"A loan committee analyzes and subsequently approves or rejects...

"A loan committee analyzes and subsequently approves or rejects the loan. It may also approve the loan but with completely different terms than the borrower intended, which will mitigate any risks."

https://www.investopedia.com/terms/l/loan-committe.asp

AFAIK, being approved by the loan committee is generally the last step. However, in extraordinary case, it can be approved with conditions and/or different terms, which will lead to your point of a torturous process.

If Lindsay were a believable man, I would have had a significant relief when reading that IDC investment committee has approved the loan. However, being tricked so many times with the carrot that we are "almost there", "we got many partners who are interested in this", "coming months", etc., I will simply be conservative and not have any positive expectation until the company can actually make drawings on the loan. Seeing (the money in the bank account) is believing.