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JANUARY 17th, 2024
ANNOUNCEMENTS
VENTURES
SBA Lenders - Pre-Check compliance feature now available
504 and 7(a) lenders can now perform a Pre-Check from Ventures in SBA Submissions > ETRAN menu. The Pre-Check process will create an application in CAFS for the sole purpose of performing a Pre-Check. Once the Lender receives a pass or fail response back from the SBA, the Pre-Check application will be automatically withdrawn from CAFS. The Lender will create a new application once they are ready to score and/or submit to the SBA. For more information on how to perform a Pre-Check from Ventures, please review the KB article Pre-Check.
SBA Lenders - All guarantors are sent to ETRAN
When submitting an application to ETRAN, Ventures will now send all guarantors listed in the Entites menu of record to the created ETRAN application. They will then appear with a Guarantee on the Terms & Conditions document. Previously, the guarantor principals listed under the guarantying affiliate were not being sent and Lenders had to use a work around by adding as owners within the Primary OC entity and giving them each 1% ownership. This work around is no longer needed.
7(a) Lenders - Updated SBA Form 1919 now available
Lenders can now merge their data to the new SBA 1919 form. Records that do not have an SBA Submittal date, or that have a SBA Submittal date of 12/26/2023 or later, will see the new SBA 1919 tab questions in entity records and will not see an SBA 1919 tab in entity contacts. Loans with a SBA Submittal date of 12/25/2023 or earlier, will retain the previous UI for 1919 related questions in Ventures. For more information on how to generate the new form, how the document merges data, or how to use the previous version instead, please review the KB article for the updated form here.
7(a) SBLC Lenders - SBA Form 3518 added to Ventures
SBA Form 3518 has replaced SBA Form 2449 for CA SBLC lenders. We added SBA Form 3518 to the document generation page (Loan > Documents > Generate). It will automatically populate with the boxes checked on the Policy tab (Loan > Eligibility > General > Policy).
7(a) Rural policy option available in Eligibility > Policy tab
We added a checkbox on the Policy tab for "Rural Area" as found on SBA Form 3518 (Formerly SBA form 2449). Now, all the checkboxes on SBA Form 3518 will be accounted for and in order on the Policy tab (Loan | Eligibility | General | Policy).
7(a) SBLC Lenders - Processing Methods Added and Non-CA SBLC Processing Methods removed
The CA SBLC SBA processing methods listed below were added to Ventures and any non-CA SBLC SBA Processing Methods for 7(a) loans have been removed for SBLC lenders.
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7(a) - General with EWCP (CA SBLC)
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7(a) - Export Express (CA SBLC)
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7(a) - Standard Asset Base Working Capital Line of Credit (CAPLine) (CA SBLC)
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7(a) - Seasonal Line of Credit (CAPLine) (CA SBLC)
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7(a) - Contract Loan Line of Credit (CAPLine) (CA SBLC)
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7(a) - Builders Line of Credit (CAPLine) (CA SBLC)
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7(a) - SBA Express Program (CA SBLC)
Verification > Credit menu will now show Co-Borrower entities
In Verification > Credit > Scores menu, entities that are marked Co Borrowers (Entities menu > Entity record > Co-Borrower checkbox) regardless of association type will now be visible. By default, “Include in Credit Memo” checkbox will be checked. If “Include in Credit Memo” is true, the entity will be listed, with related data, in the “Business Credit” credit memo content block. This change was made to support when non-guaranteeing affiliates are a co-borrower, and the Lender wanted their credit to be in the memo.
