Glossary

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L

 

Lender(s)
A person or entity who loans money to others

 

Loan
An arrangement in which a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the money, usually along with interest, at some future point(s) in time. Usually, there is a predetermined time for repaying a loan, and generally the lender has to bear the risk that the borrower may not repay a loan (though modern capital markets have developed many ways of managing this risk).

 

Loan Guaranty Program
The 7(a) Loan Guaranty Program is one of SBA's primary lending programs. It provides loans to small businesses unable to secure financing on reasonable terms through normal lending channels. The program operates through private-sector lenders that provide loans which are, in turn, guaranteed by the SBA -- the Agency has no funds for direct lending or grants.

 

Loan Guaranty Service
Loan Guaranty Service is the organization within the Veterans Benefits Administration, charged with the responsibility of administering the home loan program.

 

Loan Submission
The act of submitting a processed loan to an approved loan underwriter for determination of acceptance on behalf of the lender of the borrower and the property.

 

Loans
An arrangement in which a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the money, usually along with interest, at some future point(s) in time. Usually, there is a predetermined time for repaying a loan, and generally the lender has to bear the risk that the borrower may not repay a loan (though modern capital markets have developed many ways of managing this risk).

 

Low Rates
Rates that are below average/market rate.