Glossary · Doing the deal
In short
The legally binding agreement between a buyer and seller detailing the terms and conditions of a business acquisition. It specifies what is being bought, the price, and closing conditions.
Your Purchase Contract, sometimes called a definitive agreement, is the central document for the entire deal. It must clearly define the assets or stock being acquired, the purchase price allocation, and any contingencies. Both your lender and the SBA will review it carefully to ensure it meets their requirements and clearly outlines the use of loan proceeds.
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.
Line up financing while you're under LOI
Tell us the business, the price, and your timeline — we'll match you with lenders who close deals like yours and flag anything that stalls the process.
Free · No documents · Usually same-day