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VENTURES
504 Lenders - Fields From New 1244 Now Sent to CAFS
There are questions in Ventures that were specific to the 1244 form that are now available in CAFS in preparation for the new 1244 coming out later this year. We'll now be sending the data for the following questions to CAFS:
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CDC or Contractor Underwriter Name
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Send the Contract Underwriter Contact name found in Section 4:1 (Loan | Eligibility | Questionnaire | Section 4:1| Contract Underwriter Contact field) with the current UI.
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Send the Underwriter name found in CDC Info (Loan | Eligibility | 1244 | CDC Info | Underwriter field) in the new UI.
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CDC Employee checkbox
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Contractor checkbox
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Is the debt being refinanced the debt of the CDC or the TPL, or of affiliates of either?
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We'll send the answer from the “(a) If debt refinancing with expansion:” section version of the question above when “If yes, with or without expansion?” is set to “With Expansion”.
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We'll send the answer from the “(b) If debt refinancing without expansion:” section version of the question above when “If yes, with or without expansion?” is set to “Without Expansion”.
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Is the CDC requesting an exception to the requirement that the new installment payment be at least 10% less than the existing installment amount(s)?
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Is the CDC requesting a waiver of the requirement that the 504 eligible fixed assets collateralizing any debt to be refinanced (or relating the portion of debt being refinanced in the case of partial refinance) also collateralize the 504 Loan?
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Is the debt being refinanced the debt of the CDC or the TPL, or of affiliates of either?
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If the debt being refinanced is subject to a guarantee by a Federal agency, is the CDC requesting an exception to the requirement that the new installment payment be at least 10% less than the existing installment amount(s)?
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Is the Applicant using project funds to relocate?
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If the project property is considered “Special Purpose” (as defined in SOP 50 10), has the Applicant or its affiliates received approval for a “Special Purpose” project previously?
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Are there any licensing requirements that the Applicant must comply with to operate the business? (If yes, provide copies of the licenses or expected timeline to obtain in Exhibit 24)
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Does the project create or retain the required number of jobs per debenture amount?
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If no, is the project eligible based on the CDC’s overall portfolio job ratio?
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If no, is the project eligible under the 504 debt refinance alternative job goal?
7(a) Lenders - Switched the Order of the Financing Sources and Project Costs Tabs
We switched the order of the "Financing Sources" and "Project Costs" tabs so that it is easier to enter the information in order.
PAYMENTS
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.
