Refusal letter definition
Refusal letter means an official letter from a Depository Institution denying an Eligible Business a loan based on standard commercial terms in the market for an equivalent borrower and certifying that Depository Institution has denied such application for business reasons and not at the request of the Eligible Business or any representative of a Small Business Development Fund.
Refusal letter means a letter signed under oath from the Chief Executive Officer of a Depository Institution or equivalent officer if such institution does not have a Chief Executive Officer denying an Eligible Business a loan based on standard commercial terms in the market for an equivalent borrower and certifying that Depository Institution has denied such application for business reasons and not at the request of the Eligible Business or any representative of a Small Business Development Fund.