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VENTURES
504 Lenders - SBA Annual Jobs Report (form 1253A) location has moved
The annual report moved from Bulk Letters to a new location on the Data menu. Look for SBA CDC Annual Report.
504 Lenders - Update to List of Owners and Signers for the New 1244
We limited the number of owners listed on page one of the Borrower Information Form to the fewest allowable so that we could reduce the number of signers on page four. This method was confirmed by the SBA, NADCO, and the SLPC.
- SBA just expects to see those with 20% or more direct ownership of the Applicant (and at least enough to represent 51%).
- Ventures will no longer produce 100% of the direct ownership of the Applicant because they'd all be required to sign.
- Ventures will no longer produce 100% of the direct ownership of the Applicant because they'd all be required to sign.
- SBA just expects to see those with 20% or more ownership of companies that own the Applicant (and at least enough to represent 51%).
- Ventures will no longer produce 100% of the ownership of companies that own the Applicant because they'd all be required to sign.
- Ventures will no longer produce 100% of the ownership of companies that own the Applicant because they'd all be required to sign.
- SBA just expects to see those with 20% or more beneficial ownership of the Applicant (and at least enough to represent 51%).
- Ventures will no longer produce 100% of the beneficial ownership of the Applicant because they'd all be required to sign.
You can find more information in the article here.
504 Lenders - Addendum A Only Pulls Ownership Information From The Loan (No Longer ANY Loan)
The Addendum A will now only pull ownership information from entities listed on the loan the 1244 is being generated from. It will no longer pull ownership information from any loan on your site. This means that all companies owned by the Applicant or owners of the Applicant must be added to the loan to be included on the Addendum A.
NEW Dodd-Frank Act Section 1071 Fields
In preparation for the upcoming Small Business Lending reporting requirements enforced by the CFPB, we are adding new fields required for Section 1071 reporting. The first two are Application Method and Application Recipient.
