DOCSLIB.ORG

Report of the Task Force

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Report of the Task Force Task Force on the Future of the Canadian Financial Services Sector Report of the Task Force September 1998 Cat No.: BT22-61/1998E ISBN 0-662-27133-5 For additional copies of this document please contact: Distribution Centre Department of Finance 300 Laurier Avenue West Ottawa K1A 0G5 Telephone: (613) 995-2855 Facsimile: (613) 996-0518 Also available through the Internet at http://finservtaskforce.fin.gc.ca Cette publication est également disponible en français. 3 September 14, 1998 The Honourable Paul Martin, P.C., M.P. Minister of Finance House of Commons Ottawa Dear Mr. Minister: We have the honour to enclose the Report of the Task Force on the Future of the Canadian Financial Services Sector. The report responds to the terms of reference which you established on December 19, 1996. It sets forth our unanimous conclusions and recommendations in respect of the issues that you placed before us. With the report we are delivering five background papers, each of which dis- cusses in detail the reasoning which has led us to our conclusions. We are also delivering to you today 18 research studies which the Task Force commis- sioned and which underlie our work. We wish to thank you for giving us the opportunity to serve Canada by par- ticipating in this challenging review. We hope that our recommendations will provide you with helpful information and guidance. We have titled our report Change, Challenge and Opportunity. We are living in a turbulent period. Change is a hallmark of our times and the pace of change seems to be accelerating. Change presents challenges to all of us – to our financial institutions, which are facing new forms of competition in markets that are increasingly global; to consumers, who are presented with increased choice but also new risks and different relationships with providers; and to policymakers and regulators, who require flexibility and skills that have not previously been necessary to fulfil their important public policy responsibilities well. Our report sets out these challenges in some detail. It also points to the signif- icant opportunities that change is bringing. Canada is, on balance, well posi- tioned to benefit from a healthy, dynamic, innovative and competitive financial services sector into the next millennium. For a small country in population terms, Canada has many relatively large and successful financial institutions. We believe that they, along with new entrepreneurs in the financial services sector, are capable of positioning themselves so that they will be positive forces in the Canadian economy in the years ahead. 4 A strong financial services industry, based in Canada and capable of carrying on successful operations both at home and outside our borders, is clearly important to Canadians. We believe that it is within our reach, and that our recommendations will assist Canadian institutions, consumers, policymakers and regulators to meet the challenges of change and to realize the opportunities. The changes are inexorable and we cannot ignore them or pretend they do not exist. For financial institutions, their customers and public policy, reliance on the status quo is no option. Because of the speed of change, we urge you and your colleagues to deal promptly with the public policy issues we have identified. Yours sincerely, Harold MacKay, Chairman Pierre Ducros, Vice Chairman Neil Baker Norm Bromberger Donald Brown Moya Cahill John McArthur Lynne Toupin 6 Acknowledgments We wish to thank those Canadians who took the time and made the effort to inform us of their views. Through your participation you have made an impor- tant input into critical issues of public policy for our country. We extend our appreciation to those who authored our external research stud- ies. The authors, a full list of whom is set forth in Appendix 3, have done research that has greatly assisted us. We are sure that this work will also pro- vide valuable input to action planning by governments, financial institutions and others in the community. The members of the Task Force are particularly grateful to the hard working staff with whom we have been blessed. Their energy, dedication to the task and unfailing good humour and collegiality produced, in a short time frame, a team effort of impressive proportions. Our schedule was an aggressive one. Given the breadth of our task, we needed people not only with knowledge and expe- rience, but also with curiosity and creativity to look beyond the known. Our staff met and exceeded these expectations. We owe particular words of appreciation to Fred Gorbet, the Executive Director of the Task Force. His formidable organizational and writing skills were strong pillars on which we have built our work. His substantive wisdom, intellectual rigor, and insights into the issues, from both public and