Financing Measures Are All in Operation
Canadian Funding Corp video
The Honourable Jim Flaherty, Minister of Finance, and the Honourable Tony Clement, Minister of Industry, today announced that all of the measures in Canada’s Economic Action Plan to improve access to financing are in place and fully operational.
“To date, over $115 billion has been provided to improve the availability of financing for Canadian households and businesses, all of it on a commercial basis to protect the taxpayer,” said Minister Flaherty. “This has had a real impact on credit conditions in Canada. Household and business credit is growing and average interest rates have fallen steadily. This is good news for all Canadians.”
Minister Flaherty also announced that allocations under the $1-billion Small Enterprise Tranche of the Canadian Secured Credit Facility (CSCF) have been made, ensuring the facility reaches smaller participants in the loan and leasing market. Lenders from a cross-section of the vehicle and equipment financing industry have received the allocations. This brings the total allocated under the CSCF to $11 billion. A further $1 billion will be allocated in August.
“Giving smaller lenders in the loan and leasing market a chance to access credit is wholly consistent with Canada’s Economic Action Plan,” said Minister Clement. “Support for the financing of vehicles and equipment in Canada will also help bolster confidence in the Canadian auto industry at this critical time.”
Canada’s Economic Action Plan takes unprecedented action to improve access to credit and financing for Canadian families and businesses. Measures include the:
* Business Credit Availability Program
* Canadian Secured Credit Facility
* Insured Mortgage Purchase Program
* Canadian Lenders Assurance Facility
* Canadian Life Insurers Assurance Facility