Small businesses are the backbone of the Canadian economy and they deserve our support during this pandemic. Watch or read the transcript of her speech here:

"Madam Speaker, Canadian small and medium-sized businesses are the core of our economy. They represent 99.7% of businesses in Canada and employ over 15.8 million Canadians from coast to coast to coast. They are the main street businesses that Canadians frequent day in and day out. They are the businesses that fill Canadian towns and cities' business parks. They are the engine of our economy.

Our government knows that supporting these very businesses is critical to Canadians and to Canada. That is why we acted immediately in early March, when the COVID-19 pandemic was in its early days, to roll out a series of support measures to help Canadian SMEs through the sudden economic shock they were facing. We continue to be there to support SMEs through the ongoing difficulties they are experiencing so they can get through this to the other side.

We also know that capital is critical to small and medium-size businesses to help them pay their bills, continue to keep their staff and to keep their doors open to provide the goods and services Canadians need through this difficult period. That is why the government has rolled out, adjusted and updated a series of programs to provide liquidity supports to our SMEs. Capital is the lifeblood of businesses and we leaned in to help Canadian businesses.

One of the key programs I am proud that our government has introduced is the regional relief and recovery fund, or the RRRF, which my colleague was just referring to. The RRRF allows our government to support businesses that are not able to access other emergency funding. To date, we have already provided more than $1.5 billion in assistance to businesses and communities that may require additional supports to cope with and recover from the pandemic.

In the fall economic statement, we announced that we would be adding another $500 million to the program, bringing the total to more than $2 billion. This funding is being delivered through Canada's regional development agencies and community futures network to mitigate the financial pressure experienced by businesses and organizations and allow them to continue their operations, including paying their employees.

The RRRF has also supported projects by businesses, organizations and communities to prepare now for a successful recovery. To date, this program has protected more than 102,000 jobs and supported more than 14,700 businesses, including more than 8,500 clients in rural areas and 5,100 women-owned businesses. This is just one of the many programs our government has introduced to help businesses and entrepreneurs during this time of crisis.

We introduced the Canada emergency business account, or CEBA, which provided $40,000 to eligible small businesses at zero interest until December 31, 2022. For businesses that can repay early, 25% of the amount is forgivable. 

t has delivered nearly $32 billion to Canadian businesses from coast to to coast to coast.

We know that as long as this pandemic continues, our work is not done because many businesses continue to be in crisis due to the pandemic. Knowing that businesses in certain sectors continue to struggle disproportionately from the pandemic, our government is providing further liquidity support as announced in the November 30 fall economic statement.

The highly affected sectors credit availability program is a new stream of liquidity support for those businesses that need it most. Delivered by the BDC, it will provide 100% government-backed loan support for businesses that have experienced significant revenue loss as people stay home to fight the spread of the virus. The interest rates will be lower than those offered under the business credit availability program and beneath typical market rates for the businesses that have been hardest hit. BDC is working hard with financial institutions to finalize these details to make this program available to SMEs as soon as possible in the new year.

I would like to draw attention to the fact that, in addition to these direct government support programs, two government financial Crown corporations, the Business Development Bank and Export Development Canada, have stepped up to be there and support Canadian entrepreneurs and businesses. The BDC, which has a counter-cyclical mandate to help even more when SMEs need it most, undertook a series of measures to help entrepreneurs through the pandemic at no additional cost to government.

In the initial weeks of the pandemic, the BDC deferred payments for its clients, waived fees and facilitated access to working capital for Canadian SMEs through its online financing platform. It proactively worked with its clients and quickly onboarded new businesses to provide them with financial support. As of October 31, BDC's direct COVID support lending totals $2.5 billion. The BDC also adjusted the advisory services it offers to help entrepreneurs and small businesses pivot. Finally, the BDC worked to support the venture capital sector through its new BDC bridge financing program by increasing access to capital by matching financing rounds to eligible Canadian start-ups. As of October, BDC has authorized $160 million across 56 companies through its program.

For its part, Export Development Canada, through temporary domestic market powers, has also stepped in through a series of measures to support Canadian businesses. It has enabled Canadian businesses to continue to operate and export. It has also deployed its expertise and knowledge to help entrepreneurs navigate these difficult times, and it has helped Canadian start-ups through venture capital investments.

Through all of these liquidity measures, this government has facilitated access to financing to Canadian businesses to support them through this crucial time. We have clearly shown our commitment and we will continue to do, because small and medium-sized businesses are the backbone of our communities. We need them as they will play a crucial part in Canada's economic recovery, and they will help us build the future."

Link to the video of the speech can be found: Here