Madam Speaker, I would like to correct the hon. member. When he started his speech he said that he would oppose the bill except for the fact that if he does not support it, the Small Business Loans Act program could not function for another year. In fact the current amount of extended liability is $12.7 billion which leaves $1.3 billion in potential liability for the act to extend.
Furthermore if we look at the auditor general's report and accept the fact that close to half the loans which are administered through the program are given to businesses that would have received financing anyway, if the inefficiencies of the program were addressed, the $1.3 billion liability which remains could be doubled as opposed to extending a further $1 billion as proposed by the Minister of Finance under the current system of inefficiencies which would only in effect extend $.5 billion to businesses which really need it.
Therefore the hon. member is mistaken.