Mr. Speaker, I rise today to applaud a new initiative which will put an additional $2 million into the hands of small business people in rural Ontario. The Community Credit Project is a result of a partnership between the Bank of Nova Scotia and the Ontario Association of Community Development Corporations and represents an example of Industry Canada's efforts to increase small business access to capital.
Scotiabank has agreed to make $2 million in wholesale loan funds available at below market rates to eight community development corporations that will administer the loans under their existing network. This will provide viable businesses with access to much needed higher risk start-up and expansion capital, directly addressing one of the greatest obstacles to small business growth and development in Ontario.
This is an effective partnership between a private funding source and an existing public delivery network that positively impacts job creation in rural Ontario. I congratulate the sponsors.