SBA Resource Center

See the tabs below for banking and SBA-related information you may find helpful, and don’t miss the WSFS small business success stories and additional business content at the bottom of the page. Check back often!

If you need assistance with something that is not outlined in the tabs below, we are here to help. Please contact your Relationship Manager or email us at sbaoperations@wsfsbank.com.

Thank you for choosing WSFS Bank as your SBA lending provider.

Enrollment/Setup Online Banking

 

To self-enroll click here, or follow the steps below to navigate to the enrollment page.

  1. On wsfsbank.com, click the Login button and select Enroll in Online Banking.
  2. Select the second option, Enroll in Business Online Banking, then select Continue with Enrollment.
  3. On the Enrollment page, create your User ID and password. Make sure the email address entered is correct, since this is how you will receive confirmation that account setup is complete.
  4. Complete the Company Information section, referencing the promissory note to ensure accurate enrollment. Please note: ‘Company name’ should be the legal business name, not a dba or franchise name.
  5. At the bottom of the Company Information section, please enter the information as indicated here in green:
    • Date of last deposit = Date of loan closing
    • Amount of last deposit = Total loan amount
  6. In Account Information:
    • Enter your loan account number (this should start with 500)
    • In Description, enter Loan Account for {Legal Company Name}
    • For Account Type, select Checking
  7. Finally, in Additional Banking Services, please select any other banking services we may assist you with.
    Select Continue at bottom of page. If there was an error, you will be notified with a ‘Review Needed’ email.

If you would prefer to enroll manually, you may do so by emailing olbop@wsfsbank.com.

One Time Loan Payments (No log in required)

 
  1. On wsfsbank.com, click on the Login dropdown. Go to the Choose Account Type dropdown and select WSFS One‑Time Loan Payments.
  2. Enter your Account Number and Note Number, and click Continue.
  3. Enter the Zip Code associated with the account and click continue.
  4. Your business name and address will auto-populate. Enter a Contact Name, Phone Number, and Email Address. Please note: the email address entered here is where the payment confirmation email will be sent.
  5. The Payment Amount will automatically populate based on your monthly payment. If the payment is meant to go towards Principal only, please enter the amount, otherwise the regular payment will be processed.
  6. Fill in all fields and change the No button to Yes for the payment to go through, then select Continue.

ACH/Autopay Setup

 

To set up pre-authorized loan payments via ACH please download and complete this form, then email it to your Relationship Manager along with a voided check.

Loan Advances (If your SBA Loan has a draw period)

 

Working Capital:

Working capital can be used for payroll and other approved operating expenses.


Leasehold Improvement (and contingency):

Leasehold improvements are related to any expenses detailed in the Construction Agreement provided to WSFS at Closing.

  • With each leasehold draw request please be prepared to provide the invoice, partial lien waiver, third party site visit, and SBA Form 601.
  • Prior to final funding, WSFS requires executed final lien waiver and Certificate of Occupancy.

Equipment, Furniture, Fixtures:

Please indicate how much WSFS is to pay on the invoice supplied (for example: ‘Please pay $1,000’ or ‘Please pay full invoice amount’).


Closing Costs/SBA Guaranty fee:

This line item was paid at loan settlement.


Interest Reserve:

This will be pulled from monthly to pay X amount of interest payments while WSFS is funding your loan.




Please submit all loan advance requests to your SBA Portfolio Manager and SBA Relationship Manager via email along with the necessary invoice(s) to be paid. All invoices must be billed to the Borrower on your signed WSFS loan documents, not the Guarantor or Franchise name. Per the SBA, WSFS is required to send payments on your behalf directly to the vendors. Your loan team will be in touch throughout the funding of your loan to check on progress and to provide an update on your loan budget to ensure you are on track to meet the final funding date.

Please note:

In the event final funding is not met, an extension or modification may be required and WSFS Bank would engage legal counsel to document the modification. You would be responsible for attorney fees and any additional closing costs.

Servicing Requests

 

You may, at any time, submit a servicing request to your Relationship Manager. At a minimum, WSFS requires 14 business days to review and approve these requests, so please submit them as early as possible. To expedite the review process, your initial request should provide as much information as possible. Please note: In some cases, WSFS Bank may be required to receive SBA approval for changes in your loan, which could extend the review time.

Servicing Requests include but are not limited to:

  • Release and refile of Collateral
  • Subordination of Collateral
  • Release/Add of Guarantor
  • Substitution of Collateral
  • Deferments

Be prepared to answer the following questions:

  • Is there any cash out? Is our lien position changing?
  • When is settlement scheduled for each property?
  • Does the new property require environmental and/or flood insurance?
  • How is the business doing? Operations? COVID impact?
  • Anticipated closing timeline?

Be prepared to provide the following documents, at a minimum:

  • Full financial package (Business/Personal tax return, financial statements, PFS, interim statements, etc.)
  • Addresses of all properties
  • Closing Statement/HUD/CD for property being sold
  • Closing Statement/HUD/CD for property being purchased
  • Title
  • Appraisal
  • Application for new mortgage (name of mortgage company)

Annual Reviews

 

Each year, SBA borrowers are required to provide updated financial information. Please add a reminder to your calendar and send the following information to SBAOperations@wsfsbank.com annually.

  • Current Year filed Business Federal tax return and/or extension filing
  • Internally prepared year-to-date Profit and Loss statement and Balance Sheet (QuickBooks or equivalent)
  • Business Debt schedule
  • Accounts Receivables/Payables Aging (if applicable)
  • Current Year filed Personal Federal Tax Return w/All schedule K-1's for all affiliated entities
  • Personal Financial Statement/SBA 413 (must be signed by all borrowers/guarantors)
  • W2's for Current Year

Prepay & Payoff Requests

 

As written in Promissory Note: ‘Borrower may prepay 20% or less of the unpaid principal balance at any time without notice. If Borrower prepays more than 20% and the Loan has been sold on the secondary market, Borrower must:

  • Give Lender written notice;
  • Pay all accrued interest; and
  • If the prepayment is received less than 21 days from the date Lender receives the notice, pay an amount equal to 21 days’ interest from the date lender receives the notice, less any interest accrued during the 21 days and paid under subparagraph b., above.

If Borrower does not prepay within 30 days from the date Lender receives the notice, Borrower must give Lender a new notice.’

Payoff requests should be sent via USPS or emailed to your Relationship Manager and must include:

  • Loan name
  • WSFS Bank loan number
  • The reason for payoff
  • The date you would like the payoff effective through

Need assistance? We’re here for you! Reach out to your Relationship Manager or email us at sbaoperations@wsfsbank.com



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