13 CFR 123.13 - What happens if my loan application is denied?

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There is 1 rule appearing in the Federal Register for 13 CFR 123. View below or at eCFR (GPOAccess)
§ 123.13 What happens if my loan application is denied?
(a) If SBA denies your loan application, SBA will notify you in writing and set forth the specific reasons for the denial. Any applicant whose request for a loan is declined for reasons other than size (not being a small business) has the right to present information to overcome the reason or reasons for the decline and to request reconsideration in writing. (OMB Approval No. 3245-0122.)
(b) Any decline due to size can only be appealed as set forth in part 121 of this chapter.
(c) Any request for reconsideration must be received by SBA's Disaster Assistance Processing and Disbursement Center (DAPDC) within six months of the date of the decline notice. After six months, a new loan application is required.
(d) A request for reconsideration must contain all significant new information that you rely on to overcome SBA's denial of your original loan application. Your request for reconsideration of a business loan application must also be accompanied by current business financial statements.
(e) If SBA declines your application a second time, you have the right to appeal in writing to the Director, Disaster Assistance Processing and Disbursement Center. All appeals must be received by the processing center within 30 days of the decline action. Your request must state that you are appealing, and must give specific reasons why the decline action should be reversed.
(f) The decision of the Director, DAPDC, is final unless:
(1) The Director, DAPDC, does not have the authority to approve the requested loan;
(2) The Director, DAPDC, refers the matter to the AA/DA; or
(3) The AA/DA, upon a showing of special circumstances, requests that the Director, DAPDC, forward the matter to him or her for final consideration. Special circumstances may include, but are not limited to, policy considerations or alleged improper acts by SBA personnel or others in processing the application.
(g) This section does not apply to IDAP loans.
[61 FR 3304, Jan. 31, 1996, as amended at 71 FR 63676, Oct. 31, 2006; 75 FR 60598, Oct. 1, 2010]

Title 13 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 13.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-04-25; vol. 79 # 80 - Friday, April 25, 2014
    1. 79 FR 22859 - Disaster Assistance Loan Program; Disaster Loan Credit and Collateral Requirements.
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Interim Final Rule with request for comments.
      Effective date: April 25, 2014. Applicability date: This rule is applicable for disasters declared on or after April 25, 2014. Comment date: Comments must be received on or before June 23, 2014.
      13 CFR Part 123

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United States Code
Statutes at Large

Title 13 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR 123 after this date.

  • 2014-04-25; vol. 79 # 80 - Friday, April 25, 2014
    1. 79 FR 22859 - Disaster Assistance Loan Program; Disaster Loan Credit and Collateral Requirements.
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Interim Final Rule with request for comments.
      Effective date: April 25, 2014. Applicability date: This rule is applicable for disasters declared on or after April 25, 2014. Comment date: Comments must be received on or before June 23, 2014.
      13 CFR Part 123