Business Loan Appeal Process
Loan Appeal Process
Once an application has been received with all of the required documentation, our client will receive a decision of approval or decline within 10 business days.
If the applicant is declined, he/she may appeal the decision by completing the following steps:
Indicate in writing within 30 days from the date of decline that he/she wish to appeal the decision and provide his/her reasons as to why the loan should be approved.
The applicant will be notified to attend a duly scheduled meeting of the Credit Committee and present his/her case. The Credit Committee will review the information provided and notify the client by telephone within one working day of their decision. The Credit Committee has the authority to provide alternative solutions to the initial application which will have to be agreed upon by the applicant.
Should the application be declined by the Credit Committee a second time, the applicant can request that the Provincial Appeals Committee for Saskatchewan Community Futures review the application. This process requires the following:
Within 10 business days of the date of decline by the Credit Committee the applicant can submit a letter to the Chairperson for Prince Albert & District Community Futures requesting that all pertinent information, including business plan, personal statements and credit reports be forwarded to the Provincial Appeals Committee along with the reason for decline by the Community Futures office.
The Provincial Appeals Committee will review all the information provided by the Community Futures office. The Provincial Appeals Committee can make recommendations to the Board of Directors for Prince Albert & District Community Futures, however they have no authority to make an approval of the loan. The applicant will receive a final decision in writing within 10 business days of receipt of the letter of appeal.
There is no other appeal process.