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7(a) Updates as of 8/1/2023

 

• The 7A wizard is longer supported by SBA as of 8/1/2023.
• Lenders will be able to generate Terms and Conditions in Ventures with the following status: IP, Awaiting Documents, In Reviewer 1 and Funded.
• There is a new status R0 - In Compliance Review. The SBA is performing compliance checks for applications before moving them to In Reviewer 1 status. 
• Lenders will not be able to generate a Terms and Conditions document if they are in R0 - In Compliance Review status. 
• Lenders can upload documents while in R0 status. You do not have to wait for the Awaiting Documents status.
• If you need to check your application status, use the Check Status feature. If you need to update your application status, you can also use the same Check Status feature.

 

Generating a 7(a) Terms and Conditions from Ventures

 

• Click SBA Submission in the menu on the left. Click Add.

 

 

•  A pop-up will appear in which you are asked to enter your SBA CLS account information. This is not your Ventures login. Enter your username and password and click Next.

 

 

• In the pop-up that appears, select if this is a New Application or the option to link it to an Existing Application. For this example we will use a New Application. Click Next.

 

 

• In the next pop-up fill in fields that are required. Remember to answer the submission questions as needed. When you finish filling out the fields click Next.

 

 

 

• The system will check for any missing data. If any errors return, correct them and click next. Repeat the process till you have no more errors. Clicking on the error description will open the page with the error in a new tab for convenient correction.

 

 

• Once you have no errors and you click next, another pop-up will appear summarizing your submission, review the information then click Submit.

 

 

• You will return to the SBA submission page. You will see your submission and the status it is in.
• To check the status of your submission click the application number.

 

 

• In the pop-up that appears, click Next. 

 

 

• Enter your SBA CLS account information and click Check Status. If the status has changed it will update.

 

 

• Once SBA updates the status of your account to a status in which you can generate the Terms and Conditions, click the application number.

 

 

• In the pop-up that appears, click the Generate Terms and Conditions button.

 

 

•  The pop-up will change to a message informing you that it is your responsibility to review your data along with instructions on how to update your data in a Terms and Conditions document. Click Continue.

 

 

• Enter your SBA CLS account information and click Next.

 

 

• The Terms and Conditions document will download. Depending on your browser settings, it may automatically open in a new tab. If the download does not start, please ensure you do not have a pop-up blocker running. Blockers can occasionally interfere with the download process.