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SRED financing

SRED Financing

Tax credits and how borrowing SR&ED (loans) against SRED can help business cashflow.

First things, first. What does is SRED mean? It’s a handy acronym that stands for Scientific Research and Experimental Development (SR&ED). It’s common for people to drop the ampersand when referring to SR&ED, as such SRED is one and the same. 

When it comes to the lifecycle of SRED for a business, first they would need to qualify and leverage the SERD tax incentive on their taxes. So SRED really is a tax incentive program—first. Second, we have what is called SRED loans. Since it’s a fairly guaranteed tax refund against the SRED tax credit it can be used as a financing option. 

  • Some of what we’ll cover is:
  • What is a SRED loan?
  • Qualifying costs deducted fo
  • Cons of the SRED program
  • SRED & Business Growth
  • Successful Canadian companies
  • Best person to manage SRED
  • The best software for managing
  • Other tax deductions Canadian
  • SRED tax filing deadlines
  • Does The United States

Let’s jump right in and learn more about one of our favorite and most commonly used loans—SRED

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What is a SRED loan?

First things, first. What is SRED mean? It’s a handy acronym that stands for Scientific Research and Experimental Development (SR&ED). It’s common for people to drop the ampersand when referring to SR&ED, as such SRED is one and the same. 

When it comes to the lifecycle of SRED for a business, first they would need to qualify and leverage the SRED tax incentive on their taxes. So SRED really is a tax incentive program—first. Second, we have what is called SRED loans. Since it’s a fairly guaranteed tax refund against the SRED tax credit it can be used as a financing option. 

The Scientific Research and Experimental Development (SR&ED) tax credit program is exclusively found in the Canadian CRA tax code as such, securing a SRED loan is done for Canadian companies through Canadian financial institutions. 

The SR&ED program is a federal tax incentive program that encourages Canadian businesses of all sizes and in all sectors to conduct research and development in Canada. The program offers tax credits, refunds, and deductions to companies that conduct eligible research and development activities.

While not all financial institutions offer companies loans against their SRED tax credit, it is a type of loan offered by some financial institutions in Canada. 

In a nutshell, this type of loan allows the Canadian company to access a portion of their anticipated SR&ED refund in advance, providing them with cash flow to continue their research and development activities, which can be critical to their growth and success.

How do SRED loan (or SRED financing) programs work?

To qualify for an SRED loan program, a company must have a proven track record of successful R&D activities and a solid business plan. The program typically requires the company to provide detailed information about the R&D projects that the loan will fund, including the project’s objectives, timelines, and expected outcomes.

Using a SRED financing option, lenders will assess the company’s eligibility and may require additional documentation, such as financial statements and tax returns. If the company meets lenders eligibility requirements, your business is likely to be approved for financing or loan using SRED tax credit as collateral or security.

A SRED loan may provide funding as a lump sum or in installments, depending on the nature of the R&D project. The loan may also offer flexible repayment terms, such as interest-only payments during the R&D project’s development phase.

Overall, SR&ED financing / SRED loan programs provide a valuable source of financing for eligible companies that are conducting R&D activities. 

How long has the SRED tax credit program been available?

The Scientific Research and Experimental Development (SRED) program has been available in Canada since 1985. 

The program is administered by the Canada Revenue Agency (CRA) and provides tax incentives to Canadian businesses that conduct research and development (R&D) activities in Canada. 

The SR&ED program is designed to encourage innovation and help Canadian businesses remain competitive in the global marketplace by providing financial support for R&D activities. Over the years, the SRED program has undergone several changes and updates to better serve the needs of Canadian businesses, but it remains an important source of support for R&D activities in Canada.

How common are SRED loan or SR&ED financing?

The popularity of these financing options can vary depending on the specific needs of the business and the availability of other financing options.

According to the 2021 annual report of the BDC, the bank provided over $7 billion in loans to Canadian businesses in the fiscal year 2021, with a focus on supporting companies that are investing in innovation and technology. The report does not provide a breakdown of how much of this financing specifically went towards R&D activities.

Similarly, the CSBFP has supported thousands of small businesses across Canada with loans of up to $1 million, including businesses engaged in R&D activities. The exact number of loans issued specifically for R&D projects is not readily available.

