VENTURES

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SBA Lenders - Affiliates Marked Co-Borrower Will Be Sent as Borrower to ETRAN

Some changes have been made regarding the Co-Borrower check box and what gets sent to ETRAN. Below is the Borrower definition in Ventures:

1. The EPC is always a borrower, if one exists.
2. The Primary OC is always a borrower, if there is no EPC.  If an EPC exists then the Primary OC is only a borrower if the Co-Borrower checkbox is checked.  This is simply due to #3 below.
3. Any entity is a borrower if the the Co-Borrower checkbox is checked.

4. Exception: POC will need to be sent as a borrower when POC owns any percent of the EPC

 

When any entity (other than Related Non-Affiliate and Inactive) is marked co-borrower in Entities menu, the record will then show additional menus/questions for data entry:

1. Entity > Conditions tab

2. Entity > Eligibility > Ownership Demographic section

3. Entity > Narratives > Management Narrative

4. Entity Contact > 3 Financial History Owner questions

5. Entity Contact > Conditions section fields

 

SBA Lenders - Updated Certification When Submitting Applications to ETRAN

We have changed the Eligibility Questionnaire certification to the Applicant Certification in order to match ETRAN. The question when submitting your application in SBA Submission > ETRAN menu has changed from “You must indicate that the eligibility questionnaire is complete. See the Eligibility Questionnaire Complete question.” to “You must indicate that the Applicant Certification has been signed by the Borrower.” There will be a hyperlink to see the full certification. 

 

SBA Lenders - Added "Other" as a Mapping Option For SBA Agent Type 

We now have all the mapping options from CAFS available in Ventures when mapping Referral Types (Administration > Reference > Loan > Referral Types). 

 

 

 

7(a) Lenders - 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. You can view our mapping guide for form 1919 here.

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.
 

7(a) Lenders - Newest Version of SBA 1502 Report Available and New Menu to Generate Report From
The newest version of SBA Report 1502 is now available. Per SBA instruction, the report will no longer report Status Code 7 (Transferred) even if Ventures payment account is assigned that status. You will need to use the newest version when submitting your Month End August 31, 2024 report. We moved the report to the Payments > Reports menu, so moving forward you will generate the report from that menu. Previously, it had it's own separate SBA 1502 menu.

 

 

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.

 

 

 

 

Add/Remove SendNow Site-specific Recipients While Editing Those Recipients

Admins can now add Recipients to SendNow site-specific Recipient lists as they add/edit Recipients. Simply add/remove SendNow sites using the new field while editing a SendNow Recipient. That way, Admins can avoid having to edit the site add/remove new one-off Recipients. You can view step by step instructions for this process here.

 

 

 

PAYMENTS

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New Transaction Type Added: Set Demanded

You can put a loan that has not met their contractual obligations in "Demanded" status which effectively sets the full amount of principal, interest, and assessed fees as due in full on each billing statement.

You can find information on Demanded Payments in the article here.

 

 

Schedule Billing Statements or Billing Statement Notices to be Sent Automatically

You now have options for generating billing statements 5, 10, 15, or 25 days in advance of the next due date.

You can find more information on Billing Statement Notices here.

 

 

GATEWAY

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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.