private sector perspec- tives, have been invaluable to us and have been of great value to Canada. Our senior research staff, Michael Andrews, Beth Atcheson, John Chant, Louise Pelly and Kevin Wright, led our research efforts and were the principal authors of the five Background Papers which underlie this Report. We thank them for taking leave of their tasks elsewhere to help us with our work. We also owe a special debt to Michel Caron who reviewed and commented on the Background Papers and the Report as they were written. The remainder of our research team and staff worked hard and effectively together, despite the sometimes tight deadlines and what must have appeared tedious rounds of edits, to allow us to complete our work. They have made it possible for us to meet our schedule and to do so, we hope, in a way that will allow us to make a solid contribution to Canadian public policy. We gratefully acknowledge the support of Danielle Bryden, Jim Callon, Françoise Charlebois, Stephen Frank, Bob Hannah, Neil Mohindra and Alva Smith. We want to say a special word of thanks to Christine Daniel who provided unflagging adminis- trative support to the Chairman and Executive Director and other members of the Task Force. We recognize the contribution of James Baillie, Barbara Rae and Guy Saint- Pierre who served as Task Force members, and in the case of Mr. Baillie as Task Force Chair, during a portion of the work of the Task Force. Finally we would be remiss if we did not express our gratitude to Frank Swedlove of the Department of Finance, who was a helpful source of back- ground information when we needed it. 7 Table of Contents Chapter 1 Overview . 13 Four Main Themes . 14 Enhancing Competition and Competitiveness . 14 Empowering Consumers . 15 Canadians’ Expectations and Corporate Conduct . 16 Improving the Regulatory Framework . 16 Some Basic Premises . 17 Chapter 2 Approach of the Task Force . 19 Background and Terms of Reference . 19 Our Approach to Our Mandate . 20 How We Did Our Work . 20 Consultations . 20 Research . 21 Interim Report . 21 Communication with Canadians . 22 Bank Mergers . 22 The Structure of Our Report . 22 Chapter 3 The Forces of Change . 25 Technology . 26 Globalization . 28 Demographics . 30 The Responses to Change . 31 Consumers . 31 Financial Institutions . 33 Policymakers . 35 Regulators . 36 Summary . 37 Chapter 4 The Financial Services Sector and its Challenges . 39 The Importance of the Financial Services Sector . 39 A Snapshot of the Sector . 41 Changing Asset Preferences . 41 The Players . 43 Deposit-Taking Institutions . 44 The Banks . 44 The Credit Unions and Caisses Populaires . 45 8 Trust Companies . 45 Insurance Companies . 45 The Life Insurance Industry . 45 The Property and Casualty Insurance Industry . 46 Mutual Funds . 46 Other Market Participants . 47 Trends and Issues . 47 The Changing Face of Competition . 48 The Growing Importance of Mutual Funds . 50 Securitization . 51 Factors Affecting Continued Business Success . 52 Consolidation . 55 Second-Tier Institutions . 56 Life Insurance Companies . 57 Are Canadians Well Served by Their Financial Institutions? . 58 Individual Consumers . 58 The Small Business Community . 59 Larger Enterprises . 60 Summary . 60 Positioning for Challenges and Opportunities . ..
Load more

Recommended publications
  • Black-Entrepreneurship-Program.Pdf
    Classification - PUBLIC Alterna Savings partners with the Government of Canada on the country’s first-ever Black Entrepreneurship Program Toronto, ON – September 9, 2020 – As Canadians work hard to rebuild and recover from this pandemic, Alterna Savings is committed to doing our part in supporting businesses owners and building a strong and resilient economy. Every day, Black business owners and entrepreneurs make invaluable contributions to communities across the country, and their success is essential to Canada’s recovery from the COVID-19 pandemic and future prosperity. We recognize that COVID-19 has exacerbated existing barriers that Black business owners and entrepreneurs face to economic success. Today, we are pleased to partner with the Government of Canada on the country’s first-ever Black Entrepreneurship Program. We, along with seven other Canadian financial institutions, have collectively committed up to $128 million in lending capital for the program’s new Black Entrepreneurship Loan Fund – through which Black-led business organizations will provide loans between $25,000 and $250,000 to Black business owners and entrepreneurs to support their growth and success in the years to come. Further details on the program and the loan fund, including how and where to apply, will be made available by the Government of Canada. “At Alterna Savings, we are proud to commit loan funding, and our expertise, to the Federal Government’s Black Entrepreneurship program. We have a deep understanding of community loan funds having helped hundreds
