and a number of people took the committee's recommendation and did a more thorough analysis of exactly how Canadians felt about that name in all regions of the country. A number of important facts came back to us.
By naming the Federal Business Development Bank the Small Business Bank of Canada we would be creating an expectation for that institution which in fairness it could not fulfil. We would have been suggesting that the bank had powers way beyond the powers this bill is giving it. Most Canadians probably do not even realize that the Federal Business Development Bank is not a deposit taking institution. Right off the bat that is an important thing for Canadians to realize.
Another thing we have discovered is that even though the bank is committed to the traditional sectors of our economy, we also want to give it a new type of energy and a new focus on the innovative economies, the knowledge based industries, et cetera. The small business categorization seemed to limit that group. These are new and emerging businesses but it does not take long before they become large businesses. To restrict the bank to the small business name would, in the long run, have created an adverse image and adverse impact on the bank. All committee members did not in any way, shape or form want to do anything other than make sure that this re-tooled, renewed bank with expanded powers got off on the right foot.
I realize that emotionally many of us, including myself, were attached to the name Small Business Bank of Canada. In light of the fact that all of this other information has been brought to our attention, I would ask members to support the government amendment with respect to the new name, the Business Development Bank of Canada, which better reflects the mandate of the bank.