504 and 7A lenders can now perform a Pre-Check from Ventures.

This article is also available as a video:

 

Before we review how to perform a pre-check, it is important to understand how the process works in Ventures.

1. When you initiate the pre-check in Ventures, the pre-check process will create an application in CAFS. The only purpose of this application is to allow the lender to use the pre-check functionality from Ventures.
2. Once the pre-check receives a pass or fail; the application will be automatically withdrawn in Ventures and in CAFS. It has served its purpose as the pre-check is complete.
3. When you are ready to score (7a Lenders) or submit to the SBA, create a new application and follow the normal process.

Starting a Pre-Check:

From the overview page of a 504 or 7A loan:

• Click on SBA Submission in the overview menu on the left
• Click on Etrans in the submenu that appears.
• Click Start Pre-Check. A pop-up will appear.

 

 

• In the pop up enter your SBA CLS account information. Remember this is not your Ventures login information. This is your separate, SBA CLS account. Once you enter your information click Next.

 

 

• The pop up will update. The Add Pre-Check pop up will appear. Fill in the required fields: Lender, Lender Contact and the Processing Method. Depending on the Processing Method you select, you may need to indicate if the application uses Delegated Authority. Check the box if it does. You also have the option to set the LSP Contact. When you finish filling out the information click Next.

 

 

• If there are any validation errors that need to be corrected the pop up will update and display them. Click on each one to navigate to the page in Ventures where the item needs to be corrected.

 

• The pop up will update. You will see a summary of the information that the pre-check will send to the SBA. Please review the information for accuracy. If you see anything that needs to be corrected, click the button labeled “< Prev” or “Cancel” to stop the submission process and correct your data.
   
• Once you have reviewed the information, click the Start Pre-Check button.

 

 

• You will see a processing bar. Do not exit the page till the operation is complete. In some cases SBA may take a long time to respond and process the submission. If you need to work while you wait, please use another browser tab. Do not exit the page till the submission is complete.

 

 

• When the submission is completed, the pop up will update:
  • If the pre-check was submitted successfully: You will see a message stating the pre-check was submitted for review and that you should check the status of the pre-check tomorrow. SBA will process overnight.
     

    

  • If the pre-check submission was unsuccessful: You will see an error message stating the pre-check failed to create an application. Look at the SBA Data Validation Errors section to see the errors in your pre-check that need to be resolved before the application is created. 

 

 

• If the pre-check was submitted successfully, the status of your pre-check application will say “In Compliance Review”

Checking your status:

Once you submit your pre-check you should check for updates starting the next business day. SBA processes checks on a daily basis.

To check your status, a day after submitting your pre-check:

• If you are not on the Etran page, click on SBA Submission in the overview menu on the left
• Click on Etrans in the submenu that appears.
• Click the hyperlinked Pre-Check Application number for the check you would like to see the status for.

 

 

• A pop up will appear. Click Next.

 

 

• On the next screen enter your SBA CLS account information. Remember this is not your Ventures login information. This is your separate, SBA CLS account. Once you enter your information click Next.

 

 

• The pop up will load the status of your pre-check. You will see your status update in the information bar at the top of the pop up.

Pre-check still not processed:

Pre-check passed:

Pre-checks failed:

 

The table on the SBA -> Etran page will update with the results.

 

If there were no issues found, the table will display a status that says: No Issues

If there are issues, the table will list the status: Failed (#) issues. Click on the hyperlinked pre-check number to review said issues.

Remember, regardless of whether the pre-check passes or fails, the application will be automatically withdrawn from CAFS. To perform another pre-check, repeat the steps in the article.

Note: The Start Pre-Check button will be hidden once there is an active application in your grid with a status of In Compliance Review or later.