    [Show full text]
  • Directory of the Exchange®Atm Locations in Canada
    DIRECTORY OF THE EXCHANGE®ATM LOCATIONS IN CANADA Winter 2012/13 YOUR ATM NETWORK TABLE OF CONTENTS Alberta ..................................................................................................... 1 British Columbia ...................................................................................... 2 Manitoba ............................................................................................... 14 New Brunswick ...................................................................................... 15 Newfoundland ....................................................................................... 18 Nova Scotia ........................................................................................... 21 Ontario .................................................................................................. 26 Prince Edward Island ............................................................................ 46 Quebec ................................................................................................. 47 Saskatchewan ....................................................................................... 66 DIRECTORY OF ATM LOCATIONS WINTER 2012/13 ALBERTA St. Albert Canadian Western Bank HSBC Bank Canada 300 – 700 St. Albert Road 400-665 St. Albert Road Calgary Canadian Western Bank Canadian Western Bank Canadian Western Bank #300, 5222 - 130 Ave. SE 606 4th Street SW 6606 MacLeod Trail SW HSBC Bank Canada HSBC Bank Canada HSBC Bank Canada 1217 Kensington Road NW 140, 815 – 17th Avenue SW 212-111
    [Show full text]
  • Live Canadian Bank and Supplier Connections NAME TYPE
    Live Canadian Bank and Supplier Connections NAME TYPE ENHANCED Alterna Savings Banks and Credit Cards Amazon.ca Rewards Visa from Chase Banks and Credit Cards American Express (Canada) Banks and Credit Cards YES American Express Merchant Services (EUR) Banks and Credit Cards Assiniboine Credit Union Banks and Credit Cards ATB Financial (Business) Banks and Credit Cards YES ATB Financial (Personal) Banks and Credit Cards BMO Debit Card Banks and Credit Cards YES BMO Nesbitt Burns Banks and Credit Cards BMO Online Banking for Business Banks and Credit Cards Canadian Tire Options MasterCard Banks and Credit Cards Canadian Western Bank Banks and Credit Cards YES Capital One Mastercard (Canada) Banks and Credit Cards CHASE Bank Canada Banks and Credit Cards CIBC Banks and Credit Cards YES CIBC Wood Gundy Banks and Credit Cards Coast Capital Savings Banks and Credit Cards YES Costco Capital One Credit Card Banks and Credit Cards CUETS: Choice Rewards Mastercard Banks and Credit Cards Desjardins Business Banks and Credit Cards Desjardins VISA Banks and Credit Cards Envision Financial Banks and Credit Cards First National Financial Banks and Credit Cards Ford Credit (Canada) Banks and Credit Cards HBC Credit Card Banks and Credit Cards Home Depot Consumer Credit Card (Canada) Banks and Credit Cards Home Depot Revolving Commercial Charge Card (Canada) Banks and Credit Cards HSBC Bank Canada Banks and Credit Cards HSBC MasterCard Banks and Credit Cards Interior Savings Credit Union Banks and Credit Cards Island Savings Banks and Credit Cards MBNA
    [Show full text]
  • Rule D4 Institution Numbers and Clearing Agency/Representative Arrangements
    RULE D4 INSTITUTION NUMBERS AND CLEARING AGENCY/REPRESENTATIVE ARRANGEMENTS 2021CANADIAN PAYMENTS ASSOCIATION This Rule is copyrighted by the Canadian Payments Association. All rights reserved, including the right of reproduction in whole or in part, without express written permission by the Canadian Payments Association. Payments Canada is the operating brand name of the Canadian Payments Association (CPA). For legal purposes we continue to use “Canadian Payments Association” (or the Association) in these rules and in information related to rules, by-laws, and standards. RULE D4 – INSTITUTION NUMBERS AND CLEARING AGENCY/REPRESENTATIVE ARRANGEMENTS TABLE OF CONTENTS IMPLEMENTED ............................................................................................... 3 AMENDMENTS PRE-NOVEMBER 2003 ........................................................ 3 AMENDMENTS POST-NOVEMBER 2003 ..................................................... 3 INTRODUCTION ................................................................................................................. 6 ELIGIBILITY......................................................................................................................... 6 INSTITUTION NUMBERS ................................................................................................... 6 AMALGAMATION AND ACQUISITION .............................................................................. 6 NON-MEMBER ENTITIES ..................................................................................................
