Mr. Speaker, small and medium size businesses in my riding and across Canada are the engine behind this country's economic growth and job creation.
A recent Industry Canada report noted that Canada's vibrant small business sector created more than 80 per cent of the nation's new jobs. Clearly the banks must do a better job in serving the small business sector and contributing to its success.
Unfortunately, the banks have failed to adapt to the changing needs of small business and the economy. It is not easy for business people to raise capital in today's economy, even when the need is great and the purpose justified.
Meanwhile the banks continue to record billion dollar profits. When they insist on only the most risk free loans, the banks are downsizing their role in financing small firms, whose owners are clearly feeling badly treated. This has to be changed.