SBA and SPARK Updates

We will be releasing two updates in SPARK this week to address changes recently announced by the SBA.

Date of Birth for E-Tran Submission

Release Date: Tuesday, March 25th at 11:00 PM CT

We were informed by the E-Tran team that, effective Monday, March 24th, the SBA and E-Tran now require a Date of Birth for the following Individuals in all E-Tran submissions:

• Individual Co-Borrowers

• Principals

• Secondary Principals

• Guarantors

SPARK will be updated to:

• Validate that a Date of Birth is entered for all required Individuals before submission

• Ensure the Date of Birth is sent to E-Tran for each applicable Individual

Guaranty Fee Updates for SBA 7(a) Loans

Release Date: Wednesday, March 26th at 11:00 PM CT

New Package Creation

• All new packages created in SPARK will automatically reflect the updated Guaranty Fee amounts.

Existing Active Packages

• Existing active packages in SPARK will not automatically update with the new Guaranty Fee.

• A banner will appear within affected packages to notify users of the fee change, along with a direct link to apply the updated Guaranty Fee.

• Users can manually recalculate the Guaranty Fee by selecting "Edit Package" within the package.

For any questions or assistance, contact your Customer Success Manager or submit a ticket to the SPARK Support Team.