New Version Online (v 1.0.0.2059)

Written by Stephen Ladek | 12 July 2010

We’ve continued to improve the sbaOpen service based on your feedback and comments. Several updates have gone out over the past two weeks and the current version online is v 1.0.0.2509.

It is online now and available for use.

Enhancements to the service include:

  1. Functionality Added: Gather - Step 4 - Ownership information (progress animation added to the places that require complex calculations - Life Insurance)
  2. Functionality Changed: Gather - Step 8 - Business Affiliates (now it is possible to add more than one affiliate with the same social security number)
  3. Functionality Added: Gather - Step 10 - Interim Financial Information - Date Validators (warning message is displayed if the date is not within 90 days of today and the loan status is "In Process")
  4. Functionality Changed: Gather - Step 20 - Total Project Cost - Construction Eligibility (if uploads are missing, eligibility shows eligibile but not in compliance)
  5. Functionality Added: Gather - Step 24 - Collateral Summary (real estates fixes, new collateral types were added: Vehicle, Aircraft, Vessel, etc.)
  6. Added new step: Analyze - Step 18 - Debt Coverage: Expenses Saved (a different expenses saved amount can be assigned to each year)
  7. Added new step: Analyze - Step 19 - Debt Coverage: Owner Draws    (a different owner draws amount can be assigned to each year, W/D Officer Comp. lines from Income Statement are shown in this step)
  8. Functionality Changed: Analyze - Step 20 - Debt Coverage Analysis  (new calculations were needed due to new information added in Steps 18 and 19, and short year calculation is automatically applied if applicant had short year: for example if applicant business is established on 4/1/2007 and we are analyzing debt coverage for the year 2007, instead of multiplying monthly debt amount with 12 application will multiply it with 9 just for that year)
  9. Report - SBA Form 413 (wife information added, $0’s under cost for stocks and bonds are not printed, Exclamation point in references to attachments is removed, full address displayed under property addresses on attachment, new design of real estate mortgage attachment)
  10. We added new step in Analyze: Step 7 - Projected Income Statement Analysis (we needed to split Income Statement Analysis into two steps: Step 5 - Historical Income Statement Analysis and this one to make the flow of information more natural: Historical, Interim, Projected)
  11. Analyze - Step 19 - Debt Coverage: Expenses Saved now holds matrix in which user can see Income Statement - SG&A lines for all participants. Also, user can select to see consolidated data, just one participants data, or any combination of participants.
  12. Analyze - Step 20 - Debt Coverage: Owner Draws now enables user to enter additional Owner compensation not already provided in Income statements even for the years where W/D and Officer compensations are already stated in Income Statement.
  13. Analyze - Step 21 - Debt Coverage Ratios: the flow of information in this step is changed to have more natural feel. In the case of short first year, debt coverage ratios are taking into consideration only months that participant was running the business (a message is displayed under the matrix). Also, information about SBA Monthly payments is added to the step.
  14. Gather - Step 7 - Business Affiliations - matrix is expanded with valuable information: EIN/SSN, type of affiliation, and NAICS description.
  15. Gather - Step 5 - Business Type Eligibility: fixed error related to Foreign Owned or Located Businesses.
  16. Gather - Step 7 - Business Affiliations: Power of Control and Identity of Interest are now parallel options and user can select both of them. Also, detailed instructions how to determine if there is any business affiliation is included. Also, matrix on this step now shows the name of the owner if there affiliation is based on Power of Control.
  17. Analyze - Step 19 - Debt Coverage - Expenses Saved: W/D Officer compensation lines were removed from matrix. Officer compensations were shown in Step 20. Depreciation and Amortization are included in Step 21. Short help is displayed on the page.
  18. Analyze - Step 21 - Debt Coverage Analysis: Both Monthly and Yearly values for SBA Loan amount and Existing Debt Service are displayed on the step.
  19. Minor cosmetic changes have also happened throughout the site.

We encourage you to contact us, or simply use the “Feedback” button in the application so that we can continue to improve sbaOpen for the community.

