Sba Form 147 – Fill Out and Use This PDF

Updated: Nov 2, 2026

The SBA 147 form, officially known as a "Note for SBA Loan," is a crucial document that outlines the borrower's promise to repay the loan amount, along with interest and any other charges, to the lender. It encompasses various key aspects including definitions, payment terms, what constitutes a default, lender's rights in the event of a default, and general provisions regarding the administration of the loan. For individuals and businesses navigating the process of securing a small business loan through the Small Business Administration (SBA), understanding and correctly filling out this form is vital. To ensure you're well-prepared to complete the SBA 147 form, consider clicking the button below for more detailed guidance.

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Sba Form 147 PDF Details

The SBA 147 form serves as a critical document for borrowers and lenders within the framework of Small Business Administration (SBA) loans, encapsulating the terms under which a loan is granted and must be repaid. It outlines the borrower's promise to pay the lender the agreed-upon loan amount, plus interest and any other related fees as dictated by the note. This form further clarifies definitions crucial to the agreement, such as "Collateral," "Guarantor," "Loan," and "Loan Documents," ensuring all parties have a mutual understanding of these terms. Payment terms are specified, delineating how and where payments should be made. The form also details the conditions under which a borrower may be considered in default, such as failure to make payments, preserve collateral, or if any significant adverse changes occur in the borrower's financial situation or business operations. In the event of default, the lender is accorded a variety of rights, including but not limited to demanding immediate repayment, taking possession of or disposing of collateral, and filing suit to obtain judgment. Lender's general powers and the applicability of federal law are also covered, acknowledging that while local procedures might be used for administrative purposes, the note's interpretation and enforcement are governed by federal law, including SBA regulations. Additionally, it discusses the scenario of successors and assigns, ensuring that the agreement holds even if there is a change in the business structure or ownership. Lastly, the form includes general provisions regarding the obligations and rights of all signatories and specific state provisions, highlighting the comprehensive nature of this document in guiding the execution and management of SBA loans.

Question	Answer
Form Name	Sba Form 147
Form Length	6 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min 30 sec
Other names	usar form 147, sba forms 147, sba form 147 form, sba loan note

How to Fill Out SBA Form 147

SBA Form 147 at a glance

What it is: NOTE: In return for the Loan, Borrower promises to pay to the order of Lender the amount of Dollars, interest on the unpaid principal balance, and all other amounts required by this Note.

Who signs: By signing, each individual or entity becomes obligated under this Note as Borrower.

A filled-in SBA Form 147 example: a sole borrower signs the note

SBA Form 147 example filled out, example: a sole borrower signs the note — Sam Sample, a sole borrower, fills out SBA Form 147. One borrower signs, so the second and third Borrower's name and signature boxes stay empty. The picture shows page 1 only, and all its values are invented.

How to fill out SBA Form 147, box by box

SBA Loan #, Date, Loan Amount and Interest Rate

Enter the SBA Loan #, SBA Loan Name, Date, Loan Amount and Interest Rate.

Borrower, Operating Company and Lender

Enter the Borrower, Operating Company and Lender.

Promise to pay

Enter the amount in the blank after "Borrower promises to pay to the order of Lender the amount of".

Borrower's name and signature

Sign on the line for BORROWER'S NAME AND SIGNATURE.

All individuals and entities signing this Note are jointly and severally liable.

More rules for SBA Form 147

Borrower must make all payments at the place Lender designates.

“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note.

“Guarantor” means each person or entity that signs a guarantee of payment of this Note.

“Loan” means the loan evidenced by this Note.

Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company:

Fails to do anything required by this Note and other Loan Documents;

Defaults on any other loan with Lender;

Fails to pay any taxes when due;

Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender's prior written consent.

If there is a default, Lender may, without notice or demand and without giving up any of its rights, require immediate payment of all amounts owing under this Note.

Borrower waives all suretyship defenses.

Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.

If any part of this Note is unenforceable, all other parts remain in effect.

WHEN FEDERAL LAW APPLIES: When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations.

Sources

[1] SBA Form 147 (06/03/02), Note, U.S. Small Business Administration (the Official source link on this page).