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SEPTEMBER 27th, 2023
ANNOUNCEMENTS
VENTURES
504 and 7(a) SBA Fees updating to new FY 2024 rates night of 9/30
Ventures will be updating the FY2024 Fees for 7a and 504 loans effective October 1st, 2023 in the next few days. No action is necessary on your part.
- All 7A Loan records in Prospect and Open status will be updated with the FY2024 fees pursuant to SBA Notice 5000-848801. Additionally, any 7A loans with approval dates on or after October 1, 2023 will have the new fees.
- All 504 Loan records in Prospect and Open status will be updated with the FY2024 fees pursuant to 5000-849342. Additionally, any 504 loans with approval dates on or after October 1, 2023 will have the new fees.
ETRAN - Government shutdown possible
Per the CSA notice sent 9/28/23: Due to the potential government shutdown, the SBA has changed the Pulled Loan Date to September 29, 2023. SBA wil not accept loans past this cutoff. Questions? Email [email protected]. SBA is not expected to establish a queue for receiving new loan applications through ETRAN, which means no compliance check will be possible. ETRAN may be down after Friday, so plan accordingly.
Note Date now OPTIONAL for non-TLR enabled records
The Note Date is now an optional field on the Loan > General tab, and optional to add when changing loan statuses, for non-Transaction-Level-Reporting (TLR)-enabled loan types. The Note Date field will still be required for TLR-enabled loan types. Previously, this date was a required field for all loan records.
HTML Editor (Narrative Box) custom data fields now supported in Reports
When a custom field is created with the “Text (HTML Editor)” field type, the system will automatically make a report field in Report engine. Previously, a report field was not created for this custom field "field type."
Environmental Investigation Reports section added to Commercial category
We have added the Environmental Investigation Reports section of a Real-Estate-related Collateral record > Environmental tab to Commercial Category type loans. Previously, this section was only available in 504 and 7a Category type loans.
504 Lenders: Borrower Certification as an Addendum to Form 1244 as per SOP 50 10 7 (Effective 8/1/2023)
Per the NADCO Tech Brief 13-23 issued on September 7, 2023, Ventures has added the form "Borrower Certification as an Addendum to Form 1244 as per SOP 50 10 7 (Effective 8/1/2023)" as a System Web Template. The form is currently set up to merge based on the signers selected for the Borrower and Operating Companies. If you prefer to have the form signed by other entities/principals/guarantors please copy the Web Template and further customize.
7a CA SBLC Lenders
If you are a CA SBLC lender please Contact Support and let us know so that we can enable the feature setting on your site. New Processing Methods are now available in Ventures for CA SBLC Lenders. If you are submitting your loan using your CA-SBLC delegated authority, you will want to use the Processing Method 7(a) Preferred Lenders Program (CA SBLC) and make sure to select the Delegated Authority checkbox.
