Glossary · People and paperwork
In short
A formal letter from an attorney, often confirming specific legal matters related to the business or transaction. Lenders typically require these to confirm the deal's legality and enforceability.
Your lender will likely require legal opinions, such as confirmation that the seller has the authority to sell and that the loan documents are valid. Your attorney will review and help produce these, ensuring all legal aspects of the transaction comply with applicable laws.
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
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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