Section 7: Applications for loans and for guarantees, etc.

(1) Applications for guarantees under this Act shall be made to the Board by the bank concerned following a request for a loan made to that bank and such applications shall be in such form as the Minister may prescribe.
(2) Where for any reason any request for a loan for the purposes of this Act is rejected by any bank, the bank shall give reasons therefor to the person making the request and shall specify what steps should be taken by the person to enable him to comply with the bank's requirements.