Glossary · People and paperwork
In short
Individuals who own 20% or more of the business, or those with significant management responsibilities. These are the people the SBA will scrutinize for loan eligibility and guarantees.
All key principals must provide personal financial statements, tax returns, and undergo credit checks. They will also be required to personally guarantee the SBA loan. Ensure all individuals meeting this definition are identified early, as their background, creditworthiness, and financial health are critical to loan approval and closing the deal.
SOP 50 10 — Lender and Development Company Loan Programs
U.S. Small Business Administration · SBA Standard Operating Procedure
SBA Form 1919 — Borrower Information Form
U.S. Small Business Administration · SBA form
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
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
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