ACH Initial Authorization (new loans)/ACH Banking Change
Entities receiving PENNVEST funds must submit an ACH Authorization form upon completion of the loan settlement process. Once borrower has the separate, non-interest bearing account opened at the financial institution of their choice, please complete the ACH_Form_Confidential.pdf (pa.gov) and provide a copy of a voided check (starter checks and counter checks are not accepted) or a verification letter from the financial institution (the letter should be on the financial institution's letterhead and should include the following: Borrower name and address, account and routing numbers and should be signed by an authorized signatory of the financial institution.)
During the repayment process if borrower's financial institution or account number changes please follow the same process as indicated above, but select the "Change" box at the top of the form.
- For new loans, the bank account must be separate from all other accounts and must be non-interest bearing, once the loan is final amortized this is no longer required, you may have payments drawn from any account however, at that time would need to update the ACH that PENNVEST has on file by completing a new form and submitting along with a voided check or bank verification letter (the letter should be on the financial institution's letterhead and should include the following: Borrower name and address, account and routing numbers and should be signed by an authorized signatory of the financial institution) to the resource account (RA-PVACHFORMS@pa.gov).
- ACH forms must be received by the 10th of the month to be effective the first business day of the following month.
- Print the ACH_Form_Confidential.pdf (pa.gov).
- Complete all of the pertinent information in the form, all information must be complete and must match the information that we have on file with respect to the borrower's name, EIN number and address, additionally please place the PENNVEST loan numbers that are affected in the Legacy Loan Number box.
- Sign and date the form, the authorized signature must be an authorized signatory for the borrowing entity. If the project has a trustee account, the trustee is responsible for co-signing the form.
- Scan then email the form with an account verification document, the verification must be in the form of a voided check from the account or a bank verification letter. The verification letter must be on the banks letterhead and should contain the borrowers name and address, account and routing number on the account and should be signed by an authorized signatory of the bank. The ACH form and verification document should be emailed to: RA-PVACHFORMS@pa.gov.