 

New Version Online (v 1.0.0.2188)

Written by Stephen Ladek | 26 May 2010

In our continued commitment to improving our service, we've released a new version of the sbaOpen service. Our current version is v 1.0.0.2188

The enhancements to the service include:

  • Improved internal credit memo and other independent financial reports to allow consolidated financials across loan participants
  • Added an option to view financial reports as consolidated or separately
  • Enhanced and improved the loan wizard
  • Fixed and expanded Construction Eligibility in GATHER
  • Updated and improved Form 4i financials
  • Expanded functionality of Historical Tax Information step in ANALYZE
  • Added additional information to the Internal Credit Memo
  • Expanded the Other Sources of Funding step in GATHER
  • Fixed the Collateral Summary step in GATHER for Current Value And Net Value Calculations
  • Added Shared Lien Positions to the Collateral Summary Step in GATHER
  • Reactivated the Delete function in Manage Loans
  • Added a functionality for Packagers so they are able to have multiple lenders
  • Added ESOPs and 401(k) Trusts to possible owner types in GATHER
  • Added new rules for construction loans in ANALYZE Loan Request Information
  • Added Lender POLK number
  • Added SBA Form 1624 to APPROVE
  • Expanded Personal Financial Statement
  • Added Piggyback Loans Eligibility to the Collateral Summary step in GATHER
  • Expanded the Current Applicant Debt step in GATHER
  • Loan or Project Purpose - Recovery Act Eligibility Added
  • Expanded the Total Project Cost – Real estate Occupancy Eligibility Test in GATHER
  • Expanded Form 413 – Real estates Mortgages to allow more than one mortgage
  • Fixed an error on Personal Cash Flow Statements
  • Appraisal upload added Collateral Summary in GATHER
  • Removed HTML tags from narrative descriptions
  • Expanded the Business Type Eligibility Test
  • Documents are now listed one-by-one in the matrix in APPROVE
  • Expanded the One Click Submission "Download All" feature
  • Fixed LIBOR Calculation

We’re also getting very close to launching PLP / eTran functionality… Stay tuned!

Winner of sbaOpen Service from NAGGL

Written by Stephen Ladek | 10 May 2010

Thank you to everyone for a great conference in Ft. Worth!

And congratulations to:

Stella Friedland of Accelerated Capital Solutions

As the winner of 6 months of free service with sbaOpen!

sbaOpen Press Release #1

Written by Stephen Ladek | 09 May 2010

FOR IMMEDIATE RELEASE

Contact:
Brian Burke
sbaOpen
740 Campbell Road, Suite 900
Richardson, TX 75081
email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Phone: 972-646-3634
http://www.sbaopen.com

Now online: sbaOpen’s web-based service simplifies SBA loan packaging

Richardson, TX — May 10, 2010 — sbaOpen (www.sbaopen.com) announces the official release of its web-based SBA loan packaging software. The online service is designed to help all SBA lenders and packagers – from 1st timers to seasoned experts.

sbaOpen rethinks the SBA loan application process to ensure applications are completed “the SBA way”. Built in eligibility and compliance tests simplify meeting ever-changing SBA regulations, a step-by-step, “question & answer” process streamlines the collection and analysis of loan materials and automatically generated application documentation keeps everything tightly organized.

sbaOpen has been designed and developed by SBA industry experts (Brian Burke and Karen McHugh of sbaAccess). Brian Burke noted that the original concept for developing software for the SBA industry came from the market itself: “Going back several years, Karen and I had a significant number of clients and prospects asking us to create software that would solve the critical lack of user friendly, fully functional, and intuitive software to make the SBA loan process better. sbaOpen is our answer to those folks and to the marketplace at large.”

sbaOpen’s secure service is a web-based solution, allowing clients access to their loans anytime, anywhere – in the office, at a client site or anywhere they have an internet connection. As a web-based solution, sbaOpen is also able to offer its clients near real-time updates for changes in SBA regulations and forms. And, if users have specific, detailed questions they can research all relevant SBA SOPs in an online, searchable format for free.

sbaOpen’s service also introduces superior pricing flexibility never seen before in other “off the shelf” software programs. In addition to standard licensing models for higher-volume lenders, sbaOpen offers a “Pay Per Loan” pricing structure that allows low-volume lenders an affordable way to package SBA loans without a long-term commitment. All pricing options include sbaOpen's unprecedented commitment to supporting its user community with online help files and dedicated support staff.

For more information:
Contact: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Phone: 972-646-3634

New Version Online (v 1.0.0.2025)

Written by Stephen Ladek | 07 May 2010

In our continued commitment to improving our service, we've released a new version of the sbaOpen service. The enhancements to the service include:

  • SBA Form 4 was updated
  • SBA Form 1846 has been included in the application process
  • The system now defaults to tax records if there are no historical financial statements for display in Analyze
  • Design changes to the Internal Credit Memo - small design changes (formatting of reports, andpage breaks)
  • Added the options to print consolidated financial statements in the Internal Credit Memo
  • Enhanced Approve Module - Documentation Review - EPC/OC documents added
  • Enhanced Approve Module - One Click Submission - More Eligibility Documents added

 

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