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VENTURES
FlashSpread Bulk Upload Update - Financial Statement Spreads Will Now Be Created When One Individual Owns Multiple Entities On A Loan
When one individual is an owner of multiple entities on a single loan, the FlashSpread bulk upload feature will now be able to handle that scenario. It will now create financial statement periods on all loans that owner is associated with instead of showing an error.
Transaction Level Reporting Field Added to Upgrade to Latest TLR Standard (12/2023)
We added the Climate-Centered Finance option to the TLR Purpose dropdown. We also added the Equitable Recovery Program to the Program Type dropdown (Loan > Eligibility > General > Impact).
Custom Financial Statement Descriptions
You can now type in a custom Description when adding a financial statement period. Previously, you could only pick from a dropdown of pre-determined names. (You can still choose from the dropdown, if you'd like. You just don't have to anymore.)
Company Website Field Added to Entities
We now have a field where you can enter the company website for entities. This is available as a field in Reporting as well.
Commercial Lenders - Simplified Data Entry for Project Cost Sources and Uses
We simplified data entry for entering project costs when there is only one financing source for lenders using a Commercial cateogry loan type record. We did this by automatically allocating all of the project cost amount to the Loan funding source. We also hid the "Sources and Uses" section until there is more than one financing source. Once there is more than one financing source, you will need to edit each project cost and allocate the cost to the appropriate financing source. These changes should make data entry quick and easy when the loan has one financing source in a Commercial cateogry loan type record.
We also made the Financing Sources tab the first tab. This way, the financing sources will be entered before creating project costs.
SBA Lenders - ETRAN PreCheck Related Updates as of 5/22
We added some helpful links and information when a loan fails a Precheck. You will now see a link to CAFS and instructions where to go within CAFS to see the details.
SBA Lenders - ETRAN Data Related Updates as of 5/14
Due to recent changes related to SBA Form 1919, and future anticipated changes for SBA Form 1244, the SBA has made some updates on ETRAN that have affected the data Ventures will send. Lenders should review the items below to be aware of the changes and how it will affect their application in ETRAN.
504/7a
- Controlling Interest indication (Entity record > Entity Contact > General tab > Control field)
- Ventures will send Controlling Interest = YES for all principals with 20% or more ownership in projects that have no principals with 51% or more ownership, regardless if those principals have the Control field checked or not.
- Ventures will also send Controlling Interest = YES for all principals that have the Control field checked.
- Exporter Companies and Projects (Entity Record > Eligibility tab > Export section)
- The Export section has been enabled for EPC, OC’s and any entity marked Co-Borrower. Previously, this section was only available for Primary Operating Companies (POC). Ventures will send data from this section to ETRAN for entities considered Borrowers.
- Eligibility/Lender Certification change (Submitting an application for 7a/504 > Submission Questions section)
- An additional Eligibility certification, 'XXXX Lender certifies that all Eligibility requirements have been satisfied,' has been added to the existing Lender Certification question. The Lender will answer YES or NO once for both certifications.
7a
Additional SBA Form 1919 Questions will be sent to the ETRAN application (Entity Record > SBA 1919 tab)
- SBA 1919 tab > Question #3
- SBA 1919 tab > Question #4
- SBA 1919 tab > Question #6
SBA 504 Lenders - Updated NADCO 327 Templates
Ventures is working closely with the NADCO team to bring you the updated versions of the NADCO 327 Templates. As a reminder it is always best practice for the lender to review the templates to ensure they adhere to the request and make any modifications as needed. Since the 327 Templates have converted over to Web Templates, the user now has the ability to copy the Web Template and further customize if needed. Please review the KB article labeled Copying Web Templates for steps on how to copy.
- NADCO 327 Templates #2 - #11 have been updated and published as Web Templates
- The updated versions of 2 -11 can be generated from within a 504 loan > Documents > Generate > Filter: Closing > NADCO 327 > System
- Important Note: Generating the 327 Templates #'s 2-11 from within the Closing Requirements > Post Approval Action menu will generate the OLD Word version of the templates.
504 Lenders - Lease-Related Collateral Fields added to Real Estate Tab
We added the "Collateral exists on leased premises:" dropdown from CAFS to Ventures. It is labeled "Leased Premises Type" and located at the bottom of the Real Estate tab when you select a Collateral Type that is mapped to a leased SBA collateral type. (Loan > Collateral > Real Estate)
PAYMENTS
Payments submenu items hidden until payment account boarded
Some Payment submenus will be hidden when a payment account has not been boarded. Once the payment account has been boarded, the submenu items will appear.
GATEWAY
Credit Score is Now Mapped to Ventures for Contacts
If Lender uses “Action Step” in a Step, along with “Credit Check” Step Action, when setting up an application template, we have a new feature. When the application is pushed to Ventures, the value from Credit Score section in Applicants > View Details section will be mapped to respective contact’s Score field in Entities menu > Entity > General tab > Click on Contact > Credit & Identification tab.
