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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 13 - Business Credit and Assistance |
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Chapter I - Small Business Administration |
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Part 120 - Business Loans |
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Subpart K - Establishment of an SBA Direct Loan Program for Systemically Important Secondary Market Broker-Dealers (SISMBD Loan Program) |
§ 120.1824 - How will an SISMBD receive notice of an approval or denial of a loan or request for an advance under an SISMBD Loan?
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§ 120.1824 How will an SISMBD receive notice of an approval or denial of a loan or request for an advance under an SISMBD Loan?
(a) Applicants will receive notice of approval or denial of an SISMBD Loan or a request for an advance under such loan by SBA through written correspondence.
(b) If a loan request is approved, SBA will issue a Commitment Letter.
(c) Notice of a denial will include the specific reasons for the decision.
(d) SBA reserves the right to reject any request for a loan or an advance, in whole or in part, in its sole discretion.