    [Show full text]
  • MT BMO Covers
    BANK OF MONTREAL GROUP OF COMPANIES 181ST A N N U A L R E P O R T 19 9 8 98THE YEAR EVERYTHING CHANGED PERFORMANCE FOR 1998 NET INCOME ($ millions) 1,350 1,305 1,168 986 825 709 640 Net Income up 3.5% 595 522 90 91 92 93 94 95 96 97 98 FULLY DILUTED EARNINGS PER SHARE ($) 4.62 4.66 4.13 3.38 2.97 2.55 2.31 2.36 EPS of $4.66 2.10 90 91 92 93 94 95 96 97 98 RETURN ON COMMON SHAREHOLDERS’ EQUITY (%) 17.0 17.1 15.0 14.9 15.4 15.2 14.6 14.1 14.1 ROE at 15.2% 90 91 92 93 94 95 96 97 98 ROE OBJECTIVE (15–17%) TOTAL RETURN TO SHAREHOLDERS 15.9 ($ billions) 14.6 8.8 Shareholder Value up $1.3 billion 2 Chairman’s Message 5.8 4.0 4.2 5 A Different World 2.8 13 President’s Message 1.2 (0.4) 17 Performance at a Glance 90 91 92 93 94 95 96 97 98 20 Management Analysis of Operations 68 Consolidated Financial Statements 92 Glossary 93 Corporate Governance 97 Shareholder Information BANK OF MONTREAL GROUP OF COMPANIES BANK OF MONTREAL ATAGLANCE THE BUSINESS Personal and Commercial Personal and Commercial Financial Services (PCFS) provides a full range of financial products and services to Financial Services (PCFS) about six million Canadian households and commercial businesses, with an aim of achieving an appropriate value proposition for each relationship.
    [Show full text]
  • How We Are Building the Better Bank
    How we are building The Better Bank 2014 Corporate Responsibility Report Designed to be viewed online This report is designed to be viewed Note: Throughout this report, “TD” refers to TD Bank Symbol key Group. “TD Bank” refers to TD Bank, America’s Most online. The links provide access to more Convenient Bank®. All currency is in Canadian dollars Table of Contents details, additional resources, supporting unless otherwise noted. All material restatements + Supporting content (external links) and significant changes from the previous report are videos and case studies. described in the performance data footnotes. Navigate to a different section GRI: TD has used the Global Reporting Initiative (GRI) Facts and figures over which Ernst & Young LLP framework for corporate responsibility reporting since provided limited level of assurance 2007. TD’s 2014 Corporate Responsibility Report is Facts and figures over which Ernst & Young LLP On the cover written in accordance with the G4 framework and provided reasonable level of assurance fulfils the requirements for a Core report. EN7 Indicates a GRI disclosure. Click to view the full GRI Index online. + Online GRI Index Ways to reach us Materiality Disclosure Service: TD’s 2014 Corporate Responsibility Report has successfully We interact with several stakeholder groups on a daily and/or completed the Materiality Disclosure Service. weekly basis, responding to the issues and concerns brought to our attention. If you would like to contact TD with feedback, here are a few ways to reach us: How we are building External Assurance Reports: Selected The Better Bank performance indicators were independently assured by Customers: [email protected] Ernst & Young LLP.
    [Show full text]
  • Offering Statement
    This offering statement must be delivered to every purchaser of the securities described herein prior to the purchaser becoming obligated to complete the purchase and, upon request, to any prospective purchasing member. No official of the Government of the Province of Ontario has considered the merits of the matters addressed in this offering statement. The securities being offered are not guaranteed by the Deposit Insurance Corporation of Ontario or any similar public agency. The prospective purchaser of these securities should carefully review the offering statement and any other documents it refers to, examine in particular the section on risk factors beginning on page 32 and, further, may wish to consult his/her financial and tax advisor about this investment. ALTERNA SAVINGS AND CREDIT UNION LIMITED OFFERING STATEMENT dated March 29, 2019 MINIMUM $500,000 -- MAXIMUM $50,000,000 CLASS A SPECIAL SHARES, SERIES 6 (NON-CUMULATIVE, NON-VOTING, NON-PARTICIPATING SPECIAL SHARES) (“CLASS A INVESTMENT SHARES, SERIES 6”) The subscription price for each Class A Investment Share, Series 6 will be $1.00 per share, with a minimum of 1,000 shares per member which may be subscribed for $1,000.00, to a maximum of 200,000 shares per member which may be subscribed for $200,000.00, irrespective of any Class A Investment Shares, Series 1 to Series 5, the member may already hold. There is no market through which these securities may be sold. The purchaser of these securities may reverse his/her decision to purchase the securities if he/she provides notice in writing, or by facsimile, or by e-mail in combination with a telephone call, to the person from whom the purchaser purchases the security, within two days, excluding weekends and holidays, of having signed a subscription form.
