Canada's Manufacturing Industry Seeks Similar Financial Package Extended By Federal Government To Banks

November 4, 2008 12:05 p.m. EST

Toronto, Ontario (AHN) - The Canadian manufacturing is seeking a bailout package from the federal government similar to the one it extended to banks. Specifically members of the Canadian Manufacturers and Exporters Association want loan guarantees and credit lines.

Ottawa turned down last week a similar request from the car manufacturing industry.

The association said it had written Prime Minister Stephen Harper to ask for government assistance. The letter, quoted by the Globe and Mail, asked the prime minister, "Your government must act urgently to ensure that financing remains available to otherwise creditworthy companies... The Minister of Finance and the Bank of Canada have taken important and positive steps to backstop Canadian banks and ensure liquidity in our credit markets. But credit is still not available to many of our businesses."

Harper spokesman Kory Teneycke said the prime minister's office receives hundreds of similar requests, which are acted on in due time.