; (2) evidence that the management of the applicant is qualified and has significant business expertise relevant to the applicant’s strategy; and (3) an election to receive a seed investment under section 399C or leverage from the Administrator. (c) Issuance of License (1) Procedures (A) Status Not later than 90 days after the initial receipt by the Administrator of an application under this subsection, the Administrator shall provide the applicant with a written report detailing the status of the application and any requirements remaining for completion of the application. (B) Approval or disapproval Except as provided in subparagraph (C) and within a reasonable time after providing the report under subparagraph (A) and in accordance with such requirements as the Administrator may prescribe by regulation, the Administrator shall— (i) approve the application and issue to the applicant a license to operate as a micro-SBIC; or (ii) disapprove the application and notify the applicant in writing of the disapproval. (C) Provisional approval The Administrator may provide provisional approval for an applicant for a period of not more than 12 months before making a final determination of approval or disapproval under subparagraph (B). (D) Explanation of disapproval An applicant may submit to the Administrator a request for a written explanation regarding the disapproval of an application under subparagraph (B)(ii). (2) Appeals (A) Disapproved applications With respect to an application that is disapproved under paragraph (1)(B)(iii)— (i) not later than 30 days after the date on which the application is disapproved, the applicant may submit an appeal to the Chair of the Investment Division Licensing Committee of the Administration (referred to in this subparagraph as the Chair )