{"ok":true,"canonical_url":"https://dealroom.so/glossary/bona-fide","api_url":"https://dealroom.so/api/public/glossary/bona-fide","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"bona-fide","term":"Bona fide","group":"People and paperwork","definition":"Latin for \"in good faith,\" meaning genuine, sincere, and without intention to deceive. It implies honesty and integrity in actions or agreements.","what_it_means":"The SBA and your lender expect all aspects of your loan application and acquisition to be bona fide. This includes the arm's length nature of the transaction, market value of assets, and truthfulness of financial representations. Misrepresentation can lead to loan denial or recall.","url":"https://dealroom.so/glossary/bona-fide","official_sources":[{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"},{"slug":"13-cfr-part-120","title":"13 CFR Part 120 — Business Loans","official_url":"https://www.ecfr.gov/current/title-13/chapter-I/part-120","official_label":"View on eCFR","authority_tier":1,"publisher":"Office of the Federal Register","source_guide_url":"https://dealroom.so/sba-7a/sources/13-cfr-part-120"}],"related":[{"slug":"arm-s-length","term":"Arm's length","url":"https://dealroom.so/glossary/arm-s-length"},{"slug":"intentional-misrepresentation","term":"Intentional misrepresentation","url":"https://dealroom.so/glossary/intentional-misrepresentation"},{"slug":"omission-of-material-facts","term":"Omission of material facts","url":"https://dealroom.so/glossary/omission-of-material-facts"},{"slug":"good-character","term":"Good character","url":"https://dealroom.so/glossary/good-character"}],"related_questions":[]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Bona fide","url":"https://dealroom.so/glossary/bona-fide","source_type":"DealRoom Data"}}