September 30, 2021
New: Release Notes Widget has been added to your Ventures Home Page labeled Release Notes
Ventures Webinar Dates
The Foundation Series starts up again the month of October and runs through November! These sessions are great for new staff members and serve as great refresher courses for existing Ventures users. Register for any of the upcoming sessions by using the links below:
10/13 - Administration Menu
10/14 - Loan Menu (Part 1 of 2)
10/14 – NEW: Apply+ Demonstration
10/19 - Loan Menu (Part 2 of 2)
10/21 - Loan Analysis Menu
10/26 - Etran Submissions (7a and 504)
10/28 - Ticklers 101
11/1 - Servicing Menu
11/5 - Reports & Web Templates
11/9 - Payments+ Understanding Transaction Types
11/10 - Payments+ Administration and Boarding
Did you know that Ventures has a Knowledgebase platform where you may view helpful Articles, Videos, Submit a Support Ticket and even track your support tickets?
504 Lenders - 504 Fees effective 10/01/2021
On the evening of September 30, 2021 Ventures will deploy code to update the default Organization with updated 504 Fees for this fiscal year beginning October 1, 2021 (refer to SBA Information Notice 5000-818642) . In addition to updating the default Organization Ventures updates the fee for the following loans on your platform:
- 504 Loans enrolled on or after 10/01/2021 will reflect the updated fees; and
- 504 Loans in PROSPECT or OPEN status will be updated with the new fee.
- 504 Loans in Prospect or Open Status require Lender action: 1) Access Financing > Financing > Debenture record; and 2) Save the data for the fees to reflect.
- 504 Loans in Prospect or Open Status that have existing Financial Statements require Lender action: 1) Open the Statement in Loan Analysis; and 2) Save the data with the new gross debenture amount
- The Processing Fee for the default Organization within Administration will be updated to 1.5%.
- Any loan created 10/1, and any loans with Open Status, Prospect status will reflect the 1.5% processing fee within Financing > Financing > Debenture record > Closing Fees and Costs tab: CDC Processing Fee
504 Loan Calculator
The 504 Loan Calculator Widget located on the lower section of Ventures > Tools section has been updated to reflect the new 504 and 7a Fees.
- IMPORTANT: The 7a Guaranty Fee calculation does NOT take into account loans that meet certain exceptions such as EWCP loans, Express loans to Veteran-owned businesses, Economic Aid, less than 1 year term or account for second loan adjustments.
7a Lenders - 7a Fees effective 10/01/2021
On the evening of September 30, 2021 Ventures will deploy code to update the 7a fees for this fiscal year beginning October 1, 2021 (refer to SBA Information Notice 5000-818641) .
All 7a loans with a status of Open and Prospect will be updated to include the new fees