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VENTURES
Newest version of SBA Form 1919 available
The newest version of SBA Form 1919 is now available. For all 7a loan category records with SBA Submittal Dates on or after 8/11/2024, or records with no SBA Submittal Dates entered, users will see the updated form questions in the Entities menu > Entity record > SBA 1919 tab. You can merge the newest version of the form in the SBA 1919 tab or in the Documents > Generate menu.
We have also updated the form logic in the Special Ownership section to merge the values entered in our new Special Ownership field of the applicant. Previously, this section was looking at the applicant’s entity owner business entity type.
Business Entity Type and Special Ownership changes
You may have noticed some changes that were made regarding Business Entity types, that are listed below. The changes allow the Lender to correctly identify the type of business structure an entity is and identify any additional special structure/ownership associated with it.
- We added two new options to the Business Entity Type dropdown
- Non-Profit 501(c)4
- Non-Profit 501(c) - All others
- We created a new Business Special Ownership multi-select field with a mix of options moved from the Business Entity Type dropdown and a few new ones
- Qualified Joint-Ventures (spouses)
- Rollover as Business Start-Ups (ROBS)
- Self-Employed Individuals
- Tenant in Common
- Tribal Concerns
- Independent Contractors
- Housing Co-op
- Cooperative
- Employee Stock Ownership Plan(ESOP)
- Joint Venture
- 401(k) or ROBS 401(k) Trust
- Trust owning entity
- If you had an entity with one of the options that moved from Business Entity Type and into the new Special Ownership field, we kept your selection for the Business Entity Type field and selected the option in the new Special Ownership field. It will remain this way unless you change and save a new value.
- SBA LENDERS - both the Business Entity Type and Special Ownership field selections will be sent with your ETRAN application. If you have business entity type saved that is no longer valid in ETRAN (see second screenshot below for valid types), like Tenants in Common, you will run into an error when trying to submit your application from Ventures. You will need to remove the invalid Business Entity Type and replace it with a valid ETRAN option before submitting.
SendNow Site Upload Notifications are NOW AVAILABLE
Ventures users can now pick which SendNow uploads they want to be notified about. They may choose from any upload to a specific SendNow site and/or specific Recipients. We have full instructions for this process in the Knowledge Base article here.
SendNow Site-specific Recipient Lists are NOW AVAILABLE
Site Admins can now define specific lists of Recipients for each of their SendNow Sites. If no Recipients are in the site-specific list, then the entire list of Recipients in the Administration area will be what the person uploading documents will see. You can find instructions for this here.
Added Newest Version of Uniform Commercial Code (UCC) Form
We added the latest UCC1 Financing Statement and UCC1Ad Addendum to the Generate Documents section of a loan. It will generate both forms as if they were one. This is now available for all loan types.
SBA Lenders - Life Insurance Information For All Guarantors Now Passes To ETRAN
We now send life insurance information for all guarantors to ETRAN. Previously, we would just send it for those who were owners of the EPC.
PAYMENTS
New Transaction Type added: Set Demanded
You can find information on Demanded Payments in the article here.
Schedule Bililng Statements or Billing Statement Notices to be sent automatically
You can find more information on Billing Statement Notices here.
GATEWAY
Gateway Document List merged in Ventures Document Types
To enhance clarity and consistency in product experience, we’re consolidating to a single Document Type list that will be administered in Ventures. Your Gateway Document Types have been moved from the Gateway Administration menu to your Ventures Administration menu as of 8/1. Before you push any applications from Gateway to Ventures, your Gateway/Ventures Site Administrators may want to consolidate or change the document types that have been migrated over. Additional document types created from the migration will appear in the Document Storage > Document Type dropdown as an option for all Ventures users to select. For more information, please review our what's changing guide here.
Moving forward:
- You will go to Ventures > Administration > Documents > Types menu to add, edit, or inactivate Gateway Document Types. Instructions on how to manage Gateway Document Types are HERE.
- You can no longer access the Gateway Document Types menu and Ventures Admin > External Sync > Document Mapping tab.
- You will still administer which Document Types will be a Gateway Document Request in Gateway > Site Settings > Application Settings menu.
Owner SSN removed as required application field
We no longer require the Contact Tax ID field (applicants’ SSN) to be a part of the application form. Previously, this field was required to be present in the application in order for the Lender Admin to save a new version of the application form. Please note, if you automatically run credit checks during the application, you will want to keep this field in order to get results.
For Lender Admins to remove the field from current application(s), they can go to Site Settings > Application Settings menu on the Gateway site. They will need to create a new version of each form containing the Tax ID field, delete out the field, and then Save+ Validate + Publish. Review KB article Gateway Application Form Edits for more information.
