| 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:
- Functionality Added: Gather - Step 4 - Ownership information (progress animation added to the places that require complex calculations - Life Insurance)
- Functionality Changed: Gather - Step 8 - Business Affiliates (now it is possible to add more than one affiliate with the same social security number)
- 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")
- Functionality Changed: Gather - Step 20 - Total Project Cost - Construction Eligibility (if uploads are missing, eligibility shows eligibile but not in compliance)
- Functionality Added: Gather - Step 24 - Collateral Summary (real estates fixes, new collateral types were added: Vehicle, Aircraft, Vessel, etc.)
- Added new step: Analyze - Step 18 - Debt Coverage: Expenses Saved (a different expenses saved amount can be assigned to each year)
- 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)
- 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)
- 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)
- 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)
- 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.
- 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.
- 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.
- Gather - Step 7 - Business Affiliations - matrix is expanded with valuable information: EIN/SSN, type of affiliation, and NAICS description.
- Gather - Step 5 - Business Type Eligibility: fixed error related to Foreign Owned or Located Businesses.
- 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.
- 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.
- Analyze - Step 21 - Debt Coverage Analysis: Both Monthly and Yearly values for SBA Loan amount and Existing Debt Service are displayed on the step.
- 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.
Please register or login to add your comments to this article.
