Start with the operative source
SBA publishes SOP 50 10 and its version history. On September 10, 2026, version 8 remains operative through September 30, 2026. SBA has posted version 8.1 with an October 1, 2026 effective date. A closing that crosses that date needs the lender to identify which version and transition guidance govern.
The SOP is program policy. It is not a complete list of every document a lender may request. A lender's credit policy, the transaction structure, franchise status, collateral, and discovered risks can add conditions. Ask the lender to label each request as an SBA requirement, lender policy, or deal-specific condition.
Build one requirements record
For every condition, record:
| Field | What to capture |
|---|---|
| Source | SOP version and provision, loan authorization, lender checklist, or commitment letter |
| Owner | Buyer, seller, lender, landlord, franchisor, insurer, or counsel |
| Evidence | Signed agreement, consent, payoff, filing, certificate, schedule, or financial record |
| Deadline | Before underwriting, approval, closing, funding, or post-close |
| Dependency | The other document or consent that must match |
| Status | Open, submitted, accepted, waived in writing, or satisfied |
This prevents a lender request from being misreported as a universal SBA rule and prevents a genuine SOP condition from being treated as optional.
Contract stack to reconcile
Purchase agreement and sources and uses
The purchase price, assumed liabilities, working-capital treatment, seller financing, earnout, escrow, and closing adjustments must reconcile across the purchase agreement and lender's sources-and-uses schedule. Flag any payment obligation that is missing from the lender package or changes required equity.
Seller notes and standby agreements
If a seller note is being counted toward required equity injection under SOP 50 10 8, verify the exact full-standby and cap requirements against the operative SOP and lender forms. A separate seller note that is not counted as equity can receive different treatment. Do not label every seller note as life-of-loan standby.
Lease, assignment, and site control
Identify the premises essential to operations, the remaining term, renewal options, assignment restrictions, change-of-control language, landlord consent, defaults, guarantees, and casualty or condemnation rights. The lender must decide whether the evidence satisfies its credit and collateral requirements. There is no universal lease-term formula stated on this page.
Franchise documents
If the target is a franchise, reconcile the FDD, franchise agreement, transfer documents, franchisor consent, fees, territory, defaults, guarantees, and any SBA franchise review requirement. Use SBA's current franchise directory and program guidance rather than an old third-party list.
Material business contracts
List the customer, supplier, licensing, employment, real-estate, equipment, and technology agreements that affect cash flow or continuity. For each, identify consent, assignment, termination, renewal, pricing, exclusivity, change-of-control, and default terms. The lender decides which contracts are material to underwriting; no customer-concentration percentage is presented here as an SBA threshold.
Questions to send the lender
- Which SOP version governs this application and closing?
- Which conditions are SBA program requirements and which are lender policy?
- Which transaction documents must be final before credit approval and before funding?
- What consents, lien releases, landlord documents, or franchise approvals are required?
- How must each seller note, earnout, or deferred payment appear in sources and uses and cash-flow analysis?
- What change between approval and closing requires re-underwriting or written consent?
Inkvex can organize the uploaded agreements, quote controlling language, and surface mismatches for a first-pass with lender and counsel. It does not determine loan eligibility or lender approval.
Inkvex provides legal information, not legal advice or a lending commitment. Confirm the operative SOP and every lender condition directly before closing.
Create a closing-condition tracker
Turn each lender request into a row with source, operative version, responsible party, document owner, due date, status, and closing consequence. Separate SBA requirements, lender credit conditions, legal-document requirements, and business diligence. This prevents a lender preference from being reported as a universal SBA rule.
Test the tracker against the final purchase price, equity injection, seller financing, working capital, fees, collateral, lease, franchise transfer, insurance, and post-close ownership. When a figure changes, update the sources-and-uses statement and every connected agreement. Preserve written lender decisions and ask which items must be satisfied before authorization, before closing, and after funding.
The review is complete only when the signed transaction stack and approved credit structure reconcile; an AI report or checklist is preparation, not lender approval.
Where this page fits
Use the primary hub for the main workflow, then check the supporting pages that belong to the same diligence lane.
Go deeper
Read the guide, then move into the real workflow, pricing, audience page, and glossary that support the next decision.
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This article is for informational purposes only and does not constitute legal advice. For high-stakes agreements, consult a qualified attorney.