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ARCHIVED—Canada Small Business Financing Act
Annual Report 2010-2011
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6. Future Directions
Electronic Transfer of Registration Data and Fees
In March 2011, the CSBF Program launched a process that enables lenders to electronically:
- submit and modify loan registrations;
- receive and print registration confirmations;
- view the status of loan registrations and claims;
- submit and track registration fee transfers; and
- request and receive refund payments for decreased loan amounts.
These electronic processes will increase efficiency, reduce paper and administrative burden, improve data integrity, service delivery and reporting. The Directorate will work with lenders to roll out the application.
Second Comprehensive Review
The report of the second comprehensive review, as mandated by the Canada Small Business Financing Act, was tabled in Parliament in April 2010. While the review confirmed the Program's importance, effectiveness and its significant benefits to the Canadian economy, it also acknowledged that a lack of awareness, administrative burden and lender profitability issues hinder the use of the CSBF Program. Program design elements are being examined to strengthen and modernize the program, thereby ensuring its long term viability as a vehicle to increase access to financing for small businesses. The report, and related research, is available on the CSBF Program website.
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