OTTAWA - The Harper government has reneged on its promise to fix a small business loan program that is helping less businesses while costing more money, Liberal Small Business Critic Navdeep Bains said today.
"The Conservatives promised to cut the Canada Small Business Financing Program's red tape in Budget 2009 but nothing has happened," said Mr. Bains. "Small business is a key component of job creation, which is critical to our economic recovery. This program is helping fewer businesses at the same time as it's costing taxpayers hundreds of millions of dollars. And still the government ignores it."
Mr. Bains was reacting to a KPMG report commissioned by Industry Canada that showed the program is helping half the number of business that it did 10 years ago while racking up losses of $335 million so far. Compounding the problem is the heavy red tape involved, which bankers describe as "a major nuisance."
"One has to wonder why the Conservative government is staying quiet over a program that just isn't working, particularly when our economic recovery is so important," said Mr. Bains. "Perhaps instead of taking an extended vacation from Parliament, Prime Minister Stephen Harper should get to work fixing this troubled problem so that we can start creating jobs."
Office of the Hon. Navdeep Bains