When you use the Check Status feature in the Submitted to SBA queue within Ventures, you are checking your application's status within the SBA Platform. As you know, the application process is a little different this time around and the SBA is doing initial checks before approving and assigning loan numbers.
A Failed Validation status means the SBA has an issue with your submitted application. To solve this:
- You will need to log onto the SBA Platform and review the Failed Validation message on that application
- Depending on the issue, you may have to withdraw your application, make a correction, and then resubmit the application
How to Withdraw and Resubmit Application
1. Log onto SBA Platform and review SBA Failed Validation message (you can sort by the Status column) by clicking on the hyperlinked Borrower Name or Submission Confirmation ID
2) Review the message. If it allows for Lender to withdraw application, click on the Withdraw button within the SBA Platform
3) Go back to the Submitted to SBA queue in Ventures
4) Check off the box next to the application you want to withdraw and click the Check Status button to update the Decision status
5) The application will get pushed back to Review & Submit to SBA status
6) Go into loan record and make corrections
7) Resubmit application from the Review & Submit to SBA grid
Please note: You can withdraw any application that has an SBA Status of Pending Validation. If your application has a SBA Status of Failed Validation you will need to withdraw from the SBA Platform to resubmit.