DECEMBER 20TH, 2023
ANNOUNCEMENTS

 

VENTURES

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New “SAM Unique Entity ID” Field Added to Entity Records 

A "SAM Unique Entity ID" field has been added to all record types in the Entities menu > Entity Record > General tab > Identifiers section. If you want to record the Unique Entity ID assigned to a company from SAM.gov, you can use this field. The field will allow a maximum of 12 characters (alphanumeric). The unique entity identifier used across the federal government changed from the DUNS Number to the Unique Entity ID (generated by SAM.gov) in 2022. To read more about the Unique Entity ID, visit the sam.gov website HERE.

 

 

 

All SBA Lenders: Added Blank SBA Form 2518 "Borrower's Consent to Verify Information and 3rd Party Authorization"

If an application receives the new 4363 error code, you can now download the SBA Form 2518 from the Ventures Documents > Generate page. 

 

 

 

All SBA Lenders: Credit Elsewhere Acceptable Factors Content Added to Credit Memo

The Additional Project Information credit memo content block has been updated to list acceptable credit elsewhere reasons. This will save time for those lenders who do not need to provide any additional written explanation for why credit wasn't available elsewhere in their credit memos. Whatever is selected from the checkboxes on the Eligibility > General > Credit Elsewhere tab will show up in this new Acceptable Factor(s) content area. 
 

 

 

504 Lenders - Pre-Application Option Now Sends All Borrowers/Principals to Help With Pre-Check's in ETRAN

Ventures has updated the current pre-application process to send all borrowers and all principals, along with tax ID's, on a Ventures record to ETRAN. Previously, the pre-application process would only send the Borrowers to ETRAN and principals would need to be added manually to the ETRAN application before doing the pre-check. Moving forward, after creating a pre-application in Ventures, the Lender will still need to go into ETRAN to perform the pre-check, but should not have to enter any additional data in ETRAN beforehand.  View the Video on how to create a pre-application in Ventures HERE.

**Note: We are in the process of integrating the complete Pre-Check process in Ventures. Soon you will be able to complete Pre-Checks within Ventures without navigating to ETRAN.

 

 

7(a) SBLC Lenders - Processing Methods Added

The following CA SBLC SBA processing methods were added to Ventures:

• 7(a) - General with EWCP (CA SBLC)

• 7(a) - Export Express (CA SBLC)

• 7(a) - Standard Asset Base Working Capital Line of Credit (CAPLine) (CA SBLC)

• 7(a) - Seasonal Line of Credit (CAPLine) (CA SBLC)

• 7(a) - Contract Loan Line of Credit (CAPLine) (CA SBLC)

• 7(a) - Builders Line of Credit (CAPLine) (CA SBLC)

• 7(a) - SBA Express Program (CA SBLC)
   

 

7(a) SBA Lenders: Terms & Conditions (T&C) Generate Button Is Now Available For Loans In Servicing

• 7(a) lenders will now be able to generate the Terms and Conditions document through Ventures from the servicing side of CAFS when the loan is in a servicing status.  SBA considers the loan in a Servicing status once a loan number has been issued.
• 504 lenders will no longer have that option as the Terms and Conditions for 504 loans are not able to be generated from the servicing side of CAFS when the loan is in a servicing status (post SBA Approval #).
   

 

Ventures and BMI Document Storage UI changes - New Entity/Contact Column In Store 

A new "Entity/Contact" column has been added to both Ventures and BMI Document Storage users' Store menu gridview. This column represents the entity or contact, from the record's Entities menu, that is associated with the uploaded file. There are a few functionality differences between Ventures and BMI users that are highlighted below.

 

• Ventures Document Storage Users
  • The Entity/Contact can be set when adding a new document and the document type selected has been enabled to associate an Entity/Contact
  • The Entity/Contact can be set/changed when editing an existing document record and the document type selected has been enabled to associate an Entity/Contact
  • You can search for the Entity/Contact in the search bar at the top of the grid
  • Previously, this value was being saved in the Document column above the file type and size information. If you still see an Entity/Contact saved in the Document column, then that means the name did not match an existing entity or contact in the Entities menu. This could happen if you have changed the name of an entity, for example, since initially saving the document file. Once you edit the file and save the correct entity/contact, then you will no longer see the name in the Document column.
  • For a summary of the feature available in Ventures Document Storage, check out Document Storage in your Loan.
• BMI Users
  • The Entity/Contact can be set when adding a new document and the document type selected has been enabled to associate an Entity/Contact by using the green " + " icon. You cannot set an Entity/Contact when using BMI Scan or BMI Web to upload a document, unless the BMI subcategory matches an existing entity or contact in the Entities menu.
  • The Entity/Contact set in the column cannot be edited by BMI users at this time. The ability to edit this column is a scheduled future enhancement.
  • You can search for the Entity/Contact in the search bar at the top of the grid
  • Depending on your set BMI mapping, this information could have been saved in the Description column below the document type. If you still see an Entity/Contact saved in the Document column, then that could mean the name did not exactly match an existing entity or contact in the Entities menu. This could happen if you have changed the name of an entity, for example, since initially saving the document file. It could also mean your company does not sync the "subcategory" mapping. Reach out to support if you have any questions HERE.
  • Ventures tried to match any previously uploaded file's subcategory to an existing entity or contact to set in the new column.