    [Show full text]
  • A Guide to Canada Emergency Business Account (CEBA)
    A Guide to Canada Emergency Business Account (CEBA) Overview: Originally launched on April 9, 2020, CEBA is intended to support businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens. This $55 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000). As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can access it. Applicants with $20,000 or less in payroll in 2019 will have to demonstrate having Eligible Non-Deferrable Expenses between Cdn.$40,000 and Cdn.$1,500,000 in 2020. Expenses are considered “Eligible Non-Deferrable Expenses” if they were already incurred in January and/or February 2020, or are due to a legal or contractual obligation as at March 1 and cannot be avoided or deferred beyond 2020 even during a period of shut down and depressed revenues as a result of COVID. CEBA is not intended to provide income support, or support for variable operating expenses to businesses. CEBA applicants agree that the government may conduct audits to confirm the nature of the expenses applicants use to establish their eligibility for CEBA, and acknowledge that inaccuracies may lead to legal consequences.
    [Show full text]
  • Personal Service Fee Listing (PDF)
    PERSONAL SERVICE FEES DAY-TO-DAY TRANSACTIONS ACCOUNT INFORMATION MISCELLANEOUS These fees apply to Pay As You Go usage and transactions in excess of All-in-One statement (per statement) $1.50 Safety Deposit Box monthly package limits. eStatement Free • Rental (varies by size) $35.00 - $220.00 plus tax Statement Reprint & Interim Statement $3.25 • Drilling Cost In-branch withdrawal / transfer $0.90 Cheque images included in Statements $2.00 • Key replacement Cost Cheque writing $0.90 ATM inquiry $5.00 Inactive Account Pre-Authorized Payment / Debit (PAP / PAD) $0.90 Letter of good standing $10.00 2 yrs to 4 yrs $20.00 per year Bill Payment $0.90 Loan, interest or misc. letter $10.00 5 yrs to 8 yrs $30.00 per year Interac® Debit (Point of Sale) $0.90 Search for items, cheques, deposits, Less than 90 days $5.00/item 9 yrs $40.00 Send Interac e-Transfer® $0.90 names, accounts, vouchers and Greater than 90 days $10.00/item Account closed within 90 days of opening $25.00 Interac e-Transfer® Request Money $0.90 certified true copy of Multiple items or lengthy searches Chargebacks $5.00 Receive Interac e-Transfer® Free transaction images $40.00/hr, minimum $20.00 Courier Cost Online, Mobile, or Telephone transfer $0.90 Copy of official account Less than 90 days $5.00/mnth history statement(s) Greater than 90 days $10.00/mnth Registered mail Cost Me to Me Transfer $0.90 Alterna, ACCULINK® and THE EXCHANGE® Network ATM Bank Confirmation Minimum $25.00 each; RSP Withdrawal $25.00 (audit certificates) Detailed $40.00/hr withdrawal or transfer $0.90 Transfer of a registered plan to another institution Bill Payment Trace Request Cost (min $15.00) (incl.
    [Show full text]
  • Depreciation Report and Insurance Appraisal Specified Property Of
    DEPRECIATION REPORT AND INSURANCE APPRAISAL SPECIFIED PROPERTY OF: Strata Plan VAS2893 767 North Road Gibsons, BC Prepared by: Pacific Rim Appraisals Ltd. 550-2950 Douglas Street Victoria, BC V8T 4N5 and #2-57 Skinner Street Nanaimo, BC V9R 5G9 PREMISE OF VALUE AND EFFECTIVE DATE Depreciation Report with 3 Models – April 1, 2013 (Next Fiscal Year) Replacement Cost New for Insurance Purposes – February 16, 2013 Strata Council for VAS2893 February 22, 2013 767 North Road Gibsons, BC To Whom It May Concern: RE: 26 Unit Strata Complex located at 767 North Road, Gibsons, B.C. Strata Plan VAS2893 As requested, we have completed a depreciation report estimate for the improvements utilizing the most recent data available. The effective date of the depreciation report is based on an inspection date of January 5, 2013. The date of next fiscal year of April 1, 2013 is the effective start date for the study. The table below contains Pacific Rim Appraisals Ltd. recommended schedule of payments for the next three years. Failure to follow the proposed schedule of payments may result in inadequate reserve funds or require the use of special levy in the future which is against the intent of the legislation. Model No. 1 Funding based on current contribution of $2,500 increased by multi-family construction inflation only currently estimated at 2.2%. Special levies would be required in years 2018 to 2043. Model Not Recommended by Pacific Rim Appraisals Ltd. Yr. 2013 Yr. 2014 Yr. 2015 Yr. 2016 Year 2017 to 2043 $2,500 $2,555 $2,611 $2,727 See Page 8 of Model 1 Model No.
