Mr. Speaker, one of Canada's major banks recently announced a great new way to encourage job creation.
CIBC has agreed to lend money to small businesses at reduced interest rates if they promise to create jobs. A business that borrows the maximum of $100,000 will save $3,000 in the first year.
The bank will advance loans at one percentage point below prime to small firms that promise to use the money to expand and create at least one full time job or three part time jobs in the first year of the loan.
Since the major concern of all Canadians is job creation, I want the federal government to do everything it can to ensure all banks make their loans more accessible and affordable to the small business sector.