The popularity and use of these financing options can vary depending on the specific needs and circumstances of the business.

Why did the Canada Revenue Agency (CRA) create the SR&ED program?

The Canada Revenue Agency (CRA) created the Scientific Research and Experimental Development (SR&ED) program to encourage Canadian businesses to engage in research and development (R&D) activities that can help improve their competitiveness and promote innovation in Canada. 

To learn more about SR&ED right from the horse’s mouth, visit the CRA’s website. For an easy read, stay with us and we’ll walk you through the most important aspects of SRED. 

As mentioned, the SRED program provides tax incentives in the form of tax credits and refunds to Canadian businesses that conduct eligible R&D activities in Canada. The program is intended to support businesses of all sizes, from small startups to large corporations, and to encourage R&D activities across a wide range of sectors, including manufacturing, software development, and biotechnology. 

At Fundify.io, we help hundreds of startups and small businesses secure SRED financing and the program is fantastic for these business segments who might be left with fewer available financial loan products due to the newness or lack of profitability due to being in the early stages of research and development. 

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The SRED program is designed to help Canadian businesses stay competitive in the global marketplace by supporting innovation and technological advancement. By providing financial support for R&D activities, the program aims to help businesses develop new products, services, and processes that can improve their productivity and efficiency, enhance their competitiveness in the global marketplace, and contribute to economic growth in Canada. 

Ultimately, the goal of the SRED program is to help Canadian businesses remain at the forefront of innovation in their respective industries globally and to support the long-term economic growth and prosperity of Canada. It’s considered one of the best R&D tax incentive programs in the world.

 

What is a SRED proxy?

The term “SRED proxy” typically refers to a method used by businesses to estimate their eligible expenditures for the Scientific Research and Experimental Development (SRED) program in Canada. The SRED program provides tax credits and refunds to companies that engage in R&D activities in Canada, and the eligible expenditures for these activities can be used to calculate the amount of the tax credit.

A SRED proxy method is a simplified approach to estimating eligible expenditures for businesses that do not have detailed records or documentation of their R&D activities.

This method involves using a predetermined percentage of total labour costs or subcontractor expenses as a proxy for eligible R&D expenditures. The percentage used as a proxy can vary depending on the industry sector and the nature of the R&D activities being conducted.

It’s important to note that the use of the SRED proxy method is not mandatory, and businesses can also choose to use a more detailed and accurate approach to estimate their eligible expenditures.

For some businesses, the SRED proxy method can be a more practical and cost-effective option, especially if they do not have the resources or expertise to conduct a more detailed analysis.

It’s also worth noting that the use of the SRED proxy method does not guarantee eligibility for the SRED program, and businesses must still meet all other eligibility criteria and requirements.

As such, it’s important for businesses to consult with a qualified SRED consultant or tax professional to determine the best approach for estimating their eligible expenditures and maximizing their tax credit.

What is the SRED rate?

The SR&ED rate refers to the percentage of eligible expenditures that a Canadian business can claim as a tax credit under the Scientific Research and Experimental Development (SR&ED) program. The rate varies depending on the type of business and the nature of the R&D activities being conducted.

For Canadian-controlled private corporations (CCPCs), which are generally small to medium-sized businesses, the Canadian federal SR&ED rate for eligible expenditures incurred after December 31, 2019, is 35%. This rate applies to the first $3 million of eligible expenditures per year, with a reduced rate of 15% for any eligible expenditures above this threshold.

In addition, CCPCs may also be eligible for provincial or territorial tax credits, which can further increase the overall tax credit rate.

For other corporations, the federal SRED rate for eligible expenditures incurred after December 31, 2019, is 15%. These corporations may also be eligible for provincial or territorial tax credits, which can vary depending on the jurisdiction and the nature of the R&D activities being conducted.

It’s important to note that the SRED program has specific eligibility criteria and rules for what constitutes eligible expenditures, and businesses must meet these requirements in order to claim the tax credit. 

In addition, the SRED program is subject to periodic reviews and audits by the Canada Revenue Agency, which can impact the amount of tax credit that a business is ultimately able to claim.

It’s important for businesses to consult with a qualified SR&ED consultant or tax professional to ensure that they are meeting all eligibility criteria and maximizing their tax credit.

