{"ok":true,"canonical_url":"https://dealroom.so/glossary/credit-approval","api_url":"https://dealroom.so/api/public/glossary/credit-approval","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":"credit-approval","term":"Credit approval","group":"Doing the deal","definition":"This is the lender's official decision to approve your loan application based on their assessment of your creditworthiness and the business's financial health. It's a critical step towards closing.","what_it_means":"Credit approval comes after a thorough underwriting process, including reviewing your personal financial statement, business financials, and credit report. It's typically followed by a commitment letter detailing the loan terms. Be ready to provide all requested documentation promptly.","url":"https://dealroom.so/glossary/credit-approval","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":"pre-qualification-process","term":"Pre-qualification process","url":"https://dealroom.so/glossary/pre-qualification-process"},{"slug":"underwriting","term":"Underwriting","url":"https://dealroom.so/glossary/underwriting"},{"slug":"commitment-letter","term":"Commitment Letter","url":"https://dealroom.so/glossary/commitment-letter"},{"slug":"creditworthiness","term":"Creditworthiness","url":"https://dealroom.so/glossary/creditworthiness"}],"related_questions":[{"question":"Does having many recent credit inquiries on my personal credit report affect SBA 7(a) loan approval chances?","url":"https://dealroom.so/sba-7a/questions/does-having-many-recent-credit-inquiries-on-my-personal-credit-report-affect-sba-7-a-loan-"},{"question":"How does my personal financial history, beyond credit score, affect SBA 7(a) loan approval?","url":"https://dealroom.so/sba-7a/questions/how-does-my-personal-financial-history-beyond-credit-score-affect-sba-7-a-loan-approval"},{"question":"If the seller of the business has poor credit, will that affect my loan approval?","url":"https://dealroom.so/sba-7a/questions/if-the-seller-of-the-business-has-poor-credit-will-that-affect-my-loan-approval"},{"question":"How significantly does a strong personal credit score impact my SBA 7(a) acquisition loan approval chances?","url":"https://dealroom.so/sba-7a/questions/how-significantly-does-a-strong-personal-credit-score-impact-my-sba-7-a-acquisition-loan-a"},{"question":"Does having many recent credit inquiries on my personal report affect SBA 7(a) loan approval chances?","url":"https://dealroom.so/sba-7a/questions/does-having-many-recent-credit-inquiries-on-my-personal-report-affect-sba-7-a-loan-approva"},{"question":"Will a past tax lien or judgment on my credit report prevent SBA 7(a) loan approval?","url":"https://dealroom.so/sba-7a/questions/will-a-past-tax-lien-or-judgment-on-my-credit-report-prevent-sba-7-a-loan-approval"}]},"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 — Credit approval","url":"https://dealroom.so/glossary/credit-approval","source_type":"DealRoom Data"}}