Glossary · People and paperwork
In short
This legal document establishes a trust, outlining its purpose, assets, and beneficiaries. If you or the seller use a trust, the lender needs to understand it.
If you or any guarantor holds significant assets in a trust, or if the business itself is owned by a trust, the lender will require a copy of the trust document. They need to ensure the trust's terms allow for the necessary personal guarantees and pledging of assets as collateral, and that there are no adverse liens.
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.
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