Qualifying costs deducted for SRED tax credit

To qualify for the SRED program, the R&D activities must meet certain eligibility criteria and the costs associated with those activities must be eligible expenses.

The eligible costs can include:

  • Salaries and wages: The salaries and wages paid to employees directly involved in the R&D project are eligible expenses.
  • Materials: The cost of materials consumed or transformed during the R&D process is an eligible expense. This includes raw materials, chemicals, and other supplies used in the project.
  • Subcontractors: The cost of hiring subcontractors or consultants to perform R&D work on behalf of the company is an eligible expense.
  • Overhead expenses: Certain overhead expenses, such as rent, utilities, and insurance, may be eligible if they are directly related to the R&D project.
  • Capital expenditures: The cost of purchasing or leasing equipment, software, or other capital assets used for R&D purposes may be eligible for the SRED program.

It is important to note that the costs must be reasonable and directly related to the R&D project to be considered eligible expenses.

The SRED program has specific rules and guidelines regarding the documentation and reporting of eligible expenses. 

Businesses should consult with a qualified accountant or tax professional for guidance on how to properly claim expenses under the SRED program.

The average size of a SRED loan

One of the largest financial institutions to underwrite SRED loans are The Business Development Bank of Canada (BDC) and the Canadian Small Business Financing Program (CSBFP).

The size of the loan available through these programs varies depending on the size of the business, the nature of the project, and the level of risk involved.

For example, the BDC offers various financing options for businesses engaged in R&D, including term loans, venture capital, and growth and transition capital. The size of the loan can range from a few hundred thousand dollars up to several million dollars, depending on the project’s scope and the business’s financial strength and creditworthiness.

Similarly, the CSBFP provides loans of up to $1 million to help small businesses purchase or improve assets, including equipment and real estate, required for their operations. The loans are guaranteed by the government, making them more accessible to businesses that may have difficulty securing traditional bank financing.

It’s important to note that the size of the loan ultimately depends on the specific needs and circumstances of the business, and each financing program has its own eligibility criteria and application process. 

Businesses should consult with a qualified financial advisor or lender to determine the best financing option for their R&D project.

Cons of the SRED program

While the Scientific Research and Experimental Development (SRED) program can provide many benefits to Canadian businesses, there are also some potential drawbacks and limitations to consider. Here are some cons of the SRED program:

  • The complexity of the application process: The SRED application process can be complex and time-consuming, especially for businesses that are new to the program or that have never applied for tax credits before. The application process requires detailed documentation of eligible R&D activities, and businesses may need to seek the help of a tax professional to ensure that their application is complete and accurate.
  • Eligibility requirements: The SRED program has strict eligibility requirements, and not all businesses may qualify for the program. To be eligible, businesses must demonstrate that their R&D activities meet certain criteria, such as being undertaken in Canada and involving the pursuit of scientific or technological advancements.
  • Delayed cash flow: While the SRED program provides a valuable tax credit or refund to eligible businesses, the benefits are not immediate. Businesses may need to wait several months or even a year to receive the cash flow benefit, which can impact their cash flow and financial planning. Hence why SRED loans have become a great way to improve cash flow.
  • Potential for audit: Because the SRED program provides significant tax incentives, there is a potential for an audit by the Canada Revenue Agency (CRA) to ensure that businesses have followed the program’s rules and guidelines. If the CRA determines that a business has not met the program’s requirements, it may be required to repay the tax credit or refund received, as well as any interest or penalties.
  • Limits on refundable credits: Refundable SRED tax credits are limited to a certain percentage of eligible R&D expenses, and this limit may change from year to year. This can impact the amount of cash flow benefit that businesses can receive from the program.

It’s important for businesses to carefully consider these potential cons of the SRED program before deciding to participate.

By weighing the potential benefits and drawbacks of the program, businesses can make informed decisions about whether the program is right for them.

SRED & Business Growth

Yes! The Scientific Research and Experimental Development (SR&ED) program in Canada can be an effective way for businesses to grow and expand their operations. The SR&ED program offers tax incentives to Canadian businesses that invest in scientific research and experimental development activities.

By participating in the SR&ED program, businesses can receive tax credits, deductions, or refunds for eligible expenditures related to their SR&ED activities. This can help to offset the costs associated with innovation and research and can free up resources that can be reinvested back into the business.

