Mr. Speaker, I would like some enlightenment on the issue of revising Bill C-53. I have heard a few comments from members in the House that specifically the revisions to the Small Business Loans Act would increase the ability of small businesses to attain financing within Canada.
However, my question goes to the fact that I have heard this program has been in place for 37 years. If we are actually trying to allow companies to have access to capital and if we are trying to make it easier for companies to have access to capital through this program, why has the program been carrying on for such a long period of time and now finally, after 37 years, we are introducing changes to the program?
Is that not an indication there is a problem with the small business financing approach of the government? Maybe we need to look at an option of creating more competition among lending institutions and allowing them to go that route rather than to continue with a program like this one. Maybe the hon. parliamentary secretary could clear that up for me.