Canadian Finance Minister Jim Flaherty said Monday only $1 billion of a C$12 billion secured credit facility to help consumers and businesses access financing for vehicles and equipment remains to be allocated, and this will be done in August.

Under the program, the government purchases newly-issued term asset-backed securities backed by loans and leases on vehicles and equipment, and inventory loans. Lenders holding these securities would then have room to extend new loans and leases.

The facility was unveiled in the January budget and officially rolled out last month.

In a statement, Flaherty said C$11 billion has been allocated, including C$1 billion set aside for smaller players. Fifteen lenders received allocations under the large enterprise tranche in mid-May.

-Nirmala Menon, Dow Jones Newswires; 613-237-0668; nirmala.menon@dowjones.com