The program can also provide a competitive advantage by allowing businesses to develop and commercialize new products, services, and processes.

In addition to the financial benefits, the SR&ED program can also help businesses to build technical expertise and knowledge in their field, which can be applied to future projects and initiatives. This can help businesses to stay ahead of the curve and to remain competitive in their industry.

Overall, the SR&ED program can be a valuable tool for businesses looking to grow and expand their operations through innovation and research.

Successful Canadian companies to use the SRED program

It is difficult to pinpoint the most successful Canadian companies that have leveraged the Scientific Research and Experimental Development (SRED) program, as the program is open to businesses of all sizes and across a wide range of sectors.

There are many Canadian companies that have been able to use the SRED program to support their research and development activities and achieve success in their respective industries.

Some examples of successful Canadian companies that have benefited from the SRED program include

  • Shopify: A leading global e-commerce platform that has leveraged the SRED program to support its research and development activities and develop innovative new products and features.
  • BlackBerry: A pioneer in the mobile communications industry that has used the SRED program to support its R&D activities and develop new technologies that have helped to shape the industry. Believe it or not, BlackBerry is still very much alive and continues to leverage this tax program to develop its current enterprise products like Cybersecurity, Embedded Systems, Radar, Endpoint Management, Automotive, and some consumer smartphones.
  • Bombardier: A leading manufacturer of aerospace and transportation equipment that has leveraged the SRED program to support its R&D activities and develop new products and technologies.
  • OpenText: A leading provider of enterprise information management solutions that has used the SRED program to support its research and development activities and develop innovative new products and features.
  • Teck Resources: Canada’s largest diversified mining and metals company has leveraged the SRED program to support its R&D activities and develop new technologies and processes to improve efficiency and sustainability in the industry.

These are just a few examples of successful Canadian companies that have leveraged the SRED program to support their R&D activities and achieve success in their respective industries. Many other Canadian companies, both large and small, have also benefited from the program and continue to leverage it to support their innovation and growth.

Our team at Fundify.io can help you get the right loan against your SRED tax refund. 

Looking for a SRED financing?

Fundify can help you find the right loan—it’s easy and fast

What businesses most commonly leverage the SRED program?

The SR&ED (Scientific Research and Experimental Development) program is available to businesses of all sizes and in all sectors that conduct R&D activities in Canada. As such, there is no specific industry or sector that most commonly leverages the program. 

The program is generally most beneficial to companies that are engaged in innovation, research, and development activities, such as technology companies, biotech and pharmaceutical companies, manufacturing companies, and engineering firms, among others.

Small and medium-sized enterprises (SMEs) are also frequent users of the SRED program, as the program offers additional benefits to these companies, such as refundable tax credits that can help to offset the costs of R&D activities. 

In fact, according to the most recent statistics available from the Canada Revenue Agency, over 75% of SRED claimants are small businesses with $4 billion in investment to over 18 thousand businesses. Source: Wikipedia & CRA.

Large corporations and multinational companies are also eligible to claim SRED tax credits, although the rules and eligibility criteria can be different for these companies compared to SMEs. For example, large corporations may be subject to a different tax credit rate or may have to meet additional eligibility criteria related to their size and revenue.

Overall, any Canadian company that is engaged in R&D activities can potentially benefit from the SRED program, regardless of its size or industry sector.

The program is designed to encourage and support innovation and technological advancements in Canada, and to help businesses remain competitive in a rapidly changing global marketplace.

Best person to manage SRED on your team?

Managing a Scientific Research and Experimental Development (SR&ED) program involves a multidisciplinary approach, and it’s important to have a team with expertise in different areas to ensure that the program is effectively managed and maximized.

