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NOVEMBER 8TH, 2023
ANNOUNCEMENTS
VENTURES
FlashSpread V2 Updates
- We added a column for the Entity Name in Ventures and placed it next to the Taxpayer column so that users can easily verify the name on the tax document matches the name of the entity on the loan.
- We also enabled the link to FlashSpread for imported documents. Now, users can go back and compare the data in Ventures to the data from FlashSpread for imported documents.
SBA Lenders - "Error communicating with SBA Etran Service (https://caweb.sba.gov/elend/ws/elend.cfc). The service did not respond after waiting 15 minutes."
If you have seen this error when trying to submit an application from Ventures to ETRAN, please do not immediately try to submit your application again. You will risk creating duplicate applications in ETRAN. Please wait 15 additional minutes after receiving the error, and then confirm in CAFS if the application was actually created. For instructions on what to do after receiving this error and instructions for how to check CAFS for an application, please review KB Article Error communicating with SBA Etran Service (https://caweb.sba.gov/elend/ws/elend.cfc). The service did not respond after waiting 15 minutes: Confirm application was not created.
7(a) Lenders - CA Pilot processing methods have been removed
Due to the sundown of the Community Advantage Pilot program, Ventures has removed the following processing methods from being available in the Processing Method dropdown for 7a category loan records:
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7(a) - Community Advantage Initiative
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7(a) - Community Advantage International Trade
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7(a) - Community Advantage Recovery Loan
IMPORTANT: 504 Lenders - CDC Action on Data Requirements for IRS Form 1098
***The CSA requires receipt of this data no later than November 30, 2023 at 11:59PM***
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, 2022 and November 30, 2023.
Action Items for lenders - The report is due no later than November 30, 2023
- Provide data to the CSA for all loans funded between December 1, 2022 and November 30, 2023 via "Data Requirements for IRS Form 1098" report within Ventures. Review KB article 1098 CSA Reporting (504 Lenders) to access the Video and Handout that include the steps to produce the report in Ventures and send to the CSA.
- Email the report to [email protected]
504 Lenders - CDC Closing Fee
The CDC Closing Fee maximum amount validation has been increased to $10,000.00 to be aligned with SBA's recent updates. If your organization wants to update their CDC Closing Fee default amount, your Site Administrator can go to Administration > Organizations menu > Organization record > Fees tab and update the CDC Closing Fee field. After making this change, any new 504 records created will have the new default amount listed in the Debenture record > Closing Fees & Costs tab. Any existing records will need the fee to be manually updated.
504 Lenders - CAA 2021 tab
Because the CAA 2021 tab in the Financing menu > 504 debenture record is no longer relevant to SBA 504 lending, the tab has been hidden. Lenders may have used this tab to track the SBA fee payment to the Lender for approved loans from date of the Act through September 30th, 2021. Lenders can still run a report using the SBA Fields category > CAA 2021 fields to pull in the recorded date and amounts, if needed.
GATEWAY
New KB Article showing where application fields map to in a Ventures record
Ever wonder what application fields in your Gateway application can be mapped to in an existing Ventures field? Check out KB Article Gateway mapped Ventures fields matrix for a list of mapped values and where the field lives in a Ventures record.
Validation added for unique email
A validation was added to the system to check the email address of an additional owner is not being used by another owner on the same application when adding to the ownership grid. An applicant or Lender user will receive an error if they add an additional owner with an email address already associated to another owner. This was done to prevent the Lender from having to update the email address to a different one and resending the invite to new email address, ultimately stalling the application process.
