(1) An application for a credit facility shall be made to a designated financial institution or any such approved institution by the applicant in such a form and accompanied with such information and fee as the Board established under section 10 shall determine.

(2) On receipt of an application, made under subsection (1), the institution shall

(a) respond to the application within seven days from the date of receipt; and

(b) appraise and evaluate the application; and inform the applicant within a period not exceeding thirty days of its approval or otherwise of the application.