Glossary · People and paperwork
In short
The legally binding contract between you (the borrower) and the lender, detailing all terms and conditions of your SBA loan. This is the document you sign at closing.
The Formal Loan Agreement outlines your repayment schedule, interest rate, collateral pledged, covenants, and all other legal obligations. Before signing, ensure you understand every clause, especially those related to reporting requirements, default triggers, and any personal guarantees. It's the definitive document governing your debt.
13 CFR Part 120 — Business Loans
Office of the Federal Register · Federal regulation
SOP 50 10 — Lender and Development Company Loan Programs
U.S. Small Business Administration · SBA Standard Operating Procedure
Last checked 2026-06-15. Official sources control — verify before relying on any rule for a live deal.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
Know what you'll need before you apply
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