{"ok":true,"canonical_url":"https://dealroom.so/glossary/closing","api_url":"https://dealroom.so/api/public/glossary/closing","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":"closing","term":"Closing","group":"Doing the deal","definition":"Closing is the final stage of an acquisition where all legal documents are signed, funds are transferred, and ownership officially changes hands. This is the moment your 7(a) loan is funded and the business becomes yours.","what_it_means":"The Closing involves signing the SBA Loan Authorization, promissory notes, and all purchase agreements. Ensure all Closing Conditions are met beforehand. Your attorney will coordinate with the lender's counsel to ensure a smooth transfer of assets and liabilities, making sure all liens are properly perfected.","url":"https://dealroom.so/glossary/closing","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"}],"related":[{"slug":"closing-conditions","term":"Closing Conditions","url":"https://dealroom.so/glossary/closing-conditions"},{"slug":"deal-structure","term":"Deal Structure","url":"https://dealroom.so/glossary/deal-structure"},{"slug":"sba-loan-authorization","term":"SBA Loan Authorization","url":"https://dealroom.so/glossary/sba-loan-authorization"},{"slug":"lien","term":"Lien","url":"https://dealroom.so/glossary/lien"}],"related_questions":[{"question":"Which pre-closing business expenses can count towards equity?","url":"https://dealroom.so/sba-7a/questions/which-pre-closing-business-expenses-can-count-towards-equity"},{"question":"When is an amended SBA loan authorization required after closing?","url":"https://dealroom.so/for-lenders/questions/when-is-an-amended-sba-loan-authorization-required-after-closing"},{"question":"Can working capital be used for unexpected business expenses after closing?","url":"https://dealroom.so/sba-7a/questions/can-working-capital-be-used-for-unexpected-business-expenses-after-closing"},{"question":"Is a cash infusion into the business prior to closing considered equity?","url":"https://dealroom.so/sba-7a/questions/is-a-cash-infusion-into-the-business-prior-to-closing-considered-equity"},{"question":"What is the typical timeframe from submitting a complete application to loan closing?","url":"https://dealroom.so/sba-loans/basics/what-is-the-typical-timeframe-from-submitting-a-complete-application-to-loan-closing"},{"question":"Beyond closing, are there ongoing government fees for an SBA 7(a) loan?","url":"https://dealroom.so/sba-loans/basics/beyond-closing-are-there-ongoing-government-fees-for-an-sba-7-a-loan"}]},"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 — Closing","url":"https://dealroom.so/glossary/closing","source_type":"DealRoom Data"}}