Mr. Speaker, I thank the hon. member for Madawaska—Restigouche for raising this issue and allowing me the opportunity to respond on behalf of the Government of Canada.
It will no doubt interest the member that the Government of Canada, through ACOA, continues to focus on helping New Brunswickers succeed in business and in fact none of ACOA's programs have been cut.
Our government has recently approved $2.7 million in additional funding for the seed capital program in New Brunswick. As a result, this important initiative will continue to be delivered by community business development corporations and community economic development agencies across the province including, the hon. member will be interested to know, the CBDC Madawaska and CBDC Victoria-Madawaska-South.
It might also interest the hon. member to know that funding under the seed capital is renewable. As funds are repaid, they return to the program allowing the community business development corporations and community economic development agencies to reinvest them in new and expanding businesses in their respective communities.
Coupled with the $2.7 million in additional funding recently approved by our government, the seed capital program portfolio in New Brunswick today totals more than $14 million. What we are talking about here is clearly not a cut in seed capital funding, but rather sound financial management.
Canada's new government is committed to accountability, and to getting things done for New Brunswickers and for all Canadians. We recognize clearly that small businesses have a major impact on our economy. In fact, small business has been responsible for 20% of all job gains in New Brunswick.
Our government understands that for these businesses to not only survive, but to thrive, they need an environment that encourages investment and innovation. Our government is committed to the creation of such an environment that will benefit generations of New Brunswickers to come.
Just last month the Minister of Finance tabled our government's second budget. The budget is focused on creating a stronger, safer and better Canada. Budget 2007 takes concrete action to improve our quality of life and ensure a strong, vibrant economy in New Brunswick and across Canada.
Budget 2007 focuses on creating five key advantages which include: a fiscal advantage, by eliminating Canada's total government net debt in less than a generation; an infrastructure advantage, by building the modern infrastructure we need, and I am sure the hon. member supports that for New Brunswick; a knowledge advantage, by creating the best educated and most skilled workforce in the world; a tax advantage, by reducing taxes for all Canadians and establishing the lowest tax rate on new business investment in the G-7; and as the hon. member alluded to, an entrepreneurial advantage, by reducing unnecessary regulation and red tape, and increasing competition across the country.
This budget continues our work to restore the confidence of taxpayers by ensuring responsible financial management and most important of all, by keeping the economy strong.