{"ok":true,"canonical_url":"https://dealroom.so/glossary/promissory-note","api_url":"https://dealroom.so/api/public/glossary/promissory-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":"promissory-note","term":"Promissory Note","group":"People and paperwork","definition":"This is a legal document where you, as the borrower, promise to repay a specific amount of money to the lender. It outlines the agreed-upon terms, including the interest rate and repayment schedule.","what_it_means":"This is the foundational legal document detailing your obligation to repay the SBA 7(a) loan. It specifies the principal amount, the interest rate (which is often variable), the amortization period, and all other terms of your debt. Review it meticulously to fully grasp your exact repayment responsibilities and any potential prepayment penalties.","url":"https://dealroom.so/glossary/promissory-note","official_sources":[],"related":[{"slug":"loan-agreement","term":"Loan agreement","url":"https://dealroom.so/glossary/loan-agreement"},{"slug":"term-maturity","term":"Term / maturity","url":"https://dealroom.so/glossary/term-maturity"},{"slug":"variable-rate","term":"Variable rate","url":"https://dealroom.so/glossary/variable-rate"},{"slug":"amortization","term":"Amortization","url":"https://dealroom.so/glossary/amortization"}],"related_questions":[{"question":"Can a borrower contribute a promissory note from a third party as part of their equity injection?","url":"https://dealroom.so/for-lenders/questions/can-a-borrower-contribute-a-promissory-note-from-a-third-party-as-part-of-their-equity-inj"},{"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"}]},"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 — Promissory Note","url":"https://dealroom.so/glossary/promissory-note","source_type":"DealRoom Data"}}