504 Lenders - 1098
The IRS Form 1098 requires reporting on data fields related to real property. In order to fulfill this requirement, the CSA, at the direction of the SBA, is requesting that the CDCs return the additional data fields to the CSA for all loans funded between December 2017 and November 2018
Action Items for lenders
Provide data to the CSA for all loans funded between December 2017 and November 2018 via a report within Ventures. Join us for a webinar on October 30th @ 10am Pacific or on October 31st @ 1pm Pacific to learn what report to run from Ventures to provide to the CSA. Click HERE to register.
7a Lenders - NEW Field - Opportunity Zone
For your reporting purposes Ventures has added the Located in Opportunity Zone field to the 7a platform's Eligibility > Policy tab. Please note that SBA's ETRAN platform does not have a field for tracking Rural or Opportunity Zone type loans rather they're using a table lookup based on your project address. A portion of the notice is being provided as reference. Refer to the initial email (below) on how to track Rural loans within Ventures.
Retained Justification > Text field to SnippetWe have made the Retained Justification into a snippet for your Site Administrators to add text to the drop-down, if needed. We have also activated this field in the Commercial loan type templates.******************************
IRS Form 4506 (September 2018)
The new IRS form has been released in Ventures as a System document. If you have customized the form on your platform please be sure to update it to the more recent version.
SBA form 159
Ventures has deployed the new SBA Form 159. You can find the form within the Referral Fee record and within Documents. Please refer to the SBA Informational Notice for more information. A snapshot is below for your reference.
New Feature: Vendor LINKS tab
You may have noticed a new main menu item labeled Links. This menu will show several vendors in various categories to help you in just about any area. We're in the beginning stages of this helpful tool. More names to be added specifically in the Life Insurance and Appraiser areas.
Ventures Office Closure
Slight clarification on Ventures office closures in October:
- Ventures will be closed on Monday October 8th in observance of Columbus Day.
- We will be closed on Friday October 26th from 12-5 pm Pacific Time
NEW Form: IRS Form 4506
The IRS released an updated version of its 4506 form (version September 2018). Ventures will be updating the form by the end of this week. Please watch the Announcements widget for its official release on the platform.
NEW Form: SBA Form 159
Ventures will be releasing the updated Form 159 by the end of this week. Please watch the Announcements widget for its official release on the platform.
For those who didn't attend our Payment Tracking webinar on Thursday September 27th the attached handout was shared. We will also be showing the platform at our LIVE Training in Fort Lauderdale on Tuesday October 16th, 2018.
Featured 3rd Party Vendor that integrates with Ventures: BCR (Business Credit Reports)
Ventures is pleased to announce the newest integration within its platform. You can now order Business and Personal credit reports within your Ventures platform. Watch this video HERE to view the ease of ordering within Ventures. Interested in the integration? Please contact Julie Middleton @ [email protected] for information on the Ventures cost and Debbie Golbach @ for information on the services/fees charged by the BCR organization.
Lastly...A message from our Support Team
Did you know the Knowledge Base articles/videos are a great resource for information? To access the site go to ventures.happyfox.com. If you haven't already created an account we encourage you to do so.