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

(2) On receipt of an application, the financial 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.