If you have received one of the following Validations: “Principal (Tax ID XXX) must guarantee the loan with total ownership 20%(1354)” or, “For Application, One of the Primary Business Principal must guarantee the loan (354)”

These validations will prevent you from creating an application in Ventures. In an effort to create an Etran application and send the data to CAFS , we must go through the steps of creating a pre-application. Follow the steps below.

From Ventures: 

• In the Overview menu of the loan click SBA Submission 

• Add > Create New Application

• Make sure your processing method is correct

• Select Yes to the Pre Application question (not to be confused with Precheck) > Continue to submit

• A Pre Application will be created (minimal data) do not stop here.

• Click on the Etran Application # you just created > Next > Next > Submit

• You will get the same validation errors and your status should land in Application in Process.  You should also be able to see all of your data in CAFS

• To confirm > access the application in CAFS > left side menu should have a full data set > Click on Validate at the top.  Do you see the same validations?

• If yes, navigate to the left hand side menu where “Principals” are listed. Click all guarantors listed under this section and confirm that the check box for Guaranteeing the loan is checked YES.> SAVE
  
  
   

• Then after verifying that information, click Validate at the top. Did the same validations show? They should not be there any more. 

• From here you can click SUBMIT at the top of the page. Did the loan go into a Compliance Review? It should.

• Then go to your Application in Ventures and click the hyperlink>Next>Enter CLS info>Update Status. Did it also change to In Compliance Review?