{"ok":true,"canonical_url":"https://dealroom.so/glossary/prior-approval","api_url":"https://dealroom.so/api/public/glossary/prior-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":"prior-approval","term":"Prior Approval","group":"The loan itself","definition":"Specific actions or changes related to an SBA loan that require the lender to obtain explicit permission from the SBA beforehand. This ensures compliance with program rules.","what_it_means":"Post-closing, certain actions like a change in ownership, assumption of the loan by another party, or significant modifications to collateral may require your lender to seek prior approval from the SBA. This process ensures the SBA's guaranty remains valid and the loan still meets program requirements.","url":"https://dealroom.so/glossary/prior-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":"change-of-ownership","term":"Change of ownership","url":"https://dealroom.so/glossary/change-of-ownership"},{"slug":"servicing","term":"Servicing","url":"https://dealroom.so/glossary/servicing"},{"slug":"amended-sba-loan-authorization","term":"Amended SBA Loan Authorization","url":"https://dealroom.so/glossary/amended-sba-loan-authorization"},{"slug":"compliance","term":"Compliance","url":"https://dealroom.so/glossary/compliance"}],"related_questions":[{"question":"What servicing actions require prior written SBA approval?","url":"https://dealroom.so/for-lenders/questions/what-servicing-actions-require-prior-written-sba-approval"},{"question":"Can a lender approve a deferment period without prior SBA approval?","url":"https://dealroom.so/for-lenders/questions/can-a-lender-approve-a-deferment-period-without-prior-sba-approval"},{"question":"Which servicing actions can a 7(a) lender take without prior SBA approval?","url":"https://dealroom.so/for-lenders/questions/which-servicing-actions-can-a-7-a-lender-take-without-prior-sba-approval"},{"question":"Can a lender approve a material change to collateral without prior SBA approval?","url":"https://dealroom.so/for-lenders/questions/can-a-lender-approve-a-material-change-to-collateral-without-prior-sba-approval"},{"question":"What servicing actions can a 7(a) lender take without prior SBA approval?","url":"https://dealroom.so/for-lenders/questions/what-servicing-actions-can-a-7-a-lender-take-without-prior-sba-approval"},{"question":"What specific types of collateral releases can a lender execute without prior SBA approval?","url":"https://dealroom.so/for-lenders/questions/what-specific-types-of-collateral-releases-can-a-lender-execute-without-prior-sba-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 — Prior Approval","url":"https://dealroom.so/glossary/prior-approval","source_type":"DealRoom Data"}}