    [Show full text]
  • Ads Canadian Bank 343 Amex Bank of Canada 303 Bank of America National Association 241 Bank of Canada 177 Bank O
    SECTION I NUMERIC LIST / LISTE NUMÉRIQUE 1 ADS CANADIAN BANK 343 Routing Numbers / Numéros d'acheminement Electronic Paper(MICR) Électronique Papier(MICR) Postal Address - Addresse postale 034300012 00012-343 20 Queen Street West - Suite 2600, Toronto, ON M5H 3R3 034300092 00092-343 20 Queen Street West - Suite 2600, Toronto, ON M5H 3R3 AMEX BANK OF CANADA 303 Routing Numbers / Numéros d'acheminement Electronic Paper(MICR) Électronique Papier(MICR) Postal Address - Addresse postale 030300012 00012-303 101 McNabb Street, Markham, ON L3R 4H8 030300022 00022-303 101 McNabb Street, Markham, ON L3R 4H8 030300032 00032-303 101 McNabb Street, 101 McNabb Street, Markham, ON L3R 4H8 BANK OF AMERICA NATIONAL ASSOCIATION 241 Routing Numbers / Numéros d'acheminement Electronic Paper(MICR) Électronique Papier(MICR) Postal Address - Addresse postale 024101312 01312-241 Main Branch, 200 Front St. W., Suite 2700, Toronto, ON M5V 3L2 024156792 56792-241 Main Branch, 200 Front St. W., Suite 2700, Toronto, ON M5V 3L2 BANK OF CANADA 177 Routing Numbers / Numéros d'acheminement Electronic Paper(MICR) Électronique Papier(MICR) Postal Address - Addresse postale 017700000 00000-177 Banking Services, 245 Sparks Street, Ottawa, ON K1A 0G9 017700006 00006-177 Banking Services, 245 Sparks Street, Ottawa, ON K1A 0G9 BANK OF CHINA (CANADA) 308 Routing Numbers / Numéros d'acheminement Electronic Paper(MICR) Électronique Papier(MICR) Postal Address - Addresse postale 030800012 00012-308 50 Minthorn BLVD-Suite 600, Markham, ON L3T 7X8 030800022 00022-308 Toronto Downtown
    [Show full text]
  • News Release for Immediate Release
    News Release For Immediate Release Minister Ng announces the launch of the Black Entrepreneurship Loan Fund May 31, 2021 – Ottawa, Ontario Black Canadian business owners and entrepreneurs make important contributions to the Canadian economy, yet they continue to face systemic barriers in starting and growing their businesses. This has been further exacerbated by the COVID-19 pandemic. The Government of Canada is working to address these long-standing, systemic barriers with its first-ever Black Entrepreneurship Program. Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, and Greg Fergus, Parliamentary Secretary to the Prime Minister, to the President of the Treasury Board and to the Minister of Digital Government and Chair of the Parliamentary Black Caucus, announced that the Black Entrepreneurship Loan Fund is now accepting loan applications. They were joined by Rachel Bendayan, Parliamentary Secretary to the Minister of Small Business, Export Promotion and International Trade and Member of Parliament for Outremont; Marci Ien, Member of Parliament for Toronto Centre; Emmanuel Dubourg, Member of Parliament for Bourassa; Tiffany Callender, CEO of the Federation of African Canadian Economics (FACE); Michael Denham, President and CEO of the Business Development Bank of Canada (BDC); Christine Bergeron, President and CEO of Vancity; and Robert Paterson, President and CEO of Alterna Savings. Also present at the announcement were leaders from Black-led business organizations from across Canada and senior executives from committed financial institutions. The Black Entrepreneurship Loan Fund has been co-developed by the government in partnership with FACE as the loan fund administrator. Today, Minister Ng announced that BDC, Alterna Savings and Vancity will be the first partner financial institutions in the initial launch.
    [Show full text]