Depending on the size and structure of the business, the following individuals or roles may be involved in managing SRED loans:

  • Chief Financial Officer (CFO): The CFO is responsible for the financial management of the business and can play a key role in managing the SRED program. They can oversee the financial aspects of the program, including budgeting and cash flow management, and work with the SRED consultant to ensure that eligible expenditures are being properly tracked and documented.
  • SR&ED Consultant: A qualified SRED consultant can help businesses navigate the complexities of the SRED program and ensure that they are meeting all eligibility criteria and maximizing their tax credit. The SRED consultant can also assist with the preparation of SRED claims, provide advice on record-keeping and documentation, and help with any reviews or audits by the Canada Revenue Agency.
  • Research and Development (R&D) Manager: The R&D Manager is responsible for overseeing the research and development activities of the business and can play a key role in identifying eligible R&D activities and expenditures for the SRED program. They can also work with the SRED consultant to ensure that the documentation and record-keeping for eligible expenditures are being properly managed.
  • Project Managers: Project managers can be involved in managing specific R&D projects that are eligible for the SRED program. They can ensure that the projects are being properly documented and tracked, and work with the R&D manager and SRED consultant to identify eligible expenditures and activities.
  • Legal Counsel: Legal counsel can be involved in managing the legal aspects of the SRED program, such as ensuring that the business is complying with all relevant laws and regulations, reviewing contracts with third-party service providers, and helping with any disputes or litigation related to the program.

Overall, managing SR&ED loans requires a collaborative approach, and it’s important to have a team with diverse expertise to ensure that the program is properly managed and maximized.

Is it time consuming to participate in SRED programs?

The amount of time required by a business to participate in the Scientific Research and Experimental Development (SRED) program can vary depending on the size of the business, the nature of its research and development activities, and the level of documentation and record-keeping that is already in place.

Generally speaking, participating in the SRED program can involve a significant investment of time and resources.

Some of the activities that may be required by businesses to participate in the SRED program include:

  • Identifying eligible R&D activities and expenditures: This can involve reviewing the business’s R&D projects and activities and identifying which ones meet the eligibility criteria for the SRED program. This process may require input from the R&D team and other relevant stakeholders within the business.
  • Documenting eligible activities and expenditures: To claim the tax credit, businesses must provide detailed documentation of their eligible activities and expenditures. This can involve keeping detailed records of the time and resources spent on eligible activities, as well as any materials, equipment, or subcontractor costs that are associated with these activities.
  • Preparing SRED claims: To claim the tax credit, businesses must prepare a detailed SRED claim that outlines their eligible activities and expenditures. This can involve working with a qualified SRED consultant to ensure that the claim is accurate and meets all eligibility criteria.
  • Participating in reviews and audits: The Canada Revenue Agency (CRA) may conduct reviews or audits of businesses that participate in the SRED program to ensure that they are meeting all eligibility criteria and accurately claiming the tax credit. This can involve providing additional documentation and answering questions from CRA officials.

Overall, participating in the SRED program can involve a significant investment of time and resources for businesses. The tax credits and refunds available through the program can also provide a significant financial benefit, making it a worthwhile time and effort investment for many businesses that are engaged in R&D activities.

The best software for managing tax incentive credits in Canada?

There are several software solutions available to help Canadian businesses manage their tax incentive credits, including those related to the Scientific Research and Experimental Development (SR&ED) program. Here are some examples:

  • TaxCycle: This tax preparation software offers a module specifically for SR&ED claims, allowing businesses to track and manage their SR&ED expenditures and prepare their claim for submission to the Canadian Revenue Agency.
  • BeneFACT: This software provides automated tracking and reporting of SR&ED expenditures and supports collaboration between different stakeholders involved in the claim process. It also offers analytics tools to help businesses maximize their SR&ED tax credits. Acquired by RSM in 2020, the platform is used as part of its new parent company’s service offerings.
  • Incentify: This cloud-based software offers a comprehensive platform for managing tax incentive credits, including those related to SR&ED. It includes tools for tracking and managing expenditures, preparing claims, and managing documentation.
  • MNP: This software offers a full-service solution for managing SR&ED claims, including data collection, documentation management, and claim preparation. It also includes analytics tools to help businesses optimize their SR&ED tax credits.

These are just a few examples of the service and software solutions available for managing tax incentive credits in Canada. It’s important to do your research and select a solution that meets the specific needs of your business.

The difference between a SRED loan and a grant

Often when talking about SRED loans and the tax incentive program itself, conversations of grants inevitability come up. 

A loan is a type of financial assistance that is provided by a lender to a borrower with the expectation that it will be repaid with interest. Whereas a grant is a type of financial assistance that is provided by a grantor to a grantee without the expectation of repayment.

