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VENTURES
Site Administrators - Administration Snippet updates
We have updated our Snippet adminstration menu to be a more intuitive experience for Site Administrators by renaming narrative fields to easily identify where the narrative exists in Ventures. For a refresher on how to administer snippets and narrative field mapping, please review our KB Creating Text Snippets.
FlashSpread Update - Automatically linking imported Income Statement data
Debt payments and Personal Excess Cash Flow values on the income statement will now be linked automatically when using FlashSpread v2. Previously, this had to be manually linked. Now, the import process will be more automated.
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.
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.)
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.
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).
SBA Lenders - ETRAN PreCheck Update
We added some helpful links and information when an application fails a Precheck Compliance. You will now see a link to CAFS and instructions where to go within CAFS to see the failed compliance check details provided by the SBA.
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
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 a Lender pulls the applicants' credit score within Gateway, when the application is pushed to Ventures, the value from Credit Score section in Applicants > View Details section will be mapped to respective applicant’s Score field in Entities menu > Entity > General tab > Click on Contact > Credit & Identification tab.
