Mr. Speaker, the federal loan loss reserve program for aboriginal businesses is falling apart. The pilot program has only used $4.2 million of the $15 million set aside to be loaned out by the banks. Last week, the Assiniboine Credit Union withdrew from the program altogether.
This Conservative program was highly flawed from the start. It excluded aboriginal financial institutions that have been successfully lending money to aboriginal entrepreneurs for 20 years.
Will the government now admit its mistake and invite the aboriginal financial institutions to join this fund?