{"ok":true,"canonical_url":"https://dealroom.so/glossary/note","api_url":"https://dealroom.so/api/public/glossary/note","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":"note","term":"Note","aka":"Promissory note","group":"People and paperwork","definition":"The Note is your formal promise to repay the loan. It outlines the principal amount, interest rate, repayment terms, and any specific conditions of your debt to the lender.","what_it_means":"This is the core legal document establishing your loan obligation. When closing your SBA 7(a) loan, you'll sign the Note. Ensure you understand all its provisions, especially the payment schedule, default clauses, and any prepayment penalties, before signing.","url":"https://dealroom.so/glossary/note","official_sources":[{"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"},{"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":"lender-closing-costs","term":"Lender closing costs","url":"https://dealroom.so/glossary/lender-closing-costs"},{"slug":"amortization","term":"Amortization","url":"https://dealroom.so/glossary/amortization"},{"slug":"personal-guarantee","term":"Personal guarantee","url":"https://dealroom.so/glossary/personal-guarantee"}],"related_questions":[{"question":"Besides cash and seller notes, what other buyer contributions qualify for equity?","url":"https://dealroom.so/sba-7a/questions/besides-cash-and-seller-notes-what-other-buyer-contributions-qualify-for-equity"},{"question":"What is the required duration of a full standby seller note?","url":"https://dealroom.so/sba-7a/questions/what-is-the-required-duration-of-a-full-standby-seller-note"},{"question":"Can a full standby seller note accrue interest during the standby period?","url":"https://dealroom.so/for-lenders/questions/can-a-full-standby-seller-note-accrue-interest-during-the-standby-period"},{"question":"Is a seller's personal guaranty required for providing a standby note?","url":"https://dealroom.so/sba-7a/questions/is-a-seller-s-personal-guaranty-required-for-providing-a-standby-note"},{"question":"Can a standby seller note accrue or pay interest during the loan?","url":"https://dealroom.so/sba-7a/questions/can-a-standby-seller-note-accrue-or-pay-interest-during-the-loan"},{"question":"How does partial standby treatment affect a seller's note for eligibility?","url":"https://dealroom.so/for-lenders/questions/how-does-partial-standby-treatment-affect-a-seller-s-note-for-eligibility"}]},"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 — Note","url":"https://dealroom.so/glossary/note","source_type":"DealRoom Data"}}