{"ok":true,"canonical_url":"https://dealroom.so/glossary/disclosures","api_url":"https://dealroom.so/api/public/glossary/disclosures","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":"disclosures","term":"Disclosures","group":"People and paperwork","definition":"Information that must be revealed to another party, typically regarding material facts about the business or the loan transaction. As a buyer, you rely on seller disclosures for due diligence, and you'll make disclosures to the lender and SBA.","what_it_means":"Sellers are obligated to disclose material facts about the business, including liabilities, pending litigation, or environmental issues. Lenders and the SBA also require specific disclosures from buyers, such as affiliations or potential conflicts of interest. Always be transparent; failure to disclose material information can lead to severe consequences.","url":"https://dealroom.so/glossary/disclosures","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":"certifications","term":"Certifications","url":"https://dealroom.so/glossary/certifications"},{"slug":"material-information","term":"Material information","url":"https://dealroom.so/glossary/material-information"},{"slug":"intentional-misrepresentation","term":"Intentional misrepresentation","url":"https://dealroom.so/glossary/intentional-misrepresentation"},{"slug":"form-1919","term":"Form 1919","url":"https://dealroom.so/glossary/form-1919"}],"related_questions":[{"question":"Can an SBA 7(a) loan be denied if the seller refuses to provide adequate financial disclosures during due diligence?","url":"https://dealroom.so/sba-7a/questions/can-an-sba-7-a-loan-be-denied-if-the-seller-refuses-to-provide-adequate-financial-disclosu"}]},"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 — Disclosures","url":"https://dealroom.so/glossary/disclosures","source_type":"DealRoom Data"}}