{"ok":true,"canonical_url":"https://dealroom.so/glossary/commitment-letter","api_url":"https://dealroom.so/api/public/glossary/commitment-letter","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":"commitment-letter","term":"Commitment Letter","aka":"Loan commitment","group":"Doing the deal","definition":"A formal document from the lender outlining the terms and conditions under which they will provide financing for your business acquisition. It's a conditional approval for your loan.","what_it_means":"This letter details the loan amount, interest rate, term, collateral requirements, and any conditions you must meet before closing. Review it carefully, as these are the final deal terms. Fulfilling these conditions is essential for moving to closing and receiving funds.","url":"https://dealroom.so/glossary/commitment-letter","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":"loan-agreement","term":"Loan agreement","url":"https://dealroom.so/glossary/loan-agreement"},{"slug":"closing-condition","term":"Closing condition","url":"https://dealroom.so/glossary/closing-condition"},{"slug":"variable-rate","term":"Variable rate","url":"https://dealroom.so/glossary/variable-rate"}],"related_questions":[{"question":"Can a commitment to inject additional working capital after closing count towards my equity injection?","url":"https://dealroom.so/sba-7a/questions/can-a-commitment-to-inject-additional-working-capital-after-closing-count-towards-my-equit"},{"question":"Does a gift letter need to be from a U.S. citizen or permanent resident for equity injection?","url":"https://dealroom.so/sba-7a/questions/does-a-gift-letter-need-to-be-from-a-u-s-citizen-or-permanent-resident-for-equity-injectio"},{"question":"What is the typical timeframe from submitting a complete application to receiving a firm SBA 7(a) loan commitment?","url":"https://dealroom.so/sba-7a/questions/what-is-the-typical-timeframe-from-submitting-a-complete-application-to-receiving-a-firm-s"},{"question":"Are there specific requirements for a gift letter if funds are received from multiple immediate family members for the down payment?","url":"https://dealroom.so/sba-7a/questions/are-there-specific-requirements-for-a-gift-letter-if-funds-are-received-from-multiple-imme"}]},"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 — Commitment Letter","url":"https://dealroom.so/glossary/commitment-letter","source_type":"DealRoom Data"}}