Conservative Members of Parliament are calling on the Finance Minister to allow all credit unions to deliver the government’s promised $40,000 emergency small business loans.
Businesses across Canada need cash now. The hundreds of credit unions across Canada can get it out the door. It is time for the government to open the door to competition and let credible unions save cash-starved businesses.
There are 239 credit unions in Canada, but Export Development Canada, which is administering the program, considers only 11 of them
- excluding 95% of credit unions. That means the charter banks will have the privilege of delivering almost all the loans with little competition. Thousands of small businesses that rely on credit unions will not get money unless they switch over to banks.
The government has promised them $40,000 loans. All financial institutions, especially local credit unions, should be employed to get the money out the door, and into the hands of our small business owners. Many rural, small business and western companies rely on credit unions instead of the chartered banks. Some of our rural communities do not even have bank branches.
The government should open up competition now and let hundreds of credit unions help save millions of jobs.