CFR > Title 13 - Business Credit and Assistance > CHAPTER I—SMALL BUSINESS ADMINISTRATION > PART 120—BUSINESS LOANS > SUBPART K—Establishment of an SBA Direct Loan Program for Systemically Important Secondary Market Broker-Dealers (SISMBD Loan Program) (§120.1800 to §120.1900) > 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?

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.