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June 21st, 2023
Announcements
VENTURES
NEW - Custom Fields
You have been asking, and we have been listening! Ventures has added the ability for Site Administrators to create custom fields in Ventures! Not only will you be able to create a custom field, but additionally, the system will automatically create a report field for it, so that you can report on the data you want to see! You will be able to add custom fields to certain loan menus in Ventures, or create your own menu with custom fields within our new Custom Data loan menu. We have a quick overview video within our KB article HERE, and an upcoming webinar on Tuesday, June 27 from 1-2 p.m. ET if you want more information. Register HERE.
- SITE ADMINS - Due to the custom fields enhancement, the Loan Log's Site Admin management menu, Date Types, has moved to the new Administration > Custom Data menu > Loan: Log. If you need to add any new Loan Log date fields, or edit current ones, you will need to access them in the new menu. All data was migrated over to the new menu and has not been changed. Previously, the Loan Log menu was located in the Administration > Reference > Loan > Date Types menu.
NEW - TLR Reporting
Ventures now supports Transaction Level Reporting! CDFIs and CDEs use the CDFI Fund’s Awards Management Information System (AMIS) to submit their Institution Level Reports (ILRs) and Transaction Level Reports (TLRs) to the CDFI Fund. Ventures added fields to 7(a) and Commercial loans that will populate a TLR export in .XML format which can be uploaded to AMIS. The TLR export includes two .XML files. There is one for the TLR data and another for the address information. We have a KB article which includes a quick overview video HERE. We also have an upcoming webinar on Tuesday, June 27 from 1-2 p.m. ET. Register HERE.
Generalization of Commercial Category Type records
We have "De SBA-ized" the Commercial Category loan type records. You will no longer see references to the SBA on field labels or in help text on loan types with Commercial categories set. For example, in the Liquidation > Bankruptcies menu, we changed “SBA Counsel” to “Agency Counsel.”
Bulk Loan Import
The Bulk Loan Import, uploading and template located in Utilities > Other Imports > Bulk Data Import > Loans menu, has been expanded to support importing additional data points. This import allows lenders to import records in bulk for existing applications, projects, and loans not currently in Ventures. The new data points are:
- Loan > General menu
- Servicing/Mailing Contact Name
- Servicing/Mailing Address
- Loan Purpose
- File Location
- Tracking Number
- Lender Office
- Lender Sales Territory
- Senior Lender Program
- Loan Partner Contacts menu
- Loan Officer
- Loan Processor
- Closing Processor
- Closing Law Firm
- Business Advisor
- Credit Analyst
- Closing Analyst
- Servicing Agent
- Assigned Collector
- Servicer Company
- Liquidation Analyst
- 1st Signer
- 2nd Signer
- Referral Sources Type/Contact
- Eligibility > General menu
- Occupancy Square Footage
- Occupied by OC
- Location Type
- Lot Size
- NMTC
- Low to Moderate Income Debenture
- Veteran Owned
- Renewable Energy
- Minority Business Development
- Woman owned
- Jobs Retained/Created
- Jobs Comments
Site Admins - "Cost Types" selection for each loan type section has moved
The Project Cost Types selection for each loan type has moved from Administration > Reference > Loan > Loan Types > General tab to the newly added Administration > Reference > Loan > Loan Types > Cost Types tab. Site Admins will go to this new tab to add or remove any Cost Types related to the loan type. If you want more information about what a Cost Type is and what does it do, please review KB articles Setting up New Loan Types and Customizing Project Costs.
Ventures SLPC Credit Memo - CDC Contact Update
At the request of SBA and NADCO, Ventures has updated the CDC Contact on the Ventures SLPC Credit Memo to merge the contact information for the Credit Analyst listed within Partner Contacts instead of the Loan Officer contact information.
504 Debt Refi reduced balances - memo to file form
- Ventures has published the 504 Debt Refi reduced balances - memo to file form as a system document for 504 loan types > Closing phase, Per NADCO Techbrief 08-23: 504 debt refi programs – Best Practice for Documenting Reduced Balances.
- The user must manually type in the data for the Original column of the Project Costs grid.
- This is an internal memo form that must remain with the file, be signed, and placed on Letterhead.
ETRAN Terms and Conditions - 504 Lenders
The 504 Wizard has been retired and is no longer accepted by SBA. You can generate the Terms and Conditions (F/K/A Loan Authorization) in ETRAN or you can generate it directly from Ventures. View the KB article and video labeled Generating the Etran SBA 504 Terms and Conditions from Ventures to learn more! Did you miss the live webinar training on 5/11 showing you how to generate the document directly in Ventures? Watch it HERE.
Validation for Primary Operating Company (POC)
Every record in Ventures must have a Primary Operating Company (POC) assigned within Entities. In order to reduce the number of errors users have encountered when generating documents and forms, Ventures has updated the way an Entity record will behave when it is assigned as a POC. To see what's changed, you may view the SHORT VIDEO HERE or review Release Notes HERE.
APPLY
Data Export Spreadsheet Enhancement
We have added additional data points to the export found in Site Settings > Export Data menu. This export enables the Lender to see application data, split out by product. The added data points are:
- Product
- Documents Status: Documents Completed or Documents Misssing
- Staff Assigned
- Last Active
Managing Application Forms | UI Updates and Custom Fields
We have some exciting news regarding the Site Settings > Applications Settings menu where Lender Admin users go to update their application forms! We have updated the form editor to be more user friendly when adding or editing application fields, and when mapping them to an existing Ventures field. We have also exposed more attributes about the form fields within each section and tab in the main view so that Lender users do not have to go into each field to see additional field information. Please watch our short video HERE of the changes. Be on the lookout for a KB article and video in the next few days.
- Possible Lender Action: Because of this upgrade, you may see a warning sign next to a few fields in your application form(s) in Site Settings > Applications Settings menu. This is an indication that the field you are using is an existing Ventures field, and the "field type" selected in Apply does not match what the field type is for the field in Ventures. You are not required to do anything, however, we recommend updating the field type in Apply in order to avoid any mapping issues when pushing the application to Ventures. The warning icon will indicate where the field is located by identifying the Tab > Step > Field.
