October 7, 2021
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?
- Access the Ventures+ Knowledgebase widget located on the lower section of Ventures > Stay Connected section or bookmark https://ventures.happyfox.com/home/
504 Lenders - 1098 Reporting
The IRS Form 1098 requires reporting on data fields related to real property. In order to fulfill this requirement, the CSA, at the direction of the SBA, is requesting that the CDCs return the additional data fields to the CSA for all loans funded between December 1, 2020 and November 30, 2021.
Action Items for lenders - The report is due no later than November 30, 2021
Provide data to the CSA for all loans funded between December 1, 2020 and November 30, 2021 via a report within Ventures. Click HERE to access the Video and Handout that include the steps to produce the report in Ventures and send to the CSA.
New Ventures Enhancements:
- An Alert located on the upper portion of Ventures will be displayed when New Release Notes have been added. Clicking on the hyperlink will direct you to the Release Note
- The Warning for unexplained variations that appears within Loan Analysis > Financial Statements is now user controlled.
- By Default, the preference will be unchecked. The user will need to access their User Profile icon located on the upper right corner of Ventures > Preference tab in order to enable the feature.
- Once preference is set and Warning is received: Click on the “Click here to change preferences hyperlink” to change your preference. The link will will reroute you to your Profile > Preferences tab.
- Uncheck / Check the checkbox based on your preference on whether or not you’d like this Warning to appear.
- The Warning will not appear if the Preference is unchecked
Note: when there are only projections this warning will never appear regardless of your selection.
- The Loan Calculator has been updated to include the 25 year term
- IMPORTANT REMINDER: 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.
Locate the Loan Calculator at the bottom of your Ventures Site > Tools section: