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Amy, a file manager at CDC Small Business Finance, explains the commitment letter received after loan approval. This letter serves as a summary of the loan details, including estimated terms, structure, fees, and additional documents needed to finalize and fund the loan. An email will be sent with this information, and a call will be scheduled to review the letter and answer any questions. During this call, borrowers will be required to pay a loan packaging fee, which signifies their commitment to proceed with the loan request and agree to the conditions necessary for satisfying loan approval.
