QUESTION PERIOD — Ministry of Rural Economic Development
Financial Cooperatives
December 1, 2022
Welcome to the Senate, minister.
In your mandate letter, the Prime Minister asks you to do the following:
. . . continue to implement the Rural Economic Development Strategy to build on existing investments . . . and identify improvements that could be made to programs, policies and future investments to benefit rural communities.
We know that financial cooperatives are generally the last to be consulted when it comes to program and policy development. I am thinking in particular of the Canada Emergency Business Account, or CEBA, during COVID-19. The government eventually made members of these institutions eligible, but they had to work hard to make themselves heard.
Nevertheless, these financial institutions represent nearly one quarter, or 21%, of the Canadian SME market share. Their belated inclusion in critical discussions is hampering rural economic development.
In keeping with the spirit of the objectives set out in your mandate letter, can you tell us how your government intends to consult financial cooperatives systematically rather than belatedly?
Thank you, senator. That is a great question. One thing that I did as soon as I was appointed minister with this portfolio — there is a Centre for Rural Economic Development already established. I sat down with the team and I asked, “Who do we have on the ground? Who do we have actually out working with businesses, banking institutes, not‑for‑profits, communities and Indigenous communities?” I am pleased to say that now we have 22 people in that department, and there are some on the ground in rural Canada from coast to coast to coast. We also work with regional developments associations, with BDC and, of course, with all of the other ministries in this field.
The reality is that banking is different in rural Canada. We have to work with the Canadian Bankers Association, or CBA, and all aspects to make sure that we develop and deliver to rural Canadians. I have tasked my team in the Centre for Rural Economic Development to make sure that they get out to every field because if we are not delivering the services that rural Canadians need to grow the economy, to help farmers, to help fishers and to help the tourism sector and the mining industry, we are not going to get there. They are a vital part of working with all of the groups on the ground to make a difference in rural and economic development from coast to coast to coast.