Financing Solution Launched in B.C. to Help Small Business with Insurance Costs

VANCOUVER, April 20, 2004 – The Insurance Brokers Association of B.C. (IBABC), GHR Systems, Inc. and Scotiabank today announced a new insurance financing program for small businesses. The Premium Financing Solution(TM) provides fresh options for small businesses in B.C. to finance annual property and casualty insurance premiums through a flexible monthly payment plan. Using leading-edge web technology by GHR Systems, Scotiabank’s financing can be
fulfilled quickly through participating insurance brokers in B.C.

“Recent economic factors have resulted in rising insurance premiums for small businesses,” said Chuck Byrne, Executive Director of the IBABC. “That’s why it’s important to offer small business owners alternative financing arrangements that are innovative, competitive and easy to use.”

“Scotiabank is pleased to provide convenient financing options to help small businesses better afford their property and casualty insurances and manage their cash flow,” said Susan Kennedy-Loewen, Vice-President of Small Business Banking, Scotiabank.

“GHR is pleased to partner with Scotiabank and the IBABC to provide technology based solutions to help small businesses finance insurance premiums,” said Rick Arends, President, GHR Systems Canada.

The Insurance Brokers Association of B.C. (IBABC) promotes its 750 member insurance brokerages as the premiere distributors of general insurance products and services in British Columbia. IBABC is the primary provider of pre-licensing and continuing professional education for the general insurance brokers in B.C. The IBABC represents the interests of the public and its member brokers to government and to industry stakeholders.

GHR Systems, Inc., a leading provider of lending automation solutions and services for the vendor financing, consumer and small business lending and residential mortgage industries, provides browser-based and client server platforms and applications for originating, processing and closing loans. GHR’s clients use GHR technology and services to better market, sell and close loans through all their distribution channels. GHR has been featured in Inc.
magazine’s list of the 500 fastest growing, privately held companies in 2002 and 2003, and is a Microsoft Gold Certified Partner. GHR processes more than 7.5 million transactions annually.

Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With approximately 48,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With C$281 billion in assets (as at January 31, 2004), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please visit