VENTURES

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7(a) Lenders - Revised FY2025 7(a) Fees added 

All 7(a) Loan records in Prospect and Open status were updated with the revised FY2025 fees pursuant to SBA Notice 5000-865758. Additionally, any 7(a) loans with approval dates on or after March 27, 2025 will have the new fees.

*If your loan application was in R1 status in ETRAN (non-delegated) as of 11:59 pm EST on March 26, 2025 and you get an approval on or after March 27th, you will need to manually change your fees in your Ventures record | Financing menu | Financing Sources to reflect the fees from SBA Notice 5000-858936.

 

SBA Updates

• We updated the 1244 to the new version compliant with E.O. 14168.
  • Sex field was updated to only include male and female options
  • Purpose of the Loan table was updated to adjust to now having an "Other" field
    • We have not built the mapping for the "Other" field yet. It is coming soon.
    • No amount will print there right now.
    • If you would like to fill out the difference between the loan amount and the amounts already accounted for in the other boxes, you can do that manually in the meantime.
    • It is currently unclear whether that is required by the SBA at this point. 
  • NO MORE Associate signatures!!!
• Added a certification to our Environment Checklist as recommended by NADCO and required by the SBA to comply with the new environmental procedure updates. 

 

 

 

 

 

Citizenship Certification 

We have added a web template to help you with Citizenship Certification for the 1244. You can find this in the documents section of your loan by searching for "citizen". The template name is "Borrower Certification for SBA Form 1244 for Citizenship Information", if you do not see it after searching, make sure your search filters are not filtering it out. 

  

 

When you generate the form if you need to list any individuals and their alien registration number, make sure you generate the form as a Word document. This will give you the ability to add the information in the provided space marked in red. 

 

 

Section 1071 Tabs Hidden

Due to the uncertain nature of the enforcement of Section 1071 (and the CFPB itself), we have paused development on Section-1071-specific fields. With this release, we are hiding the Section 1071 tabs found on the Loan Overview, Entity, and Loan Financing Source pages. 

*If your organization would still like to use the Section 1071 tabs of data in those three places, contact Support and we'll turn it back on for you (at no extra cost). 

 

NEW - Credit Decisions

There is a new page to enter credit decisions made on a loan. This will be where you can enter what decision was made, when it was made, and why the decision was made (checkboxes and a comment box). This will enable lenders to enter as many decisions as they want for both the primary application and post-origination decisions on the loan. Here is a KB Article for more details.

 

We added the most relevant fields to web templates so that the decision, decision date, and reasons could be added to letters and notices like an adverse action notice. 

 

Answers to common questions:

- Yes, we still have a place to enter Board votes, and it hasn't moved.
- Yes, we'll be adding who made the decision to credit decisions soon. 
- Yes, we'll be adding all of this information to Reporting soon.