Bulletin – January 2011
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The Canada Small Business Financing Program is modernizing!
Electronic Transfer of Registration Data and Fees will be available in March 2011
For several years lenders have expressed a desire for change and, in particular, greater use of information technology to lessen the administrative and paper burden associated with the Program. Starting in March 2011, lenders will be able to register loans in a secure web-based environment, transfer/receive registration fees/refunds, and obtain up to date information about their loan portfolios as well as other services.
Benefits to Lenders
The electronic transfer processes will result in:
- Increased efficiency (faster turn around; time saving)
- Reduced paper and administrative burden (manual processes, cheques, courier)
- Improved data integrity (fewer errors)
- Improved service delivery (less time following-up)
- Improved reporting (up to date information)
Improved Time-Saving Functions
Lenders will be able to electronically:
- submit new, modify existing, withdraw pending, and de-register loan registrations
- receive and print registration confirmation and modification acknowledgements
- view the status of registrations and claims
- submit and track registration fee transfers for new loans as well as increased loan amounts
- request and receive refund payments for decreased loan amounts
Please note that the following functions are not currently part of this project: claim submissions, requests for claim submission extensions, administration fee payments, outstanding loan balance reporting and loan transfers.
For More Information
These electronic transfer processes have been designed specifically to maximize benefits while at the same time minimize effort and costs required by lenders.
To learn more about how your financial institution can take advantage of this improved business protocol, please contact Tony Domanico at 1-866-959-1699 or by e-mail at firstname.lastname@example.org. More information will soon be available on our website at www.ic.gc.ca/csbfp.
We are currently working on an improved Info-Line call processing system that will enhance the Program's ability to respond to the increase in enquires received through our toll-free line. Further details will be provided as soon as it is finalized.
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