Here are some of the key differences between a loan and a grant:

  • Repayment: As mentioned, loans must be repaid with interest, while grants do not need to be repaid.
  • Eligibility: Loans are generally provided to individuals or organizations that meet certain eligibility criteria, such as having a good credit score or a strong business plan. Grants are typically provided to organizations or individuals that meet specific criteria set by the grantor, such as being a non-profit organization or working in a certain field.
  • Purpose: Loans are often provided to finance a specific project or business venture, while grants are often provided to support research, education, or charitable activities.
  • Amount: Loans are often provided in larger amounts than grants, as lenders typically have more money available to lend than grantors have available to give away.
  • Risk: Loans involve more risk for the borrower, as they must repay the loan with interest, regardless of whether the project is successful. Grants involve less risk for the grantee, as they do not have to repay the grant, but may be subject to certain reporting requirements or restrictions on how the funds can be used.

Overall, loans and grants serve different purposes and are appropriate for different situations. Grants are great but so is SRED if you can qualify for both—definitely recommended. 

Other tax deductions Canadian businesses Canada can leverage

In addition to SRED, there are tons of great tax deductions that businesses in Canada can leverage to reduce their tax liability. 

Some of the biggest tax deductions include:

  • Small business deduction (SBD): Canadian-controlled private corporations (CCPCs) can claim a small business deduction on the first $500,000 of active business income, resulting in a lower tax rate.
  • Capital cost allowance (CCA): Businesses can claim CCA on assets they purchase and use in their business, such as buildings, machinery, and equipment. This allows them to deduct a portion of the cost of the asset each year for tax purposes.
  • Deductions for business expenses: Businesses can deduct expenses that are incurred for the purpose of earning income, such as rent, utilities, advertising, and office supplies.
  • Charitable donations: Businesses can claim a tax deduction for charitable donations they make to registered charities.
  • Employee salaries and benefits: Businesses can deduct salaries, wages, and benefits paid to employees, including health and dental benefits, bonuses, and stock options.
  • Business losses: Businesses can carry forward losses incurred in a previous year and apply them against income earned in future years, resulting in a lower tax liability.

It’s important to note that the eligibility and amount of these deductions may vary depending on a number of factors, including the size and type of the business, the nature of its operations, and the specific expenses incurred. 

It’s always a good idea to consult with a tax professional or accountant to ensure that you are taking full advantage of all available tax deductions and credits.

SRED tax filing deadlines in Canada

The SR&ED tax filing deadline in Canada is 18 months after the end of the tax year in which the SR&ED expenditures were incurred.

For example, if your company’s tax year ends on December 31st, 2022, the deadline for filing your SR&ED claim for that tax year would be June 30th, 2024.

It’s important to note that you must also file your company’s tax return for the same tax year by the same deadline, which includes any tax credits you’re claiming for SR&ED.

Failing to file on time can result in penalties and interest charges.

Hopefully, you’ve enjoyed this comprehensive overview of the Scientific Research and Experimental Development (SR&ED) tax incentive program and how your business can possibly take a loan against your expected tax return value. 

Our team at Fundify.io has a ton of experience helping hundreds of businesses get SRED financing, feel free to reach out and we’d be happy to navigate you through the process and get you the right loan.

Does The United States have SRED?

The United States generally is considered one of the top innovative economies in the world. Moreover, a lot of startups (one of the most common recipients of the SERD tax refund and SRED loans) make their way down to Silicon Valley to tap into a number of industry-specific resources and support. 

Unfortunately though, no, Americans do not have SRED loans as the Scientific Research and Experimental Development (SR&ED) tax credit program is a federal tax incentive program that is specific to Canada. 

However, the United States has similar tax incentive programs such as the Research and Development (R&D) Tax Credit which provides a tax credit to businesses that conduct qualified research and development activities in the U.S.

The R&D tax credit can help businesses offset the costs of research and development and improve their cash flow. To check out our stateside friends’ R&D tax credit program visit the IRS.com website, plucked for easy reading 🤓.

If financing is what you need, but SRED isn’t the right option for your business, we have a library of posts that help you navigate other common business loan options such as merchant cash advance, accounts receivable (A/R) financing, venture debt financing, or business term loans along with SRED financing before making a final decision.

To learn more about Fundify.io and equipment financing options in the free loans marketplace, create a free account today.

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