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In this video, Amy, a file manager at CDC Small Business Finance, explains the commitment letter issued after loan approval. This letter acts as a snapshot of the loan, detailing necessary items to finalize and fund it. Recipients will receive the letter via email, which includes the estimated loan terms, structure, and fees, as well as documents required for the next steps. A follow-up call will be scheduled to review the letter and address any questions. During this call, applicants will also be asked to pay a loan packaging fee, indicating their commitment to proceed with the loan request and to cooperate with the conditions for loan approval.
