Sending Credit Facilities for Approval

After creating a new credit facility and filling in all the mandatory details within the Credit Facility tab, the record is still in Draft status. In this status, the customer cannot access any funding through utilizations (the term for contracts opened for banking products attached to the facility).

You must first send the record for approval to an employee of the financial institution with corresponding competencies, following the 4-eyes principle.

As a clerk, you should change the credit facility's status to Approved. Loan Management automatically sends the record for approval to users with credit facility approval competencies.

For more details on how to perform a change of status, read the Changing Credit Facility Statuses section.